Driver (DRV)

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The global professional services consultancy to construction and engineering industries.

12-Dec-2017 – 63.5p – £34.2m – PER 15.9

Final Results For The 12 Months To End September 2017 – Revenue (on continuing operations) up15% to £60.2m (2016: £52.4m), reported PBT of £0.3m (2016: loss £5.2m).

Looks like a corner has been turned here but I will be watching from the stands for now.

23-Feb-2018 – 64.75p – £34.9m – PER 15.3

Trading Update For The First 4 Months Of The Year Ending September 2018 – Encouraging that the first 4 months are “significantly ahead of both internal forecasts and the equivalent period last year. Current activity levels are also high and the Group has a healthy pipeline of potential assignments for conversion in the months ahead. Taken together these factors indicate that the outcome for the year as a whole is likely to be comfortably ahead of the Board’s previous expectations”.

I like this update and tempted as I am I am going to remain Neutral for now.

5-Jun-2018 – 77.5p – £41.7m – PER 15.7

Interim Results For The 6 Months To End March 2018 – Revenue up by 3% to £31.7m (2017: £30.9m) and confusing but, it seems, Underlying EPS is up about 10%, 3.4p versus 3.0p last time.

I remain Neutral.

16-Oct-2018 – 78.5p – £42.3m – PER 13.5

Trading Update For The 6 Months To End September 2018 – Expects to report FY Underlying PBT comfortably ahead of current market expectations (£3.8m). Net Cash at year end of £6.9m versus small Net Debt last time.

This looks quite positive but I believe forecast EPS is due to be down on last year (Profit and not EPS is mentioned in this update) – Will be on the lookout for Broker notes here while remaining Neutral for now.

11-Dec-2018 – 78.5p – £42m – PER 12

Preliminary Results For The 12 Months To End September 2018 – Revenue up 6% to £62.6m, Underlying PBT up 54% to £3.8m, EPS of 4p (0.7p last time), Net Cash of £6.9m (Debt of –£0.2m last time). New year has started in-line with management expectations.

This still looks quite good, it’s just a pity there is no guidance from the company or Brokers (that I can find).

11-Mar-2019 – 67.5p – £36.4m – PER 10.1

Trading Update – FY Underlying PBT to be slightly below last year, circa £3.5m.

With expectations of 15%+ growth in PBT this year this is somewhat disappointing, I hold and am fecking annoyed to say the least that insiders were clearly dumping stock on Friday here.

4-Jun-2019 – 61p – £32m – PER 10.9

Interim Report For The 6 Months To End March 2019 – Revenue down 6%, Underlying PBT down from £2.1m to £0.8m, says well placed to record good progress for the remainder of the year.

I still hold here after being hit with a mild profit warning recently – Am close to the Sell button so will be watching the market reaction here this morning.

Subsequent note: I sold out here a couple of weeks later, 2 profit warnings, no growth and the need to free up some cash.

15-Oct-2019 – 52p – £27m – PER 11

Trading Update – Expects PBT to be circa £3m, Net Cash at £5m, outlook is upbeat.

An ex-holding, after two profit warnings, would need to see FY actuals before any decision here.

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