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Driver Group posts £2.1 first-half loss

Date: Tuesday 02 Jun 2015

Construction consultancy Driver Group posted a £2.1 loss before tax for the first half of this year, compared with £1.3m profit in 2014 as a result of its operations in Africa, Asia and the Middle East.
The company said that the implementation of business support functions in those regions and a review of the existing senior management team, business development philosophy and the reduction in the overhead to 91% of that in the prior year weighed, although it expects the benefits of these moves to be seen in the second half of the year and beyond.

Revenue in the period rose 8% to £21.1m from £19.6m in the previous year, as revenue growth in the Americas, Europe and the UK was in line with the company's expectations.

Chairman Steve Norris said: "The first half of financial year 2014/2015 has been a period of investment and change for the group, as we recognised the need to transition from the delivery of one growth strategy to the implementation of our new plan to take the business forward."

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