Driver delivered PBT of £3.0m in FY19 (FY18: £3.8m). Whilst this is a decrease on the prior year, the Group delivered a strong improvement in half on half earnings, with PBT of £2.2m in H2 vs. £0.8m in H1. This improvement was primarily a result of cost savings throughout the second half which should benefit FY20. Importantly, the positive momentum in H2 has continued into the new financial year, with two months of strong trading already achieved. We maintain our FY20 PBT forecast at £3.7m and we would expect a more even H1/H2 weighting. We also introduce an FY21 forecast, which implies continued earnings growth. The balance sheet remains strong (net cash of £5.4m) and, with a promising business pipeline, we expect a return to growth in FY20.
