Driver seeks UK and UAE growth
Article Date: Oct 11 2005
Commercial dispute resolution specialist Driver Group will join AIM on Thursday following a £2 million WH Ireland-arranged fundraising at 73p, placing a value of nearly £17 million on the Lancashire-based company.
Driver, a profitable and growing outfit that works to resolve commercial disputes in the construction industry, intends to use the money raised to fund further expansion, including acquisitions.
Driver has six offices in the UK and recently opened one in the United Arab Emirates as a base for operations in the Gulf region, where the company awaits confirmation of its role in a multi-billion dollar project in Abu Dhabi. Claiming a client base including six out of Britain's ten largest contractors and 80 per cent repeat business in the nine months to June 2005, Driver Group made an underlying pre-tax profit of £1.25 million on £7.6 million turnover in the year to September 2004.
Directors say they intend to adopt a 'progressive' dividend policy. Managing director Steve Driver argues 'there is tremendous growth potential for our services in the UK and abroad, especially in the UAE'.
