Trading update and appointment of a new Chairman

RNS Number : 4965F

Driver Group plc

27 April 2011

 



DRV

27 April 2011

DRIVER GROUP PLC

("Driver" or "the Group")

Trading update and appointment of a new Chairman

Driver, the global construction consultancy, announces the following trading update prior to entering a close period before the announcement of its interim results for the six months ended 31 March 2011.

Trading

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.

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.

The Directors expect to announce the Group's interim results on 29 June 2011 and look forward to updating shareholders on further progress.

Chairman

The Directors are delighted to announce that Alan McClue (aged 64) has accepted an invitation to join the board as Chairman, with effect from 1 May 2011.

Mr McClue has been granted 250,000 options to purchase shares in the Company exercisable at 21.5 per share and 375,000 options exercisable at nil consideration in certain circumstances as determined by the Board.

As announced at the AGM, Steve Driver who was appointed Chairman at the AGM following the retirement of Mike Davis, will now revert to being a non executive director.

Mr McClue commenced his business career with Mobil Oil Corporation in the early 70s followed by a period with Pegler Hattersley PLC where he was responsible for the manufacture of OPC valve products. He has acted as Chief Executive or Chairman of several public companies including: Petrocon Plc - oil field rentals and OPC valves, Porter Chadburn Plc - Engineering sector and Ptarmigan Plc. He served as a director of G M Firth Plc - Metal Stockists. He was, until the company was bid for by a UK listed company, Chairman of TI Technologies (Pty) South Africa - Africa's largest printed circuit board manufacturer. He was also Chairman of Mount York Limited, an engineering company listed on the CISX, and most recently Chairman of AIM Listed Mount Engineering plc until it was bid for by a US Corporation. He has investments in a number of private engineering sector companies.

His directorships in the last five years are as follows:

Name	Further Detail
Arklow Engineering Limited
Sandford Services Limited
Sandford Developments Limited
County Doors Limited	In Liquidation 11/01/11 (not yet concluded)
Mount Engineering PLC	Resigned 11/11/10
Mount (York) Limited	Resigned 11/11/10
Raxton Limited	Resigned 11/11/10
Bray Industries Limited	Resigned 27/02/10
Accurate Controls Limited	Resigned 31/10/07

There are no other disclosures required in accordance with Schedule 2(g) of the AIM Rules.

Enquiries:

Driver Group plc		Dave Webster, Chief Executive Officer		T: 01706 223999
		Damien McDonald, Finance Director
W H Ireland Limited		John Wakefield Marc Davies		T:  0117 945 3471

 

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