Driver Group to make "small loss"

Driver Group has said it is on track to make a “small underlying loss” for the six months to 31 March.

In a trading update, it said that it had however made a profit during the final three months of the half due to better trading in Europe.

“The directors are pleased to report that trading for the six months ended 31 March 2011 is in line with the expectations reported by the directors at the Annual General Meeting held on 1 March - that of a small underlying loss,” it announced.

“Following losses incurred in the first quarter of the current financial year, the Directors are pleased to report a return to profitability in each of the three months during the second quarter.  The improved performance was principally due to an upturn in the European region across each of the service streams.”

Interim results are expected on 29 June.

In results released in January, the group announced losses of £663,000 on a turnover of £16.4m for the year to 30 September.

It also announced the appointment of Alan McClue as a new chair. McClue was previously chair of Mount Engineering.