Diales plc (formerly Driver Group) is a leading global professional services consultancy to the construction and engineering industries, providing multi-disciplinary consultancy services including expert witness, claims and dispute resolution services.

25 Apr 2024

Trading update - activity remains on budget

The pre-close trading update from Driver Group delivered encouraging progress overall, with the smaller regions returning to profitability and a positive performance in the UK and Europe. The cost rationalisation was completed during the period following the move to a smaller London office. Cash continues to remain high, representing 32% of the market capitalisation.

The strategy put in place in H2 of FY23 is expected to deliver higher revenues and profitability ahead of 2027, not least reflecting the focus on added-value expert services.

We see little reason to adjust our 40p fair value/share, with no change to estimates. The share price remains below the NAV currently and is underpinned by cash.

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