Diales PLC - London-based consultancy for the construction and engineering industries, formerly Driver Group PLC - Expects to report revenue of £43.0 million for its financial year that ended September 30, up 0.9% from £42.6 million last year. Underlying profit is estimated to grow 10% to £1.1 million from £1.0 million the year prior. However, ‘short-term staffing issues’ in the US ‘materially affected’ the company’s first-half performance. As a result, Diales announces it will discontinue its existing operations in the US, and expects the transition of local commitments to be completed by the end of the first half of financial 2025. Its operations in Canada and South America are unaffected. The group’s £250,000 share buyback programme announced in June is still ongoing, with 660,000 shares repurchased so far. This represents 71% of the initial funds allocated.
Chief Executive Officer Mark Wheeler says: ‘The delivery of our re-brand to Diales is now complete and this has been well received by our clients. We have made good progress toward the delivery of our new hub and spoke model. We continue to review opportunities to acquire new talent, with some key hires in place and a pipeline of additional expertise identified and actively under consideration. Feedback across the business signals a positive outlook for this trading year.’
Current stock price: 26.60 pence, closed 2.3% higher in London on Tuesday
12-month change: up 13%
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