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Driver revenues up 21%

Driver's revenues rose by 21% to £58.3m in the year to the end of September and the group announced a proposed fundraising of up to £8m through the conditional placing of up to 22,857,143 shares at a minimum price of 35p apiece.

In addition to the placing, qualifying shareholders will be given the opportunity to subscribe for new ordinary shares through an open offer to raise up to approximately £0.5m, with the number of open offer shares to be determined following confirmation of the issue price.

The group said full-year revenue and profits were in line with guidance given in its pre-close trading update of 14 September.

The group reports an underlying operating loss of £0.2m (2015: profit £1.2m) but a second half underlying operating profit of £1.2m (2015: £1.6m).

Driver posts an underlying loss before taxation of £0.4m (2015: profit £1.1m) and a reported loss before taxation of £5.3m (2015: £1.9m).

Chief executive Gordon Wilkinson said: "The proposed fundraise announced today is intended to provide the necessary level of refinancing to normalise the capital structure of the business.

"On completion this additional financing will provide a solid platform on which to effect the remainder of the board's recovery plan and to capitalise on the current opportunities available to the business."

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