Driver Group sees only limited impact from Covid-19

Professional services consultancy Driver Group said on Monday that it had successfully limited the impact of Covid-19 on the company in the second half of the year and had seen only "the minimum" of business interruption.

Driver stated overall activity levels had been "broadly consistent" with those achieved in the first half, with a strong performance in the UK and Europe offset by a weaker result in the Middle East and Asia Pacific regions.

As a result, the AIM-listed firm expects to report full-year underlying pre-tax profits of approximately £2.5m and also highlighted that cash conversion had been "particularly strong" in recent months - resulting in "a healthy net cash balance" of £8.2m as of 30 September.

Chief executive Mark Wheeler said: "I am pleased to be able to report that Driver Group has performed well during the year and has managed the uncertainty caused by the Covid-19 pandemic to ensure the business remained profitable and cash generative throughout the year in spite of a reduced level of activity.

"I am confident that the reduced cost base and renewed focus on our core business of higher-margin expert witness and dispute resolution in both APAC and the Middle East will deliver improved operating performance."

As of 0810 GMT, Driver shares had shot up 10.11% to 49.0p.