Driver posts strong opening results

Newly-listed dispute resolution outfit Driver Group, headed by Steve Driver, posted impressive first results today, which saw pre-tax profits jump from £50,000 to £840,000 for the six months to 31 March. The firm floated on the AIM section of the Stock Exchange last October.

Driver saw a slight rise in turnover for the period, from £4.1m last year to £4.3m, and its earnings per share have surged from 0.3p to 2.6p. The group had net cash of £2m on 31 March compared to £700,000 last year and paid out an initial dividend of 95p a share to shareholders.

Driver chairman Michael Davis pointed to major strides being made in the business since it floated, including senior additions to Driver's management team. The firm lured former Knowles director Mark Wheeler to head up a new Bristol office earlier this month.

Davis said the firm's client base includes seven of the top 10 largest contractors in the UK and added that Driver hoped to strengthen its operations in the South East, particularly London, this year. Driver now has six fee earners in the Middle East and has been operating profitably since April, David added. "The potential to develop our business both in the UK and the Middle East remains significant," Davis said.