StockMarketWire.com - Engineering consultancy Driver Group reported a rise in half-yearly profit as cost cuts helped ease a fall in revenue.

For the six months ended 31 March 2020, pre-tax profit rose by 247K to £1.25m, while revenue slipped £1.67m to £28.04m on-year.

Gross profit increased to £7.2m from £6.7m due to 'the continued focus on higher margin work,' the company said.

'Although the first half of 2020 has seen lower activity than expected in the Middle East, we took swift action to re-align the regional cost base and the first half profits of the group are significantly ahead of the same period last year,' it added.

With current trading holding up well and with recently increased debt facilities, the company said it believed that the group was well placed to trade through this current uncertain market environment. At 8:47am: [LON:DRV] Driver Group PLC share price was 0p at 57.5p



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