Driver Group almost doubled profits on success of acquisition

Driver Group shares got a lift on Tuesday after the company increased half year revenues and almost doubled its profits in the six months ended March 31st.

Revenue at the global construction consultancy rose 74% from £10.6m to £18.5m, although this was driven largely by the acquisition of Trett in May last year. Compared to the second half of 2012, revenue rose 19%.

Pre-tax profit rose from £0.7m to £1.4m year-on-year, while earnings per share doubled from 2.3p to 4.6p.

The group declared an interim dividend of 0.5p per share (2012: 0.3p).

Alan McClue, Chairman of Driver Group, said: "Results in the period continued the positive trends seen in the second half of our last financial year and was a further period in which we achieved all of our financial objectives including growth in revenues, gross margin, utilisation levels, profits and a return to a net cash position following the funding of the Trett acquisition."

The share price rose 7.45% to 101p by 14:25 Tuesday.

NR