Interim Results - Good start to Q3, pipeline growing

The strategic plan implemented in late CY22 is working, with utilisation levels benefitting from the move to a hub-and-spoke operational model and a return to profitability in the smaller Middle East and APAC regions.

H2 24 has started positively, particularly in Asia, as the relatively new office in Seoul is delivering on its early promise. The order pipeline continues to expand, benefitting from the rise in expert headcount. The Board has set aside £1m of ‘excess cash’ to buy back shares and to evaluate M&A in existing and related sectors.

We maintain our fair value of 40p/share. With a sector-leading yield, currently standing at 6.0% for FY24, compared to the average of its peer group of 0.5%, Driver’s share price remains undervalued relative to a basket of its peers and is heavily backed by cash and the NAV.