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Driver slowly turns a corner

29 Jun 11 Construction consultant Driver Group has attributed an 11% fall in first half revenues primarily to problems in the Middle East, but it has slowed the flow of losses.

Driver made revenues of £7.89m in the six months to 31 March 2011 (2010: £8.84m)

It made a pre-tax loss of £140,000 (2010: £447,000 loss). However, the group returned to profit in the second quarter.

In the Middle East, revenue fell 26% to £1.99m (2010: £2.68m). Europe revenue fell 6% to £5.56m. Africa revenue was £350,000, up from £250,000.

New chairman Alan McClue, appointed in April, said: “Our European business is performing as expected notwithstanding the challenges in the UK construction market. Cost reduction measures have seen the average cost per billable hour within Driver Consult reduce by 24% from that in quarter 4 of 2010.”

Driver Project Services has generated new business in the power and process sector and is outperforming management expectations.

Since joining, Mr McClue has led a review of operations and with senior management has developed a “planned programme of change” for reducing costs and strengthening the balance sheet.

"The board is committed to the delivery of sustainable profits and a firm program of objectives is in place to deliver this," he said.

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