Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Revenue, earnings to fall at Driver Group
(Sharecast News) - Dispute avoidance and resolution consultancy Driver Group said in a trading update on Thursday that it expected to report revenue of £22.5m for its first half, slightly down from £24.2m a year earlier. The AIM-traded firm said underlying group profit before tax was set to be around £0.6m, compared to £0.7m in the corresponding period last year.
Despite challenges in North America, where the company said it faced exceptional staff issues, Driver returned to profitability in the Asia-Pacific and the Middle East.
The company said it remained focused on executing its transformation strategy, emphasising worldwide client services, cost control, margin improvement, and increased utilisation.
Progress was still being made in migrating to a single premium brand, 'Diales', and in nurturing a global pipeline of talent and opportunities.
Financially, Driver Group maintained a robust cash position, with a net cash balance of £4.4m as of 31 March.
That represented a slight decrease from the position reported on 30 September, primarily due to dividend and tax payments, and the planned cessation of a long-standing joint venture agreement in Canada and the Middle East.
"I am pleased to see our strategy delivering improved performance in both Asia-Pacific and the Middle East which have both returned to profit," said chief executive officer Mark Wheeler.
"Management have acted promptly in resolving the challenges in North America, and our UK and European regions continue to perform well.
"I believe the group is therefore well placed to move forward positively into the second half of 2024."
At 1124 BST, shares in Driver Group were down 6.92% at 24.2p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Staying secure | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.