Driver Group, a London-listed claims-and-dispute-management company, has forecasted that its underlying pretax profit for fiscal 2023 will be slightly below the reported £700,000 ($854,700) for the first half. However, the company believes that its performance in the fourth quarter indicates improving market conditions.
Driver Group has witnessed improving performance trends from the third to the fourth quarter, with early signs pointing to a return to the levels seen in the first half of the year. The company emphasizes the fact that it currently maintains a robust balance sheet and predicts an improvement in its cash position by the end of September, compared to the reported £5.3 million in March.
Strategic Cost Reduction
Through strategic cost reduction plans, including office closures, lease cost reductions, and adjustments to headcount across various locations, Driver Group has made significant progress. These measures position the company for long-term sustainable growth and allow it to fully exploit business opportunities.
Chief Executive Mark Wheeler forecasts revenue for fiscal 2023 to be on par with that of fiscal 2022. Furthermore, the company expects profitability for the full year to show a substantial improvement compared to the prior year, ultimately resulting in an even stronger cash position.
As of 0722 GMT, shares were down 1.50 pence (5.45%) at 26 pence.