TIDMDRV
RNS Number : 7323V
Driver Group plc
18 January 2012
18 January 2012
DRIVER GROUP PLC
("Driver" or "the Group")
Preliminary Results
For the Year to 30 September 2011
Driver provides specialist commercial & dispute
resolution
Services to the construction and engineering industries
2011 2010 Change
GBP000 GBP000
--------- --------- --------
Revenue 17,365 16,415 950
Gross profit % 26.8% 23.2% 3.6pp
Underlying* profit / (loss)
before tax 548 (430) 978
Exceptional items and share-based
payment charge (199) (379) 180
Profit / (loss) before tax 349 (809) 1,158
Profit / (loss) after tax 268 (663) 931
Basic earnings / (loss) per
share 0.9p (2.7p) 3.6p
Underlying* earnings / (loss)
per share 1.7p (1.2p) 2.9p
Dividend per share 0.5p Nil 0.5p
Net cash / (borrowings) at
year end** 572 (459) 1,031
Access to available funds*** 3,078 1,653 1,425
Total equity 6,700 6,309 391
Key points
-- Restructuring of the Group completed
-- Return to profitability
-- Increase in revenue
-- Elimination of debt and generation of positive year end cash balance
-- Banking arrangements secured and in place until 2015
-- Proposed return to the Dividend List
-- Increased presence established in South Africa
Alan McClue, Non-Executive Chairman of Driver, commenting on the
results said:
"I am pleased to report on the Group's performance for the
financial year 2010 / 2011; a year in which the objectives set for
the year have been met.
Performance in the year has seen a return to profitability,
growth in revenue, a return to a healthy cash positive position
and, subject to shareholder approval, a return to the Dividend
List."
* Underlying figures are stated before the share-based payment
charge and exceptional items (note 5)
**Net cash / (borrowings) consists of cash and cash equivalents,
bank loans and finance leases.
***Available funds include net undrawn bank facilities plus
other cash balances
Enquiries:
Driver Group plc
David Webster, Chief Executive Tel: +44 (0) 1706 223999
Damien McDonald, Group
Finance Director
Alan McClue, Non-Executive Tel: +44 (0) 7791 546798
Chairman
Charles Stanley Securities
Nominated Adviser & Broker
Marc Milmo / Carl Holmes Tel: +44 (0) 207 149 6000
CHAIRMAN'S STATEMENT
Introduction
I am pleased to report on the Group's performance for the
financial year 2010 / 2011; a year in which the objectives set for
the year have been met.
Performance in the year has seen a return to profitability,
growth in revenue, a return to a healthy cash positive position
and, subject to shareholder approval, a return to the Dividend
List.
12 months ago the Group stated that it was restructuring and
pursuing new initiatives aimed at providing growth to counter the
decline in its traditional construction markets. These initiatives
were targeted on opportunities in Qatar, Africa, the UK Power &
Process sector and international disputes managed from the UK. I am
pleased to report that these new initiatives are starting to
deliver positive results.
During the year employees at all levels in the Group were asked
to accept considerable change and adopt a flexibility appropriate
to market and economic conditions. This they have done willingly
and with commitment to the Group's future performance.
Financial Results
Revenue for the 12 months to 30 September 2011 increased by 6%
to GBP17.4m (2010: GBP16.4m) largely as a result of an increase in
our international disputes services, our improving position in
Africa and in the Power & Process sector in the UK. These
improvements offset the anticipated continuing decline in the UAE.
Underlying* profit before taxation was GBP0.55m (2010: loss of
GBP0.43m). Reported profit before taxation was GBP0.35m (2010: loss
of GBP0.81m).
The Group's net cash position at the end of the year stood at
GBP0.6m (2010: net borrowings of GBP0.5m).
Underlying* earnings per share was 1.7 pence (2010: loss per
share 1.2 pence). Reported earnings per share was 0.9 pence (2010:
loss per share 2.7 pence).
Dividend
In view of the return to profits and the cash inflow in the year
the Board proposes a final dividend for 2011 of 0.5p per share
(2010: nil) and therefore a full year dividend of 0.5p per share
(2010: nil). The final dividend will be paid on 23 March 2012 to
shareholders on the register at the close of business on 9 March
2012.
Trading Overview
The trading environment over the past 12 months has continued to
be challenging and given this, the Group's performance has been
encouraging. The Group's costs associated with our traditional
construction markets have been cut and action by executive
management has established a stable platform for increasing profits
with our new initiatives developing as planned.
Trading in Europe, which accounted for 69% of Group revenue, was
up 11% on 2010 revenues. This was as a result of our increasing
presence in the Power & Process market in the UK and our focus
on the international disputes managed out of the UK. In addition,
we have started to see a stabilisation in the general construction
market following its decline in 2010.
*Underlying figures are stated before the share based payment
charge and exceptional items (note 5).
In the Middle East, trading accounted for 26% of Group revenue
and was down 11% on 2010 revenues. As anticipated, the construction
market in the UAE continues to decline and the region was
restructured to accommodate this and reposition the Middle East
business. These actions enabled the region to return to
profitability during the second half of the year. Oman continues to
be stable with good returns. UAE is positioned to focus on the
dispute market given that live construction opportunities remain
very challenging. The pace of our operation in Qatar is developing
slowly as the anticipated construction spend is not materialising
as quickly as had been anticipated. Our costs in all of our
operations in the Middle East are well controlled.
Africa's revenue represents 5% of Group revenue and is up 58% on
2010. We have secured work in the PPP sector as well as the dispute
market and have a strong pipeline of opportunities via the
commercial joint venture agreement we have with Worley Parsons /
Evans & Peck.
Board Changes
During the year there have been a number of changes to the
Board. Michael Davis and Keith Kirkwood retired from the Board on 1
March 2011 and 28 February 2011 respectively and Gary Turner
retired from the Board on 14 June 2011. I would like to thank
Michael, Keith and Gary for their commitment and contributions to
the Group during their time with us.
I was appointed as Non-Executive Chairman on 1 May 2011 with
Stephen Driver stepping down from his role as Executive Chairman to
that of Non-Executive Director.
The final change to the Group Board was the appointment of Colin
Davies as Non-Executive Director and Chairman of the Audit
Committee.
Outlook
Last year was a year of restructuring, cost cutting and
consolidation to prepare a platform for growth and a return to
profitability. This has been achieved.
We see the coming year as one in which we will continue to
develop our operations in Africa, the UK Power & Process sector
and Qatar and maintain a stable environment in our remaining
businesses. We have some exciting opportunities but are mindful of
the macroeconomic environment. We are therefore structured to deal
with any adverse scenarios this may create.
We continue to strive for growth in terms of both revenue and
profit whilst maintaining a healthy cash position. This year saw a
return to profitability and we view this coming year as one to
evidence the sustainability of the Group profits and we are
satisfied with the start to the current year.
W. Alan McClue
Non-Executive Chairman
CHIEF EXECUTIVE'S REPORT
Introduction
In my 2010 report I stated that we would grow the business
through the new initiatives we had put in place in Africa, Qatar
and the UK Power & Process sector together with increases in
our existing expert witness and litigation support services on
international disputes administered out of the UK. I am pleased to
report this has been achieved. I also anticipated further decline
in the UK and UAE live construction markets and highlighted the
need for tight control of costs.
I am therefore very pleased to report that, notwithstanding
these challenging circumstances, the business has grown through the
new initiatives we have put in place and reassuringly our remaining
UK business remained stable. The UAE live construction market did
continue to decline and as a result we restructured the business in
that region so as to reduce costs and make it a more efficient and
focused operation.
The Group has performed very well against all key metrics.
Revenue increased by 6% to GBP17.4m (2010: GBP16.4m), gross margin
improved by 4 percentage points to 27% (2010: 23%), the previous
year's loss was turned around into an underlying* profit before tax
of GBP0.55m (2010: underlying* loss of GBP0.43m) and we ended the
year with GBP0.6m net cash (2010: GBP0.5m net debt). Reported
profit before tax was GBP0.35m compared to a loss in 2010 of
GBP0.81m.
The business is managed through the three regions in which we
trade: Europe, Middle East and Africa. Overall 52% of revenue is
generated on overseas projects albeit 69% is billed through UK
trading entities; the difference primarily being the international
dispute and expert witness assignments administered from the UK.
This wider global footprint and the willingness and ability of our
staff to work on international projects and in varying sectors of
the construction and engineering markets has been key to the
success this year.
Europe
This region has seen revenues increase by GBP1.2m or 11% to
GBP12.0m (2010: GBP10.8m) in the year as a result of the
anticipated growth in our UK Power & Process sector and expert
witness and litigation support services on international
assignments. Profits were up 9.5 percentage points at 17.2% of
revenue (2010: 7.7%). The remaining work load in Driver Project
Services and Driver Consult remained stable primarily due to our
positioning with blue chip clients in the infrastructure market. In
fact our utilisation levels in Driver Consult were up 9 percentage
points on 2010 at 76%. This performance was better than the
anticipated continuing decline predicted last year. Both these core
businesses to the Group have increased market share in the period
due to our growing reputation, the quality of our staff and the
marketing focus of the senior management.
Middle East
This region continued to see revenues fall; by GBP0.58m or 11%
in the year to GBP4.5m (2010: GBP5.08m) as a result of a declining
construction market in the UAE. The region made a loss of GBP0.09m
(2010: profit of GBP0.26m) primarily through the UAE business. The
loss sustained in the first half of the year was in excess of this
and as a result of this developing loss and poor performance, the
region was restructured at the end of the first half resulting in
cost savings in terms of both administrative and fee earning staff.
These actions and focusing the UAE business on the expert witness
market resulted in a profitable second half in this region.
*Underlying figures are stated before the share based payment
charge and exceptional items (note 5).
Oman is the largest office in the region and it returned a
respectable profit of 14.0% (2010: 17.2%) on revenues of GBP2.2m
(2010: GBP2.2m). The Oman business primarily services numerous Oman
government ministries acting as quantity surveyor and project
manager on high value infrastructure and development schemes. This
market is very stable and provided good visibility of workload and
profitability during 2010 and into 2011 creating a solid foundation
for the higher margin but less predictable dispute work in the
business. Utilisation levels increased in the year by 4 percentage
points to 88%.
The Dubai office now has no live project work and its revenue
generation is solely based on the dispute market and primarily the
expert witness market following the restructure and refocusing of
the business at the end of the first half. There are a number of
large scale disputes in the region that we secured appointments on
in the second half of the financial year with continued
opportunities for 2012. Due to the poor performance in the first
half Dubai revenues dropped to GBP1.2m (2010: GBP1.5m) and recorded
a loss of GBP0.01m (2010: profit of GBP0.09m).
Abu Dhabi continued to experience a significant reduction in
workload resulting in a loss for the second year in succession.
Revenue fell to GBP0.6m (2010: GBP1.0m) with a loss of GBP0.1m
(2010: loss of GBP0.1m). We have some ongoing commitments on a
small number of live projects but generally the focus will be on
the dispute and expert witness markets as per Dubai and tight
monitoring and control of anticipated costs versus revenue.
Qatar continued to show opportunity but with a degree of
frustration as to the timing of the release of the major
infrastructure projects by government. Nonetheless revenue
increased by GBP0.3m to GBP0.5m (2010: GBP0.2m) although we
recorded a marginal loss of GBP0.05m compared to a loss of GBP0.08m
in 2010. We finished the year with a number of new clients in both
the live project sector and the dispute sector together with some
good opportunities moving in to 2012. Unlike UAE we believe there
are numerous opportunities on live construction projects in Qatar
however we are mindful of maintaining flexibility to react to the
timing of their commencement.
Africa
Trading in Africa increased by 58% to GBP0.8m (2010: GBP0.5m).
Whilst this is currently not particularly high in terms of revenue
growth it is very encouraging when considered together with the
outstanding proposals and pipeline of opportunity that was built up
in 2011 and carried in to 2012 as opportunities. I expect some of
these proposals to be secured in 2012 and a further significant
increase in revenue in the year. Our key markets are PPP, disputes
and project management / supervision and we ended the year with
revenue and continuing opportunities in each of these markets. Our
progress in the PPP market is particularly pleasing with the
appointment on Dr Mukhari Hospital and the commercial joint venture
agreement with Worley Parsons / Evans & Peck has so far
developed a strong pipeline of further opportunity in the wider
African market.
Outlook
I expect the business environment of the coming year to be much
the same as 2011 with growth to come from Africa, Qatar, UK Power
& Process sector and a continuing level of expert and
litigation support on international disputes. Given our position in
the UK construction market, where I believe our market share has
strengthened last year, I expect a further year of stability in the
UK particularly due to the infrastructure projects planned and
underway as well as our aim to leverage Group wide services across
existing clients. The UAE continues to be an area where continual
focus will be required so as to ensure we maintain a cost base
consistent with and supportable from projected revenues. Since the
year end we divested the recruitment business of North Gate
Executive Search Ltd to its management team in order to focus on
the Group's core operations.
At the end of the first quarter for 2012 we have an encouraging
level of budgeted revenue allocated on secured assignments and a
strong pipeline of outstanding proposals. Areas with particularly
strong secured assignments and pipelines are Africa, the Middle
East and Driver Project Services in the UK.
We currently have visibility for the first quarter trading and
this is toward the top end of management expectations. We therefore
look forward to delivering for shareholders a good performance in
the current year.
Dave Webster
Chief Executive Officer
DRIVER GROUP PLC
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2011
Notes 2011 2010
GBP000 GBP000
---------- ----------
REVENUE 17,365 16,415
Cost of sales (12,704) (12,607)
---------- ----------
GROSS PROFIT 4,661 3,808
Administrative expenses (4,424) (4,736)
Other operating income 123 135
---------- ----------
Operating profit / (loss) before
share-based payment charge and
exceptional items 559 (414)
Exceptional items 5 (125) (291)
Share-based payment charge (74) (88)
---------- ----------
OPERATING PROFIT / (LOSS) 360 (793)
Finance income 2 -
Finance costs (13) (16)
---------- ----------
PROFIT / (LOSS) BEFORE TAXATION 349 (809)
---------- ----------
Tax (expense) / credit (81) 146
PROFIT / (LOSS) FOR THE YEAR 268 (663)
---------- ----------
Profit attributable to non-controlling
interests 40 4
Profit / (loss) attributable
to equity shareholders of the
parent 228 (667)
268 (663)
Basic earnings / (loss) per
share (pence) 2 0.9p (2.7)p
Diluted earnings / (loss) per
share (pence) 2 0.9p (2.7)p
The result for the current and the prior year arises from the
Group's continuing operations.
DRIVER GROUP PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2011
2011 2010
GBP000 GBP000
--------- ---------
PROFIT / (LOSS) FOR THE YEAR 268 (663)
--------- ---------
Other comprehensive income:
Exchange differences on translating foreign operations 23 (15)
Deferred tax credit on property revaluation 30 12
--------- ---------
OTHER COMPREHENSIVE INCOME FOR THE YEAR NET OF TAX 53 (3)
--------- ---------
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 321 (666)
--------- ---------
Total comprehensive income attributable to:
Equity shareholders of the parent 281 (670)
Non-controlling interests 40 4
========= =========
321 (666)
--------- ---------
DRIVER GROUP PLC
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AT 30 SEPTEMBER 2011
2011 2010
GBP000 GBP000 GBP000 GBP000
-------------------------------- --------- --------- --------- ---------
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 - 198
--------- ---------
5,435 5,016
--------- ---------
TOTAL ASSETS 9,992 9,695
CURRENT LIABLITIES
Borrowings (12) (15)
Trade and other payables (2,915) (1,866)
Current tax payable (131) -
--------- ---------
(3,058) (1,881)
NON-CURRENT LIABILITIES
Borrowings (12) (1,248)
Deferred tax liabilities (222) (257)
--------- ---------
(234) (1,505)
--------- ---------
TOTAL LIABILITIES (3,292) (3,386)
--------- ---------
NET ASSETS 6,700 6,309
--------- ---------
SHAREHOLDERS' EQUITY
Share capital 106 106
Share premium 2,649 2,649
Merger reserve 1,493 1,493
Translation reserve (16) (39)
Capital redemption reserve 18 18
Retained earnings 3,493 3,320
Own shares (1,083) (1,242)
--------- ---------
TOTAL SHAREHOLDERS' EQUITY 6,660 6,305
NON-CONTROLLING INTEREST 40 4
--------- ---------
TOTAL EQUITY 6,700 6,309
--------- ---------
DRIVER GROUP PLC
CONSOLIDATED CASHFLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2011
2011 2010
GBP000 GBP000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit / (loss) before taxation
---------- ---------
* Before share-based payment charge and exceptional
items 548 (430)
* Exceptional items (125) (291)
* Share-based payment charge (74) (88)
---------- ---------
349 (809)
Adjustments for:
Depreciation 236 254
Exchange adjustments (10) 12
Impairment loss - 122
Loss on disposal of equipment 2 -
Finance income (2) -
Finance costs 13 16
Equity settled share-based payment
charge 74 88
OPERATING CASH FLOW BEFORE CHANGES
IN WORKING CAPITAL AND PROVISIONS 662 (317)
---------- ---------
(Increase) / decrease in trade
and other receivables (825) 510
Increase / (decrease) in trade
and other payables 1,049 (525)
---------- ---------
CASH GENERATED FROM OPERATIONS 886 (332)
Tax received / (paid) 197 (156)
---------- ---------
NET CASH INFLOW / (OUTFLOW) FROM
OPERATING ACTIVITIES 1,083 (488)
---------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 2 -
Acquisition of property, plant
and equipment (49) (126)
Proceeds from disposal of property - 600
NET CASH (OUTFLOW) / INFLOW FROM
INVESTING ACTIVITIES (47) 474
---------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid (13) (16)
Borrowings (1,239) 412
Payment of equity dividends (4) (253)
---------- ---------
NET CASH (OUTFLOW) / INFLOW FROM
FINANCING ACTIVITIES (1,256) 143
---------- ---------
Net (decrease) / increase in cash
and cash equivalents (220) 129
Effect of foreign exchange on cash
and cash equivalents 12 (12)
Cash and cash equivalents at start
of period 804 687
---------- ---------
CASH AND CASH EQUIVALENTS AT END
OF PERIOD 596 804
---------- ---------
DRIVER GROUP PLC
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2011
Non-controlling
Share Share Merger Other Retained Own interest Total
capital premium reserve reserves(1) earnings shares Total* GBP000 Equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
OPENING
BALANCE AT 1
OCTOBER 2009 106 2,649 1,493 (6) 4,134 (1,242) 7,134 6 7,140
Dividends - - - - (247) - (247) (6) (253)
Share-based
payment - - - - 88 - 88 - 88
(Loss) /
profit for
the year - - - - (667) - (667) 4 (663)
Other
comprehensive
income for
the year - - - (15) 12 - (3) - (3)
--------- --------- --------- ------------- ---------- --------- -------- ----------------- --------
CLOSING
BALANCE AT 30
SEPTEMBER
2010 106 2,649 1,493 (21) 3,320 (1,242) 6,305 4 6,309
Dividends - - - - - - - (4) (4)
Share-based
payment - - - - 74 - 74 - 74
Transfer of
reserves(2) - - - - (159) 159 - - -
Profit for the
year - - - - 228 - 228 40 268
Other
comprehensive
income for
the year - - - 23 30 - 53 - 53
--------- --------- --------- ------------- ---------- --------- -------- ----------------- --------
CLOSING
BALANCE AT 30
SEPTEMBER
2011 106 2,649 1,493 2 3,493 (1,083) 6,660 40 6,700
--------- --------- --------- ------------- ---------- --------- -------- ----------------- --------
* Total equity attributable to the equity holders of the parent
(1) 'Other reserves' combines the translation reserve, capital
redemption reserve and other reserves.
(2) The shortfall in balance between the exercise price of share
options granted and the outstanding loan to the EBT is transferred
from own shares to retained earnings over the vesting period.
NOTES:
1. The financial information set out in these Preliminary
Results does not constitute the Company's statutory accounts for
the year ended 30 September 2011 or the year ended 30 September
2010 but is derived from those accounts.
Statutory accounts for the year ended 30 September 2010 have
been delivered to the Registrar of Companies, and those for the
year ended 30 September 2011 will be delivered following the
Company's Annual general Meeting. BDO LLP have reported on the 2011
and 2010 accounts. Their reports were unqualified, did not include
references to any matters to which the auditors drew attention by
way of emphasis without qualifying their report, and did not
contain statements under section 498(2) or 498(3) of the Companies
Act 2006.
2. Earnings per share
Adjusted earnings per share before exceptional items and the
charge for share-based payments is 1.7p (2010: loss 1.2p).
The calculation of adjusted earnings per share is based on a
profit of GBP427,000 (2010: loss GBP288,000). The profit after
deducting exceptional items and the share-based payment charge is
GBP228,000 (2010: loss GBP667,000). The basic and diluted weighted
average number of shares in issue for the period was 24,678,771
(2010: 24,678,771).
3. Segmental analysis
For management purposes, the Group is organised into three
operating divisions: Europe, Middle East and Africa. These
divisions are the basis on which the Group is structured and
managed, based on its geographic structure. In each of the
divisions the key service provisions are: quantity surveying,
planning / programming, quantum and planning experts, dispute
avoidance / resolution, litigation support, contract
administration, commercial advice / management and strategic
project management.
Segment information about these reportable segments is presented
below.
Year ended 30 September 2011
Continuing Operations
Middle
Europe East Africa Eliminations Unallocated(1) Consolidated
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Total external
revenue 12,044 4,503 818 - - 17,365
Total inter-segment
revenue 11 - - (11) - -
Total revenue 12,055 4,503 818 (11) - 17,365
--------- --------- --------- --------------- ----------------- ---------------
Segmental profit/(loss) 2,067 (15) (98) - - 1,954
Unallocated
corporate expenses(1) - - - - (1,395) (1,395)
Share-based
payment charge - - - - (74) (74)
Exceptional
items (note
5) - (71) - - (54) (125)
--------- --------- --------- --------------- ----------------- ---------------
Operating profit/(loss) 2,067 (86) (98) - (1,523) 360
Finance income - - - - 2 2
Finance expense - - - - (13) (13)
--------- --------- --------- --------------- ----------------- ---------------
Profit/(loss)
before taxation 2,067 (86) (98) - (1,534) 349
Taxation - - - - (81) (81)
Profit/(loss)
for the year 2,067 (86) (98) - (1,615) 268
--------- --------- --------- --------------- ----------------- ---------------
Year ended 30 September 2010
Continuing Operations
Middle
Europe East Africa Eliminations Unallocated Consolidated
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
--------- --------- --------- --------------- -------------- ---------------
Total external
revenue 10,814 5,083 518 - - 16,415
Total inter-segment
revenue 219 97 - (316) - -
--------- --------- --------- --------------- -------------- ---------------
Total revenue 11,033 5,180 518 (316) - 16,415
--------- --------- --------- --------------- -------------- ---------------
Segmental profit/(loss) 889 257 (131) - - 1,015
Unallocated
corporate expenses(1) - - - - (1,429) (1,429)
Share-based
payment charge - - - - (88) (88)
Exceptional
items (note
5) (61) - - - (230) (291)
Operating profit/(loss) 828 257 (131) - (1,747) (793)
Finance expense - - - - (16) (16)
--------- --------- --------- --------------- -------------- ---------------
Profit/(loss)
before taxation 828 257 (131) - (1,763) (809)
Taxation - - - - 146 146
Profit/(loss)
for the year 828 257 (131) - (1,617) (663)
--------- --------- --------- --------------- -------------- ---------------
Inter-segment sales are charged at prevailing
market rates.
(1) Unallocated costs represent Directors' remuneration,
administration staff, corporate head office costs
and expenses associated with AIM.
No client had revenue exceeding 10% of the Group's total revenue
in the year to 30 September 2011 or 2010.
4. Geographical information:
External revenue
by location
of customers
2011 2010
GBP000 GBP000
UK 8,330 8,872
UAE 1,794 2,572
Oman 2,325 2,359
South Africa 1,778 528
United States 1,036 -
Qatar 490 307
Trinidad and Tobago 666 139
Other African countries 421 250
Germany 353 291
Spain - 227
France 21 127
Canada 17 118
Other Countries 134 625
--------- ---------
17,365 16,415
--------- ---------
5. Exceptional items
2011 2010
GBP000 GBP000
Impairment loss (1) - 122
Severance costs (2) 125 169
--------- ---------
125 291
--------- ---------
(1) During the year ended 30 September 2010 the Directors
carried out an impairment review in accordance with IAS 36 as a
result of specific concerns in relation to the value of one of the
Group's fixed assets. This review identified the need for an
impairment charge of GBP122,000 relating to the Group's Edinburgh
freehold property, which has been recognised in the Consolidated
Statement of Comprehensive Income. Subsequent to this review the
property was sold for net disposal proceeds of GBP600,000, with no
further loss on disposal arising. The Directors have identified no
further evidence of impairment in relation to other Group
assets.
(2) Severance costs include redundancy, ex-gratia, other
discretionary payments and associated legal costs.
6. Copies of the Annual Report and Financial Statements
The Annual Report and Financial Statements will be sent to
shareholders in due course.
Further copies will be available to the public, free of charge
at the Company's registered office, 1 Norton Folgate, London, E1
6DB and on the Company's website, www.driver-group.com.
The Annual General Meeting will be held at Peter House, Oxford
Street, Manchester, M1 5AN on Thursday 1 March 2012 commencing at
3:00pm.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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