Today’s trading update from Driver Group is optimistic, highlighting a material improvement in activity levels during Q4 and a positive start to Q1 ’22. The rise in demand for the highermargin expert services, combined with a decline in the impact of the pandemic on decision making, a restructuring of the Middle East / APAC regions, and new offices, have resulted in renewed positive momentum. We have introduced estimates for FY21 and FY22, with the latter reflecting these strong growth drivers. Year-end net cash is expected to amount to £6.5m or 11p / share, representing 22% of the market capitalisation. The cash position reinforces our belief that the shares remain lowly valued, underpinned by our valuation models.
