Driver’s interim results report revenue of £24.4m (H1’21: £25.0m) and adj. PBT of £0.4m (H1’21: £1.0m). This is a creditable performance against a challenging market backdrop, with the legacy effects of COVID-19, and the impact of the war in Ukraine on some of Driver’s clients and their counterparties. Europe & Americas continued to trade very profitably, offsetting losses in the Middle East and APAC. Post period end, the Group issued an update on its Middle East operations, in particular the UAE, restructuring the business and resulting in annualised cost savings of >£3m. This de-risks the Middle East business and should facilitate higher utilisation and significantly improved profitability for the Group. A strong pipeline in Europe and the Americas and a restructured APAC business is also supportive of improved profitability. The announcement of a £0.5m share buyback is a sign of management’s confidence.
