Slide 1: Preliminary Results for the year to 30 September 2011
Preliminary Results for the year to 30 September 2011 January 2012
Slide 2: Company Organisation
Company Organisation OYIVEYL sexe if HI i Hy NE Chairman i “ A. McClue iH Ht Hl I i # [ I I l H Hy " HI NED NED CEO FD i A C. Davies S. Driver D. Webster D. McDonald I H : i Poe i [ l AFRICA EUROPE MIDDLE EAST = = Driver Consult (Oman) LLC Driver Group Africa Pty Driver Consult Ltd ph ) 51% Driver P
Slide 3: Key Points
Key Points Restructuring of the Group completed Increase in revenue and a return to profitability Elimination of debt and generation of positive year end cash balance Good progress made against key operational objectives – Growth G h iin UK Power P & Process P sector – Growth in internationa
Slide 4: Group Services
Group Services The Group is a specialist provider of consultancy and advisory services to the construction and engineering industries Strategic Project Project Commercial & Corporate S Expert p Services: Services: Management: Services: C Contract Services: PFI / PP Representation Commercial Feasibil
Slide 5: Targets for 2010 / 2011
Targets for 2010 / 2011 OBJECTIVES DELIVERED Cut / Control costs £3.5m p.a. taken out of cost base* Re-position the business to be more Group Board restructured appropriate to market environment Operations in Middle East restructured Grow presence in Power & Process Revenue up by £3.1m
Slide 6: Key Financial information
Key Financial information 2011 2010 Change £000 £000 Revenue 17,365 16,415 950 Gross profit % 26.8% 23.2% 3.6pp Underlying* profit / (loss) before tax 548 (430) 978 Exceptional p items and share-based p payment y charge g ((199)) ((379)) 180 Profit / (loss) before tax 349 (809) 1,158 Profit / (loss)
Slide 7: People & Locations
People & Locations 30 Sept 31 March 30 Sept 31 March People & Locations 2011 2011 2010 2010 UK Fee Earners*: 111 78 70 91 Middle East Fee Earners*: 36 36 36 37 Africa Fee Earners*: 6 4 4 3 UK Administration ((7 offices): ) 9 8 9 8 Middle East Administration (4 offices): 8 10 10 10 Africa Administrat
Slide 8: Financial Review
FINANCIAL REVIEW 7
Slide 9: Income Statement
Income Statement EXTRACT OF CONSOLIDATED INCOME STATEMENT AND KEY FINANCIAL INFORMATION Year Ended 30 September 2011 2010 Change £’000 £’000 £’000 Revenue 17,365 16,415 950 Cost of Sales (12,704) (12,607) (97) Gross profit 4,661 3,808 853 Gross profit % 26.8% 23.2% 3.6pp Reported Operating profit /
Slide 10: Statement of Financial Position
Statement of Financial Position At 30 September 2011 2010 £’000 £’000 Non-current assets Goodwill 2,356 2,356 Property, plant and equipment 2,134 2,323 Deferred tax asset 67 - 4,557 4,679 Current assets Trade and other receivables 4,839 4,014 Cash and cash equivalents 596 804 Current tax receivable
Slide 11: Cashflow Statement
Cashflow Statement Year ended 30 September 2011 2010 £000 £000 Operating cash flow before changes in working capital (inc Fx) 674 (329) Change in working capital 224 (15) Tax received / (paid) 197 (156) Net interest paid (11) (16) Capital expenditure and investments (49) (126) Proceeds from disposal
Slide 12: Business Review
BUSINESS REVIEW 11
Slide 13: Driver Performance Since October 2010
Driver Performance Since October 2010 Cumulative Cumulative Profit & Cash Revenue £1,000,000 £20,000,000 £18 000 000 £18,000,000 £500,000 £16,000,000 £- £ £14 000 000 £14,000,000 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11 Jul‐11 Aug‐11 Sep‐11 £12,000,000 £(500,000) £10,000,000 £(
Slide 14: Business Highlights
Business Highlights Europe Ahead of management expectations g up Net margin p 9.5 p percentage g ppoints Utilisation rates in Driver Consult up 9 percentage points Project Services significantly outperformed management expectations New wins in Power & Process sector reflecting increased fo
Slide 15: Revenue by Region
Revenue by Region Sept 2011 - £17.4m Sept 2010 - £16.4m Africa 4.7% Africa 3.2% 3 2% Middle East 25.9% Middle East 31% Europe - UK 48% Europe - UK 54% Europe - Europe - Overseas Overseas 21.4% 11.8% 14
Slide 16: Revenue by Sector
Revenue by Sector 2011 Sectors Transport 2010 Sectors 3% Public Sector 2% Services 3% 4% 3% 23% 7% Commercial 5% 6% 30% Civil Engineering Power and Process Utilities 16% 8% High Rise 39% 10% Residential Building 11% 6% 5% Shipping and Marine 19% Corporate p Services 15
Slide 17: Revenue Trends 2007 - 2011
Revenue Trends 2007 - 2011 £’000 Revenue Trends 2007 to 2011 16,000 14,000 12,000 10,000 Europe 8 000 8,000 Middle East Africa 6,000 4,000 2,000 - l 2007 2008 2009 2010 2011 16
Slide 18: Ongoing Objectives
Ongoing Objectives Controlled growth Retain healthy Balance Sheet Sustainable profits How? Leverage g existing g clients across businesses Leverage linkage of service streams Expand product offering to clients to increase depth of relationships Pursue further joint venture initiatives
Slide 19: Disclaimer
Disclaimer Nothing in this presentation (the "Presentation") or in any accompanying management discussion of the Presentation constitutes, nor is it intended to constitute: (i) any recommendation or advice to invest in or otherwise deal in any shares or other securities in Driver Group plc (the "Com