Companies: DRV   

Driver Group, the AIM-traded provider of dispute resolution and other professional services to the construction industry, has reported significant acceleration in its first-half profits, driven by strong performances from its London and Middle East operations.

For the first half to March, pre-tax profits sped 36 per cent higher to £918,000, on turnover lifted 27 per cent to £7.5 million – the interim dividend was maintained at 0.95p. Driver also enjoyed a one-month, £32,000 pre-tax contribution from CMC, acquired in February for just under £3 million in cash and shares and already bringing new business opportunities to the group.

Alongside powerful performances from the UK and Middle East businesses, Driver was able to push through increases in average charge-out rates for its staff. Chief executive Steve Driver says the group’s strength and resilience springs from its exceptional diversification, with Driver operating across an array of sub-sectors of the construction and engineering industries ranging from nuclear and high-rise to water and transport.

Whilst the UK is its main market, Driver, which enjoys lots of repeat business with a blue-chip batch of clients, is building a significant presence in the booming Middle East market.

Shares in Driver, first issued on AIM at 73p in 2005, moved 5.5p higher to 82p in early dealings, valuing the company at £21.63 million.

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Driver Group	AIM	£18.07m	68.50p	2.00p
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