Annual Report & Accounts 2007 02 Highlights
03 Driver Group plc
05 Chairman’s Statement
07 Chief Executive’s Report
09 Finance Director’s Review
11 Directors
12 Company Secretary and Advisers
13 Report of the Directors
15 Corporate Governance
16 Directors’ Remuneration Report
17 Statement of Directors’ Responsibilities
18 Report of the Independent Auditors
19 Consolidated Profit and Loss Account
19 Consolidated Statement of
Total Recognised Gains and Losses
20 Consolidated Balance Sheet
21 Company Balance Sheet
22 Consolidated Cash Flow Statement
23 Notes to the Financial Statements
40 Annual General Meeting
41 Notice of Annual General Meeting
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 01 DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 02
 Year of significant progress – major recruitment drive to scale business for growth 
- fee earners increased by 35% to 96 (2006: 71)
 Turnover increased by 39% to £12.68m (2006: £9.12m)
 Operating profit rose by 14% to £1.68m (2006: £1.47m) before exceptional costs and
share based payments
 Full and final settlement of pension scheme liability for £485,000
 Basic earnings per share of 4.9p (2006: 4.6p), before exceptional costs and share
based payments
 Proposed final dividend of 1.9p per share (2006: 1.9p), making total for the year 
of 2.85p (2006: 2.85p)
 All UK offices performed well, with London office outperforming at year end
 Strong growth in Middle East, with revenues almost doubling
 Prospects remain very encouraging
Highlights
Turnover from 
continuing operations
£5.37m
2002 2003 2004 2005
2006 2007
£6.25m
£7.44m
£8.01m
£9.12m
£12.68m DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 03 Driver Consult 
Driver Consult is a market leader in the provision of
dispute avoidance / resolution, quantity surveying,
commercial, contractual and programming services to
the construction and engineering industries.
Services are provided through a network of seven
offices in the UK, and internationally from Abu Dhabi
and Dubai. In addition other overseas work including
work in Europe and the Far East is serviced from the 
UK offices.
The business has 7 of the top 10 contractors as its
clients together with numerous others from the top 
100. Driver’s intellectual expertise is achieved 
through highly respected, dual qualified legal and
technical consultants.
Driver Project Services
The Project Services division specialises in the 
provision of commercial, programming and contract
administration services to developer, government,
contractor and consultancy clients predominantly in 
the Middle East. From our offices in the UAE and the 
UK we are involved in hotel, infrastructure, schools,
hospitals and residential projects ranging from 
millions to billions of US dollars.
Driver Group plc comprises the following principal businesses:
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 04
Driver Group plc
Market leader in provision of dispute
avoidance / resolution, quantity 
surveying, commercial, contractual
and programming services to the 
construction and engineering industries Chairman’s Statement INTRODUCTION
This is our second year as an AIM 
quoted company and I am delighted to
announce that the business continues 
to make very good progress. Results for
the year to 30 September 2007 show
record levels of turnover and profits. 
Key to the ongoing development of the
business is the necessity to ensure that
we attract and retain high calibre staff 
at all levels, and a major focus over the 
year has been to increase the number 
of our fee-earning consultants. The
recruitment programme has gone well
and at the financial year end, the
number of fee earners within the
Company had risen by 35% to 96 from 
71 at the same time last year . 
As the substantial growth in Driver’s
turnover shows, we are now seeing the
benefits of this increase in resource
coming through, in the performance 
of both our UK and international
businesses. I am pleased to report too
that our newer areas of operations in
London, Bristol and Edinburgh all
showed good growth, and revenues from
the United Arab Emirates almost
doubled over the year to £1.45m.  
Our relationships within the industry,
both with existing and potential clients,
are vital for future growth and I am
pleased to report that we have
successfully negotiated four new
framework agreements with clients.
These further strengthen our
relationship with these customers and
reflect Driver’s increasing reputation
and profile in the market.
Over the last fifteen months or so, the
business has undergone a significant
transformation. We have opened and
integrated new offices in the UK, which
have expanded our presence regionally
and established Driver in the Middle
East where the construction sector is
expanding rapidly. Following our
recruitment initiative, the business is
now substantially stronger and our
increased consulting resource puts 
the Group in a better position to
capitalise on the good growth
opportunities in the UK and
internationally. We therefore view
prospects for the business positively. 
FINANCIAL RESULTS
Turnover rose by 39% to £12.68m from
£9.12m last year and underlying
operating profits rose by 14% to £1.68m
from £1.47m last year . This is before the
charge of £485,000 for settling the
pension liability, which is treated as
exceptional and the FRS20 charge for
share options, which totalled £73,000
(2006: £11,000). After deducting the
exceptional charge and FRS20 charge
for share options, reported profit before
tax was £1.11m (2006: £1.49m)
Earnings per share before exceptional
items and share option charges was 4.9p
(2006: 4.6p). After deducting the share
option charge and exceptional item,
earnings per share was 3.2p (2006: 4.6p).
At the year end, the Group’s net cash
stood at £0.23m (30 September 2006:
£0.69m) and net assets, after deducting
the employee benefit trust shares in 
the Group (which had a book value of
£1.24m at 30 September 2007) from
shareholders’ equity stood at £5.42m 
(30 September 2006: £4.64m). 
DIVIDEND
The Board is pleased to recommend the
payment of a final dividend for the year
ended 30 September 2007 of 1.90 pence
per share (2006: 1.90 pence). This
makes a total dividend for the year of
2.85 pence (2006: 2.85 pence) per share.
The final dividend will be paid on 
19 March 2008 to shareholders on the
register at the close of business on 
22 February 2008.
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 05
“The business is now substantially stronger and in 
a better position to capitalise on the good growth
opportunities in the UK and internationally. We
therefore view prospects for the business positively.”
Michael Davis Chairman TRADING OVERVIEW
Market conditions in both the UK and
internationally remained very healthy
over the year and looking forward, we
continue to see excellent growth
opportunities. A major objective during
the period was to scale the business for
growth by attracting new fee earners
and consultants and we invested heavily
in this. Total staff numbers (including
sub-contract staff) increased by 30% to
120 at 30 September 2007 compared to
92 staff at 30 September 2006. 
In my interim statement, I noted the
growth in business at our new Bristol
and Edinburgh locations as well as at
our more established UK offices but also
reported that the profitability at the
London office has been disappointing.
Some six months on, I am pleased to
report that we are continuing to make
very good progress in developing our
presence in Bristol and Edinburgh and
that we have recorded a significant
improvement in the performance of our
London office. Over the second half, our
London team secured several new
clients, improved charge-out rates and
enhanced staff utilisation rates, as well
as adding new fee-earning consultants.
As a result, in the last month of the
financial year, the London office became
our most profitable centre in the UK.  
Internationally, we continue to make
significant progress. In particular, our
business in the United Arab Emirates
(“UAE”) has seen extremely strong
growth, with sales increasing by 91% to
£1.45m from £0.76m last year . We are
continuing to secure new appointments
in this region, where the construction
sector continues to expand strongly. We
are building on this success by setting
up new operating entities for both our
dispute resolution and project services
businesses in this region.
BOARD CHANGES
On 1 October 2007, we were pleased to
welcome Colin White to the Board as
Group Finance Director . He took over 
the position from Peter Cove, who
stepped down from the Board on 
30 September . Colin is a chartered
accountant with over 20 years’
experience in financial roles. He was
previously Group Finance Director of
Scapa Group plc, the AIM quoted global
supplier of technical tapes and cable
compounds, where he jointly developed
and implemented a new strategy and
business model which underpinned the
turnaround of the business.
I would like to thank Peter for his
significant contribution to the business,
particularly during the time of the
flotation, and I am pleased that he
remains with the Group as Finance
Director of the Group’s principal trading
subsidiary, Driver Consult Ltd. 
On 1 October 2006, Keith Kirkwood joined
the Board as a Non-Executive Director .
Keith is a chartered quantity surveyor
with over 30 years' experience in both the
general construction industry and in the
specialist area of dispute resolution. Until
recently he was Group Chief Executive of 
Schofield Lothian Group, the construction,
engineering and infrastructure
management consultancy which he
founded in 1986. Under his leadership, 
the business was successfully developed
into an international operation. 
STAFF
On behalf of the Board, I would like to
thank all of our staff for their commitment
and hard work over the last twelve 
months. This year’s results reflect their
skill and efforts.
OUTLOOK
It has been a year of investment for 
the Group as we focused on scaling the
business for growth. We are now seeing
the benefits of our recruitment drive to
increase our fee-earning capability coming
through in our top-line growth and saw
record sales in the final quarter of 2006/07. 
We have clear growth objectives for the
current financial year and as well as
developing the Group organically, we are
actively considering acquisitions which
complement our existing business. 
With construction activity in our key
domestic and overseas markets remaining
very strong, we continue to regard
prospects for the Group very positively.
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 06
Customer quote
“Your thorough preparation
was a major factor in effecting  
an outstanding settlement” Once again, I am delighted to deliver my
report on a successful financial year .
During the year, the Group has continued
to invest heavily in the recruitment of
fee-earning personnel. This took our
staff count (including sub-contract staff)
to 120 at 30 September 2007 from 92 at
the end of the last financial year . By the
end of the financial year, all staff were
fully integrated and delivering high
levels of utilisation.
The Group’s principal trading company,
Driver Consult Ltd, comprises three
business streams and my review of the
Group’s performance has therefore been
set out on that basis. 
UK CONSULTANCY SERVICES
Our UK Consultancy Services, based
predominantly around the provision
of dispute avoidance and resolution
services, are provided through our
network of seven regional offices 
located in Northern and Southern
England and in Scotland.
Chief Executive’s Report
Relationships with key clients have
strengthened during the year, reflected
in the negotiation of four framework 
agreements and I am pleased to report
that others are under negotiation.
All seven offices operated profitably in
the year with significant improvements
in turnover and profit over the final
quarter . Over the year as a whole,
turnover increased to £9.33m from
£7.15m, an increase of 30%.
The measures taken at the end of the
first half to improve the productivity 
of our London office have been very
successful and resulted in a significant
rise in the office’s contribution to the
business in the final quarter . During 
the year, we also relocated our 
London office to larger premises 
which provide us with ample scope 
for future expansion. We expect the
major construction projects planned 
in the South of England for the next 
five years to offer us excellent 
growth opportunities.   
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 07
“We have strengthened the management team,
opened new offices and aggressively increased the
number of fee earners within the Group.”
Stephen Driver Chief Executive Officer INTERNATIONAL 
CONSULTANCY SERVICES
International Consultancy Services
provides services to construction clients
throughout Europe, Eastern Europe, the
Americas and the Middle East. The
services provided are substantially the
same as those we provide in the UK with
concentration on high profile expert
witness and arbitrator appointments.
Turnover in the year increased to
£1.60m from £1.21m, an increase of
more than 32%. The division has
operated very profitably in the year
concentrating on quantum and planning
expert assignments.
We are currently in the process of
opening an office in Oman which is
intended to capitalise on our existing
relationships in the region and
opportunities arising from the country’s
extensive construction programme.
INTERNATIONAL PROJECT SERVICES
Our International Project Services
business is based in the UAE and there
are potential opportunities to develop
elsewhere in the world. The services
provided by our International Project
Services unit complement our other
business areas in that it provides
commercial, planning and project
controls services to property
development companies involved in the
construction of multi-million dollar and
sometimes multi-billion dollar, mixed-
use developments incorporating houses,
apartments, offices, schools, hospitals
and roads. Our role often begins with 
the inception of a property development
and lasts until its completion as we
monitor budget, cost and timetables in
all phases of development.
Our operations in the UAE have continued
to expand during the financial year with
an increase in turnover to £1.45m in
2007 from £0.76m in 2006. Staff numbers
in the region increased from 10 to 18.  
Most pleasing of all, we start the new
financial year with eleven projects
compared with three projects in the
previous year and we are also pursuing
several additional opportunities.
OUTLOOK
The Group has been considerably
enlarged since we joined AIM. We have
strengthened the management team,
opened new offices and aggressively
increased the number of fee earners
within the Group. 
Looking forward, Driver is now well
positioned to capitalise on growth
opportunities both in the UK and in the
Middle East and we intend to continue 
to invest in developing the business,
particularly in the Middle East, 
where the construction market is
extremely strong. We are also actively
engaged in seeking acquisitions, which
fit our criteria.  
With all our markets remaining 
buoyant, we expect to deliver a stronger
performance in the coming year and
remain confident about future prospects.   
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 08
Customer quote
“
I am sure that the professional 
way in which the claim was
presented and forcefully and 
logically argued enabled us to
fully maximize the claim
” RESULTS
Operating profit for the year ending 
30 September 2007, before the FRS20
charge for share options and before 
the exceptional item, was £1.68m 
(2006: £1.47m), an increase of 14%. This
improvement in profit was a result of the
higher sales offset in part by the costs
associated with establishing and
integrating the recent new offices
together with the costs associated with
growing the fee earning staff. After
deducting these items operating profit
was £1.12m (2006: £1.46m). 
The Group aims to incentivise key
management through the use of share
options. FRS20 (Share-based payment)
was implemented for the first time in the
current year and the charge for share
options was £73,000 (2006: £11,000).
The Group agreed a full and final
settlement with the Trustees of the
Baker Wilkins and Smith Retirement
Finance Director’s Review
Benefits Scheme for Driver Group’s
share of the final salary scheme deficit.
This totalled £485,000 including the
associated legal costs incurred by the
Company. After tax this represents a net
post-tax cost to the Group of £339,000.
This charge has been treated as
exceptional in the P&L account. 
TAXATION
The Group’s taxation charge of £369,000
includes the benefit of a £145,000 tax
credit from the pensions settlement. 
The effective tax rate on profit before
exceptional items and before the charge
for share-based payments is 32% (30%).
EARNINGS PER SHARE
Basic earnings per share (EPS) was 
4.9 pence (2006: 4.6 pence), before 
the charge for share options and 
exceptional items and 3.2 pence 
(2006: 4.6 pence) after deducting the
charge for share options and exceptional
items. On a fully diluted basis, EPS
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 09
“Net cash inflow from operating activities (before the
exceptional item) was £1.52m (2006: £0.76m) and
benefited from improved management of debtors.”
Colin White Finance Director based on reported profit for the financial
year using the same bases as above 
was 3.1 pence and 4.5 pence respectively
for the two years.
CASH FLOW
The net cash inflow from operating
activities (before the exceptional item)
was £1.52m (2006: £0.76m) and
benefited from improved management
of debtors. Trading working capital
(trade debtors less trade creditors) as a
percentage of sales reduced by 4% and
debtor days improved by 6 days. The
exceptional payment in respect of the
Baker Wilkins and Smith Retirement
Benefits Scheme for its share of the 
final salary scheme deficit totalled
£0.49m including the associated legal
costs. Spend on capital items reverted 
to a more normal level of £0.24m 
(2006: £0.98m). Dividends paid to
ordinary shareholders totalled £0.66m
(2006: £0.22m). Net cash outflow 
before financing was £0.47m 
(2006: £1.60m outflow).
BALANCE SHEET
The Group ended the year with cash, net
of debt, of £0.23m (30 September 2006:
£0.69m). Net assets of the Group totalled
£5.42m (30 September 2006: £4.64m) an
increase of £0.78m during the year . 
This included the benefit of a £0.62m
revaluation of the Group’s long leasehold
property in Haslingden.
In prior years the shares held by the
Driver Group Employee Benefit Trust 
in Driver Group plc were recognised 
on the balance sheet as a fixed asset
investment in line with UITF32.
International Financial Reporting
Standards require a company’s holding
in its own shares to be accounted for 
as a deduction from equity rather 
than recognised as an asset. This 
accounting treatment also now applies
to the UK, for instance under FRS25, 
in relation to the acquisition of own
shares, referred to as treasury shares.
The Company has therefore reviewed 
its accounting policy and deducted 
the cost of the Trust’s investment in 
its own shares of £1,242,206 from 
equity. The effect of this change in
accounting disclosure does not 
however impact the calculation of
distributable reserves for the purposes
of paying dividends.
INTERNATIONAL FINANCIAL
REPORTING STANDARDS (IFRS)
The Group will be required to report for
the first time under IFRS for the year
ending 30 September 2008, with the
interim statement at 31 March 2008
reporting results under IFRS for the first
time. There is a project underway to
implement IFRS for the Group. Based on
the work done to date management do
not expect there to be a material change
to operating profit arising from these
accounting changes. The Group will be
reporting the impact of restating prior
year figures to IFRS, together with the
interim results.
TREASURY POLICIES AND FOREIGN
EXCHANGE MANAGEMENT
Treasury operations are managed
centrally and operate so as to reduce
financial risk, ensure sufficient liquidity
is available to the Group operations and
invest surplus cash. Corporate Treasury
does not operate as a profit centre and
does not take speculative positions.
Foreign currency balances in excess of
forecast amounts required to fund
projected outgoings are converted at
spot rate.
BORROWING FACILITIES
At 30 September the Group had £0.40m
of bank debt secured by means of
debentures over the Group’s assets 
and a legal charge over the land and
buildings at Haslingden. This is fully
repayable by 2009. In addition the Group
has a £0.95m overdraft facility (net of
any cash balances) which is renewed
annually on 31 July. 
CONTINGENCIES AND LEGAL
PROCEEDINGS RISK MANAGEMENT
The Group monitors all material
contingent liabilities, through a process
of consultation and evaluation which
includes senior management and
internal and external advisors. This
process results in an evaluation of
potential exposure and provisions are
made or adjusted accordingly by
reference to accounting principles. By
this method the Group has provided for
contingencies which are anticipated to
be more likely than not to become
payable in the future.
BUSINESS RISKS
There are a variety of business risks that
can affect international consultancy
businesses like Driver . The principal key
risk for the Group relates to the
recruitment and retention of high quality
fee earners and directors. Driver’s
strong reputation in the market has
helped it to source and recruit staff and
senior managers with the appropriate
skills and background. The Group aims
to retain its key staff through a
competitive reward system which
includes share options for senior
managers as well as through identified
career path management. 
Market forecasts support the view that
construction spend and therefore
demand for Driver’s services, will
continue to grow over the next few
years, with the London Olympics
providing additional impetus for growth. 
HEALTH AND SAFETY
Driver Group is committed to reinforcing
and improving health and safety
activities across the Group to ensure 
the constant well-being of our
employees. Driver Group continues to
invest in human resource training and
development of safe working practices.
The Group’s principal measures are 
lost time accidents, lost time days and
reportable accidents. For each measure
there were no reported incidents or lost
time. The Group’s goal is to maintain this
zero objective.
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 10 Directors
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 11
Michael Davis  (aged 61)
Non-Executive Chairman
Michael is a chartered accountant and
spent 32 years in the profession
principally with Arthur Young/Ernst
&Young. During his 15 years as a
partner he specialised in corporate
finance, including PFI, and was
managing partner of the firm’s Liverpool
office. On leaving the firm he has spent
the last 10 years as a non-executive
chairman/director of companies in
sectors including financial/professional
services, media and manufacturing. He
is also deputy chairman of the North
West’s film and TV agency and was a
regular judge on Granada’s long running
televised business competition ‘‘Flying
Start’’. He is one of the team that
successfully lead the Company to
Admission on AIM in October 2005 and
its continued success.
Stephen Driver (aged 43)
Chief Executive Officer
Stephen has over 25 years’ experience in
the construction industry working both
for contractors and in private practice. 
After training as a quantity surveyor,
initially with a national civil engineering
contractor, Stephen subsequently
worked for a number of national
building contractors. He subsequently
moved into private practice at BWS
International and became Managing
Director of BWS International in 1998
and of the Group in 2001. Since
becoming Managing Director, Stephen
has overseen a number of major
developments including the incorporation
of the partnership through to the
formation of Driver Group, the demerger
of BWS International, the reorganisation
of the business to focus on regional and
local office performance, the opening of
offices in the UAE, Scotland and Bristol.
Most recently he lead the successful
Admission of the Driver Group shares on
AIM in October 2005 at which time he
was appointed CEO. Since then he has
been pivotal to the ongoing success of
the Group. 
Stephen has broad experience in the
construction and engineering industries.
His specialist fields include claims
support services, adjudication,
mediation and expert witness services. 
Stephen has a Masters degree in
construction law and arbitration from
Kings College, London. He is a Fellow of
the Royal Institution of Chartered
Surveyors, the Chartered Institute of
Arbitrators and the Institution of Civil
Engineering Surveyors and a Member 
of the Cost Engineers and Academy 
of Experts.
David Webster (aged 40)
Executive Director
David has over 24 years experience in
the construction industry, initially
training as a quantity surveyor with 
a pipeline, tunnelling and civil
engineering contractor . He worked with
various contractors before moving into
private practice with BWS International
in 2000. David was appointed to the
board of Driver Consult in 2002 with
initial responsibility for the Rossendale
office before being appointed to the
northern region in 2003. Subsequently,
in 2004 he was appointed to the Board
and in 2006 was appointed as Director 
in charge of all United Kingdom
operations. He has been actively
involved in reorganising the business 
to focus on regional and local 
office performance. 
As well as the broader responsibilities
that come with his position, David
provides a hands-on service either
leading teams of consultants or working
on single specialist appointments. 
David specialises in dispute resolution,
contractual and commercial advice on
all aspects of civil engineering projects,
highways, water and sewage treatment
plants, tunnel and pipeline projects,
industrial process plants, building and
development. He is one of the team that
successfully lead the Company to
Admission on AIM in October 2005. Since
then he has been heavily involved in the
ongoing success of the Group.
David has a Masters degree in
construction law and arbitration. He is 
a Fellow of the Royal Institution of
Chartered Surveyors and the Institution
of Civil Engineering Surveyors and a
member of the Academy of Experts and
Expert Witness Institute.
Colin White  (aged 45)
Finance Director  
A Chartered Accountant with over 20
years’ experience. Joined Driver Group
in 2007 as Group Finance Director,
having previously been Group Finance
Director for Scapa Group plc the AIM
quoted global supplier of technical tapes
and cable compounds, which he joined 
in 2001. Between 1991 and 2001, Colin
held a number of senior financial and
management roles at subsidiaries of 
TI Group plc, the specialised engineering
group which was acquired by Smiths
Industries plc in 2000. Latterly at 
TI Group, he was Finance Director of
Dowty Aerospace Division.
Keith Kirkwood  (aged 52)
Non-Executive Director
Keith joined the Board of the Company
on 1 October 2006. He is a chartered
quantity surveyor with over 30 years'
experience in both the general
construction industry and in the
specialist area of dispute resolution. 
Until recently Keith was Group Chief
Executive of Schofield Lothian Group,
the construction, engineering and
infrastructure management consultancy
which he founded in 1986. Under his
leadership, the business was
successfully developed into an
international operation and sold to
Accord plc in 2002.
Keith is a qualified mediator, arbitrator
and negotiator and a Fellow of the Royal
Institution of Chartered Surveyors, the
Chartered Institute of Arbitrators and
the Institute of Civil Engineering
Surveyors, as well as a Member of the
Institute of Highways and Transportation,
the Society of Construction Law and the
Institute of Directors. Company Secretary and Advisers
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 12
Company Secretary
Thomas Ferns
Registered Office
Driver House
4 St Crispin Way
Haslingden
Rossendale
Lancashire
BB4 4PW
Tel :  +44 (0)870 873 7878
Fax :  +44 (0)1706 219 917
Email:  info@drivergroupplc.com
Website: www.drivergroupplc.com
Registered Number
3475146
Auditors
Harold Sharp
Holland House
1-5 Oakfield
Sale
Cheshire
M33 6TT
Bankers
The Royal Bank of Scotland plc
Fifth Floor
1 Spinningfields Square 
Manchester
M3 3AP
Solicitors
Rosenblatt Solicitors
9-13 St Andrew Street          
London
EC4A 3AF
Nominated Advisers 
Zeus Capital Limited
3 Ralli Courts
New Bailey Street
Salford    
M3 5FT
Brokers 
Panmure Gordon (Broking) Limited
Moorgate Hall
155 Moorgate
London     
EC2M 6XB
Registrars
Neville Registrars Limited
Neville House
18 Laurel Lane
Halesowen
B63 3DA
PR Advisers
Biddicks
Mercury House
Triton Court
14-18 Finsbury Square
London
EC2A 1BR The directors present their report and the financial statements
of Driver Group plc and its subsidiary companies for the year
ended 30 September 2007. 
PRINCIPAL ACTIVITY
The principal activity of the Group in the year under review was
the provision of specialist commercial and dispute resolution
services to the construction industry.
REVIEW OF BUSINESS
The results for the year and financial position of the Company
and the Group are as shown in the annexed financial
statements. A review of the Group’s business is contained in
the Chairman’s Statement, Chief Executive’s Report and
Finance Director’s Review.  
DIVIDENDS
The directors have proposed a final dividend in respect of the
current financial year of 1.90p per share (2006 – 1.90p per
share) payable to all shareholders other than the Driver Group
Employee Benefit Trust. This has not been included within
creditors as it was not approved before the year end. The total
cost of this proposed dividend will be £437,612. 
Dividends paid during the year comprise a final dividend of
1.90p per share (total cost of £437,612) in respect of the
previous year ended 30 September 2006, together with an
interim dividend in respect of the year ended 30 September
2007 of 0.95p per share (total cost of £218,806). 
GOING CONCERN
After making enquiries, the directors have a reasonable
expectation that the Group has adequate resources to continue
in operational existence for the foreseeable future. For this
reason they have adopted the going concern basis in preparing
the financial statements. 
PRINCIPAL RISKS AND UNCERTAINTIES
There are a variety of business risks that can affect
international consultancy businesses like Driver . The principal
key risk for the Group relates to the recruitment and retention
of high quality fee earners and directors. Driver’s strong
reputation in the market has helped it to source and recruit
staff and senior managers with the appropriate skills and
background. The Group aims to retain its key staff through a
competitive reward system which includes share options for
senior managers as well as through identified career path
management. Market forecasts support the view that
construction spend and therefore demand for Driver’s
services, will continue to grow over the next few years, with
the London Olympics providing additional impetus for growth. 
DIRECTORS
The directors during the year under review were:
S Driver
P J F Cove
D J Webster
M I Davis
K Kirkwood
On 30 September 2007, Mr P J F Cove resigned as a director
and on 1 October 2007, Mr C M White was appointed in 
his place. 
The beneficial interests of the directors holding office at the
end of the financial year in the issued share capital of the
Company were as follows: 
30 September 2007 1 October 2006
Ordinary 0.4p shares Ordinary 0.4p shares
S Driver 3,755,220 4,537,671
D J Webster 1,502,088 1,815,068
M I Davis 7,000 7,000
Throughout the year Mr Webster held share options to
purchase 275,000 ordinary shares exercisable at 73.5p per
share by 27 June 2016. 
Report of the Directors
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 13 The Company has established an employee benefit trust in
which all the employees of the Group, including executive
directors, are potential beneficiaries. At 30 September 2007,
the trust owned, 1,700,645 shares which it acquired at an
average of 73p per share. 
CHARITABLE AND POLITICAL DONATIONS
During the period under review, the Group made charitable
donations amounting to £2,921 (2006 - £1,033) comprising
donations of £2,000 to the construction and property industry
charity for the homeless, CRASH, and sundry small donations
of £250 and less primarily for medical research purposes. It is
the Group’s policy not to make political donations. 
CREDITOR PAYMENT POLICY
The Group agrees terms and conditions with suppliers 
before business takes place. The Group’s policy and practice 
is to pay agreed invoices in accordance with the terms of
payment. At the year end the amounts owed to trade 
creditors were equivalent to 39 days (2006 - 33 days) of
purchases from suppliers.
DISCLOSURE OF INFORMATION TO AUDITORS
The directors who held office at the date of approval of this
report of the directors confirm that, so far as they are each
aware, there is no relevant audit information of which the
Company’s auditors are unaware, and each director has 
taken all the steps that he ought to have taken as a director 
to make himself aware of any relevant audit information 
and to establish that the Company’s auditors are aware of 
that information. 
AUDITORS
Harold Sharp are willing to continue in office and a resolution
proposing their re-appointment as auditors of the Company
and authorising the directors to fix their remuneration will be
put to the shareholders at the Annual General Meeting. 
On behalf of the Board
Colin White
Finance Director 
10 December 2007 
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 14 Although, as an AIM listed company, the Company is not
required to comply with the provisions of the Combined Code
(the "Code") and this is not a statement of compliance as
required by the Code, the Board of Directors recognises the
importance of, and is committed to, ensuring that effective
corporate governance procedures relevant to smaller listed
companies are in place.
THE BOARD AND COMMITTEES
During the financial year to 30 September 2007, the Board
comprised three Executive Directors, Stephen Driver, 
Peter Cove and David Webster and two Non-Executive
Directors, Keith Kirkwood and Michael Davis (Chairman). On 
1 October 2007, Colin White was appointed to the Board as
Executive Director following Peter Cove’s decision to step
down from the main Board. Peter Cove has continued with his
role as Financial Director of the Group’s principal subsidiary
Driver Consult Limited. 
The Board, which meets at least ten times a year, is
responsible for the overall strategy and financial performance
of the Group. Each Board meeting is preceded by a clear
agenda and any relevant information is provided to the
Directors in advance of the meeting.
The Remuneration Committee consisted of Stephen Driver,
Michael Davis and Keith Kirkwood. The report on Directors'
remuneration on page 16 contains a detailed description of
remuneration and applicable policies.
Given the size of the Board, and as permitted by the Code, the
Board has not appointed a Nominations Committee. The Board
as a whole considers the appointment of all Directors and
senior managers.
During the financial year to 30 September 2007, the 
Audit Committee consisted of Michael Davis (Chairman) and
Keith Kirkwood. The Audit Committee are considered by the
Board to have relevant financial experience. The Committee
operates under written terms of reference and is scheduled to
meet at least twice a year with the Company's auditors, and
the Executive Directors present by invitation only. The
Committee is responsible for the independent monitoring of
the effectiveness of the system of internal control, compliance,
accounting policies and published financial statements on
behalf of the Board. This is achieved primarily through a
review of the annual financial statements and a review of the
nature and scope of the external audit. Any significant findings
or identified risks are examined so that appropriate action may
be taken. The Committee is also responsible for keeping under
review the independence and objectivity of the external
auditors, including a review of non-audit services provided to
the Group, consideration of any relationships with the
Company that could affect independence, and seeking written
confirmation from the auditors that, in their professional
judgment, they are independent.
RELATIONS WITH SHAREHOLDERS
The Company encourages the participation of both institutional
and private investors. Communication with private individuals
is maintained through the Annual General Meeting (AGM), and
annual and interim reports. In addition, further details on the
strategy and performance of the Company can be found at its
website (www.drivergroupplc.com) which includes copies of
the Company's press releases.
INTERNAL CONTROL
The Board has overall responsibility for the Group's systems 
of internal control and for monitoring their effectiveness.
Although no system of internal control can provide absolute
assurance against material misstatements or loss, the 
Group's systems are designed to provide the Directors with
reasonable assurance that issues are identified on a timely
basis and dealt with appropriately.
The Group has an established organisational structure with
clearly defined lines of authority, responsibility and
accountability, which is reviewed regularly. Group
management are responsible for the identification and
evaluation of key risks applicable to their areas of business.
The Board has considered the need for an internal audit
function, but has resolved that due to the size of the Group,
this cannot be justified on the grounds of cost effectiveness.
Corporate Governance
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 15 DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 16
The members of the Remuneration Committee are 
Michael Davis and Keith Kirkwood who are both independent
Non-Executive Directors and Stephen Driver .
REMUNERATION POLICY
The Company’s remuneration policy is to provide a
remuneration package to attract, motivate and retain 
high calibre individuals, who will deliver significant value 
to the Group.   
DIRECTORS’ EMOLUMENTS
Audited information
Directors’ remuneration
Directors’ Remuneration Report 
For the year ended 30 September 2007
For the year to 30 September 2007, the remuneration of 
Non-Executive Directors was set by the Board and consisted of
an annual fee paid in equal monthly instalments.
On I October 2006 Keith Kirkwood was appointed as 
Non-Executive Director of Driver Group plc replacing David
Clements who resigned from the Board on 30 September 2006.
He was subsequently invited to join as a member of the
Remuneration Committee, which he accepted.
Colin White was appointed to the Board as Group Finance
Director with effect from 1 October 2007. He takes over the
position from Peter Cove, who resigned from the Board on 
30 September 2007 but remains with the Group as 
Finance Director of the Group’s principal trading subsidiary,
Driver Consult Limited.
All Directors are paid for their services under the Group’s
PAYE scheme apart from Michael Davis and Keith Kirkwood
who are paid as follows:
Hurlstone Management Limited entered into an engagement
letter with the Company dated 6 October 2005 under which it
agreed to supply the services of Michael Davis as 
Non-Executive Chairman of the Company. The agreement can
be terminated upon three months’ notice by either party.
Alchemy BS entered into an engagement letter with the
Company dated 1 October 2006 under which it agreed to
supply the services of Keith Kirkwood as Non-Executive
Director of the Company. The agreement can be terminated
upon three months’ notice by either party. 
DIRECTORS’ REMUNERATION REVIEW
Remuneration is reviewed in December each year with any
revisions taking place from the beginning of January.
Bonuses may be awarded to the Executive Directors based on
their performance and the performance of the Company.
On behalf of the Board
Michael Davis
Chairman of the Remuneration Committee
10 December 2007  
Salary Car Total Pension Total Pension
and fees allowance Benefits 2007 2007 2006 2006
£££££££
Stephen Driver 176,750 12,000 3,005 191,755 17,075 205,945 17,800
David Webster 174,500 12,000 5,017 191,517 17,450 162,235 13,100
Peter Cove 85,750 12,000 2,697 100,447 8,575 102,817 7,300
Michael Davis 25,000 - - 25,000 - 25,000 - 
Keith Kirkwood 50,000 - - 50,000 ---
David Clements - - - - - 25,000 -
Total 512,000 36,000 10,719 558,719 43,100 520,997 38,200 The Directors are responsible for preparing the report of the
Directors and the financial statements in accordance with
applicable law and regulations.  
Company law requires the directors to prepare financial
statements for each financial year .  Under that law they have
elected to prepare the financial statements in accordance with
UK Accounting Standards and applicable law (UK Generally
Accepted Accounting Practice).  
The Group and parent company financial statements are
required by law to give a true and fair view of the state of
affairs of the Group and the parent company and of the profit
for that period.  
In preparing these financial statements, the Directors are
required to:
• select suitable accounting policies and then apply 
them consistently; 
• make judgements and estimates that are reasonable 
and prudent; 
• state whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements; 
• prepare the financial statements on the going concern
basis unless it is inappropriate to presume that the
Company and Group will continue in business. 
The Directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time
the financial position of the parent company and enable them
to ensure that its financial statements comply with the
Companies Act 1985. They have a general responsibility for
taking such steps as are reasonably open to them to safeguard
the assets of the Group and to prevent and detect fraud and
other irregularities. 
The Directors are responsible for the maintenance and
integrity of the corporate and financial information included on
the Company’s website. Legislation in the UK governing the
preparation and dissemination of the financial statements may
differ from legislation in other jurisdictions.
Statement of Directors’ Responsibilities
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 17 Report of the Independent Auditors
To the members of Driver Group plc
We have audited the Group and parent company financial
statements (the “financial statements”) of Driver Group plc for
the financial year ended 30 September 2007 which comprise
the Consolidated Profit and Loss Account, the Consolidated
and Company Balance Sheets, the Consolidated Cash Flow
Statement and notes 1 to 28. These financial statements have
been prepared under the accounting policies set out therein.  
This report is made solely to the Company's members, as a
body, in accordance with Section 235 of the Companies Act
1985. Our audit work has been undertaken so that we might
state to the Company's members those matters we are
required to state to them in an auditors' report and for no
other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the
Company and the Company's members as a body, for our audit
work, for this report, or for the opinions we have formed. 
RESPECTIVE RESPONSIBILITIES OF DIRECTORS 
AND AUDITORS
The directors’ responsibilities for preparing the Report of the
Directors and the financial statements in accordance with
applicable law and UK Accounting Standards (UK Generally
Accepted Accounting Practice) are set out in the Statement of
Directors’ Responsibilities on page 17.  
Our responsibility is to audit the financial statements in
accordance with relevant legal and regulatory requirements
and International Statements on Auditing (UK and Ireland).  
We report to you our opinion as to whether the financial
statements give a true and fair view and whether the financial
statements have been properly prepared in accordance with
the Companies Act 1985. We also report to you whether in our
opinion the information given in the Report of the Directors is
consistent with the financial statements.  
In addition, we report to you if, in our opinion, the Company
has not kept proper accounting records, if we have not
received all the information and explanations we require 
for our audit, or if information specified by law regarding
directors’ remuneration and other transactions is 
not disclosed. 
We read the other information contained in the Annual Report
and consider whether it is consistent with the audited financial
statements. The other information comprises only the
Chairman’s Statement, Chief Executive’s Report, Finance
Director’s Review, Report of the Directors, the statement of
Corporate Governance and the unaudited part of the Directors’
Remuneration Report. We consider the implications for our
report if we become aware of any apparent misstatements or
material inconsistencies with the financial statements. Our
responsibilities do not extend to any 
other information.
BASIS OF AUDIT OPINION
We conducted our audit in accordance with International
Standards on Auditing (UK and Ireland) issued by the Auditing
Practices Board. An audit includes examination, on a test
basis, of evidence relevant to the amounts and disclosures in
the financial statements. It also includes an assessment of the
significant estimates and judgements made by the directors in
the preparation of the financial statements, and of whether the
accounting policies are appropriate to the Company's
circumstances, consistently applied and adequately disclosed. 
We planned and performed our audit so as to obtain all the
information and explanations which we considered necessary
in order to provide us with sufficient evidence to give
reasonable assurance that the financial statements are free
from material misstatement, whether caused by fraud or other
irregularity or error . In forming our opinion we also evaluated
the overall adequacy of the presentation of information in the
financial statements. 
OPINION
In our opinion:
• the financial statements give a true and fair view, in
accordance with UK Generally Accepted Accounting
Practice, of the state of the Group’s and the parent
company’s affairs as at 30 September 2007 and of the
Group’s profit for the year then ended;
• the financial statements have been properly prepared in
accordance with the Companies Act 1985; and
• the information given in the Report of the Directors is
consistent with the financial statements.
Harold Sharp
Chartered Accountants
Registered Auditors
Sale
10 December 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 18 Consolidated Statement of Total Recognised Gains and Losses
For the year ended 30 September 2007
Consolidated Profit and Loss Account
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 19
2007 2007 2007 2006 
Pre-exceptional/ Exceptional/ 
share-based share-based 
payment payment Restated
(notes 3&7) Total - note 7
Notes £000 £000 £000 £000
TURNOVER 2 12,684 - 12,684 9,124 
Cost of sales (8,218) - (8,218) (5,394) 
GROSS PROFIT 4,466 - 4,466 3,730
Administrative expenses 
- other (2,896) (73) (2,969) (2,345)
- exceptional 3 - (485) (485) - 
Other operating income 109 - 109 79
OPERATING PROFIT 5 1,679 (558) 1,121 1,464
Interest receivable and similar income 32 - 32 70 
Interest payable and similar charges 6 (39) - (39) (44)
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 1,672 (558) 1,114 1,490
Tax on profit on ordinary activities 8 (536) 167 (369) (451)
PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 1,136 (391) 745 1,039
Minority interests – equity (16) - (16) 7 
PROFIT FOR THE FINANCIAL YEAR 9 1,120 (391) 729 1,046
Basic earnings per share (pence) 11 3.2 4.6
Diluted earnings per share (pence) 11 3.1 4.5 
The operating profit for the year arises from the Group’s continuing operations.
2007 2006
Restated
- note 7
£000 £000
Profit for the financial year 729 1,046
Fixed asset revaluation (note 12) 615 -
Total recognised gains and losses relating to the year 1,344 1,046
Prior year adjustment (net of tax) (note 7) (8) -
Total recognised gains and losses since last annual report 1,336 1,046 Consolidated Balance Sheet
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 20
2007 2006
Restated – note 7
Notes £000 £000 £000 £000
FIXED ASSETS
Tangible assets 12 3,421 2,620 
CURRENT ASSETS
Debtors 14 3,227 2,750
Cash at bank and in hand 855 1,317
4,082 4,067
CREDITORS
Amounts falling due within one year 15 1,884 1,669
NET CURRENT ASSETS 2,198 2,398
TOTAL ASSETS LESS CURRENT LIABILITIES 5,619 5,018
CREDITORS
Amounts falling due after more than one year 16 (179) (371)
PROVISIONS FOR LIABILITIES 18 (19) (3)
NET ASSETS 5,421 4,644
CAPITAL AND RESERVES
Called up share capital 19 99 99
Share premium 20 2,649 2,649
Revaluation reserve 20 1,338 723
Capital redemption reserve 20 18 18
Other reserve 20 84 11
Profit and loss account 20 2,476 2,403
Own shares 24 (1,242) (1,242)
EQUITY SHAREHOLDERS’ FUNDS 25 5,422 4,661
MINORITY INTERESTS (1) (17)
5,421 4,644
The financial statements were approved by the Board of Directors on 10 December 2007 and signed on their behalf by:
Colin White
Finance Director Company Balance Sheet
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 21
2007 2006
Restated – note 7
Notes £000 £000 £000 £000
FIXED ASSETS
Tangible assets 12 3,411 2,618 
Investments 13 128 55
3,539 2,673
CURRENT ASSETS
Debtors 14 934 589
Cash at bank and in hand 7 1,210
941 1,799
CREDITORS
Amounts falling due within one year 15 837 756
NET CURRENT ASSETS 104 1,043
TOTAL ASSETS LESS CURRENT LIABILITIES 3,643 3,716
CREDITORS
Amounts falling due after more than one year 16 (179) (371)
PROVISIONS FOR LIABILITIES 18 (43) (6)
NET ASSETS 3,421 3,339
CAPITAL AND RESERVES
Called up share capital 19 99 99
Share premium 20 2,649 2,649
Revaluation reserve 20 1,338 723
Capital redemption reserve 20 18 18
Other reserve 20 84 11
Profit and loss account 20 475 1,081
Own shares 24 (1,242) (1,242)
EQUITY SHAREHOLDERS’ FUNDS 25 3,421 3,339
The financial statements were approved by the Board of Directors on 10 December 2007 and signed on their behalf by:
Colin White
Finance Director Consolidated Cash Flow Statement
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 22
2007 2006
Restated – note 7
Notes £000 £000 £000 £000
Net cash inflow from operating activities
before exceptional item 21 1,520 761
Cash outflow relating to exceptional item 21 (485) -
Net cash inflow from operating activities
after exceptional item 21 1,035 761
Returns on investments and servicing of finance 22 (7) 26
Taxation (593) 53
Capital expenditure and financial investment 22 (245) (2,221)
Equity dividends paid (656) (219)
Net cash outflow before financing (466) (1,600)
Financing 22 (179) 2,475
(Decrease)/increase in cash in the year (645) 875
Reconciliation of net cash flow to movement in net funds 23
(Decrease)/increase in cash in the year (645) 875
Cash outflow from decrease in debt 179 191
Change in net debt resulting from cash flows (466) 1,066
Movement in net funds in the year (466) 1,066
Net funds/(debt) at 1 October 692 (374)
Net funds at 30 September 226 692 Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 23
1 ACCOUNTING POLICIES
The following accounting policies have been applied
consistently in dealing with items which are considered
material in relation to the financial statements, except as
noted below.  
In these financial statements the following new standard has
been adopted for the first time:
• FRS20 ‘Share-based payment’ (see note 7).  
BASIS OF PREPARATION
The financial statements have been prepared under the
historical cost convention, as modified by the revaluation 
of certain assets, and in accordance with applicable
accounting standards.  
BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the
financial statements of Driver Group plc and its subsidiary
undertakings for the year ended 30 September 2007. The
results of subsidiary undertakings acquired or disposed of 
in the year are included in the consolidated profit and loss
account from the date of acquisition or up to the date 
of disposal.  
TURNOVER
Turnover represents net invoiced sales of goods and services
provided, excluding value added tax.
TANGIBLE FIXED ASSETS
Land and buildings are included at valuation. The directors
intend to perform periodic valuations and annual
impairment reviews in accordance with FRS15 and FRS11.
No depreciation is charged, as in their opinion, it would not
be material.
Depreciation is provided on other assets at the following
annual rates in order to write off each asset over its
estimated useful life.
• Fixtures and fittings - 10% on cost
• Technical library - 10% on cost
• Computer equipment - 25% on cost
INVESTMENTS
Investments are included at cost, less amounts 
written off.  
DEFERRED TAX
Deferred tax is recognised in respect of all timing
differences that have originated but not reversed at the
balance sheet date. 
FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into
sterling at the rates of exchange ruling at the balance sheet
date. Transactions in foreign currencies are translated into
sterling at the rate of exchange ruling at the date of
transaction. Exchange differences are taken into account in
arriving at the operating result. 
LEASES
Rentals paid under operating leases are charged to the profit
and loss account as incurred.
PENSIONS
The Group operates a defined contribution pension scheme.
Contributions payable for the year are charged in the profit
and loss account as incurred.  
EMPLOYEE BENEFIT TRUST
In accordance with UITF abstract 32, any payments made 
to the Trust established for the benefit of the Group's
employees are treated as the exchange of one asset for
another . Accordingly, the assets of the Trust, and any
liabilities it has, are recognised on the Company's balance
sheet. As explained in note 7, the Company has revised its
accounting policy to show the cost of shares in the Company
held by the Trust as a deduction from equity. Previously, 
own shares were shown as fixed asset investments. Assets
which vest unconditionally in beneficiaries of the trust cease
to be recognised as assets of the Company. Any income or
expenditure incurred by the trust is recognised in the
Company's accounts.
SHARE-BASED PAYMENTS
The cost of share options awarded to employees measured
by reference to their fair value at the date of grant is
recognised over the vesting period of the options based on
the number of options which in the opinion of the Directors
will ultimately vest. The fair value of the options granted is
measured using an option pricing model, taking into account
the terms and conditions upon which the options were
granted. The cost of the share options is charged to the profit
and loss account and transferred to other reserves.
DIVIDENDS ON SHARES PRESENTED WITHIN
SHAREHOLDERS’ FUNDS
Dividends unpaid at the balance sheet date are only
recognised as a liability at that date to the extent that they
are appropriately authorised and are no longer at the
discretion of the Company. Unpaid dividends that do not
meet these criteria are disclosed in the notes to the 
financial statements. Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 24
2 SEGMENTAL ANALYSIS
The table below sets out turnover, operating profit and net assets for each geographic area of operation by origin.
2007 2006
Restated – note 7
Operating Net Operating Net
Turnover Profit Assets Turnover Profit Assets
£000 £000 £000 £000 £000 £000
United Kingdom 11,079 1,057 5,302 7,977 1,421 4,559
Overseas 1,605 64 119 1,147 43 85
12,684 1,121 5,421 9,124 1,464 4,644
Turnover by geographical destination is significantly different from turnover by origin and is as follows:
2007 2006
Restated
- note 7
£000 £000 
United Kingdom 9,714 6,322
Overseas 2,970 2,802
12,684 9,124
A split of overseas segmental information is not considered to be meaningful by the directors.  
3 EXCEPTIONAL ITEM
As referred to in the Group’s Admission Document and 
the Annual Report and Accounts for the year ended 
30 September 2006, Driver Group plc and Driver Consult
Limited participated in the Baker Wilkins & Smith
Retirement Benefits Scheme (“the Scheme”), a final 
salary pension scheme which is in the process of being
wound up.
As a member of the Scheme, the Group was required to pay
a debt to the Scheme under pension legislation which
provides that if the Scheme’s assets are exceeded by its
liabilities, the shortfall should be treated as a debt due from
the participating employers.  
On 19 July 2007, the Group entered into an agreement with
the Trustees of the Scheme under which they agreed to pay
£450,230 in full and final settlement. This amount and
related legal costs of £34,321 have been disclosed as an
exceptional item. The amounts charged reduce tax payable
by £145,365.
In order to assist in understanding the Group’s results for
the year in comparison to the prior year, and in view of the
unusual materiality of the exceptional item, the directors
believe that it is appropriate to show separately the
operating profit of the Group before exceptional items on the
face of the profit and loss account as additional information.
4 EMPLOYEES
2007 2006
Restated
- note 7
£000 £000 
Staff costs including directors’ remuneration:
Wages and salaries 6,190 3,860
Social security costs 634 377
Other pension costs 826 216
Share-based payments 73 11
7,723 4,464 Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 25
4 EMPLOYEES – continued
The average number of persons employed by the Group, including directors, during the year was as follows: 
2007 2006
Directors 5 5
Fee earners 72 40
Administration 18 17
95 62
5 OPERATING PROFIT
The operating profit is stated after charging:
2007 2006
£000 £000 
Depreciation – owned assets 36 93
Loss on disposal of tangible fixed assets – adjustment to depreciation 23 -
Auditors’ remuneration for the audit of the Company’s accounts 13 13
Auditors’ remuneration for other services
–  audit of the Company’s subsidiaries 6 5
–  tax services 5 5
–  all other services 39 32
Operating lease rentals – land and buildings 248 146
Operating lease rentals – plant & machinery 1 1
Directors’ remuneration
–  emoluments 559 521
–  pension contributions to money purchase schemes 43 38
602 559
The number of directors to whom retirement benefits were accruing was as follows: 
Money purchase schemes 3 3
The directors’ remuneration is detailed within the Directors’ Remuneration Report on page 16. Notes to the Financial Statements 
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 26
6 INTEREST PAYABLE AND SIMILAR CHARGES
2007 2006
£000 £000 
Bank interest 39 44
7 PRIOR YEAR ADJUSTMENT
SHARE-BASED PAYMENTS
The Group adopted Financial Reporting Standard 20 (FRS20
– Share-based Payment) for the first time in the interim
report for the half year ended 31 March 2007. In accordance
with the standard, the cost of share options awarded to
employees measured by reference to their fair value at the
date of grant is recognised over the vesting period of the
options based on the number of options which in the opinion
of the Directors will ultimately vest. The cost of the share
options is charged to the Group profit and loss account and
transferred to other reserves. As the share options are
granted by the parent company to subsidiary employees the
cost is included in the cost of its investment in shares in
Group undertakings. 
Comparative figures for the year ended 30 September 2006
have been restated to apply the provisions of FRS20,
increasing staff costs and consequently reducing profit for
that year by £10,943 before tax and £7,660 net of tax. The
current year charge amounts to £73,082 before tax and
£51,157 net of tax. 
INVESTMENT IN OWN SHARES
In prior years, assets and liabilities of the Driver Group
Employee Benefit Trust were recognised on the Company’s
balance sheet in accordance with UITF abstract 32. Any
shares in the Company purchased by the Trust were
included in fixed asset investments. International Financial
Reporting Standards require a company’s holding in its own
shares to be accounted for as a deduction from equity rather
than recognised as an asset. This accounting treatment also
now applies in the UK, for instance under FRS25, in relation
to the acquisition of own shares, referred to as treasury
shares. The Company has therefore revised its accounting
policy and deducted the cost of the Trust’s investment in its
own shares of £1,242,206 from equity. 
RECLASSIFICATION OF COMPARATIVE INCOME AND COSTS
Comparative figures have also been adjusted to reflect a
reclassification from administrative expenses to cost of sales
of £465,548 to include in the calculation of gross profit the
total cost of direct staff including non-chargeable time. Rent
receivable of £79,550 has also been reclassified from
turnover to other operating income.  Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 27
2007 2006
Restated
- note 7
£000 £000 
Current tax:
UK corporation tax 353 453
Deferred tax 16 (2)
Tax on profit on ordinary activities 369 451
FACTORS AFFECTING THE TAX CHARGE
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. 
The difference is explained below: 
Profit on ordinary activities before tax 1,114 1,490
Profit on ordinary activities multiplied by the standard rate of corporation tax in the UK of 30% (2006 - 30%) 334 447
Effects of:
Capital allowances in excess of depreciation (23) (2)
Other timing differences 22 3
Expenditure not deductible for tax purposes 26 11
Marginal relief (7) (7)
Utilisation of tax losses brought forward - (1)
Unrelieved tax losses 1 2
Current tax charge 353 453
It has been announced that the corporation tax rate applicable to the Company is expected to change from 30% to 28% from 1 April 2008.
The deferred tax liability has been calculated at 30% in accordance with FRS19. Any timing differences which reverse before 1 April 2008 will
be relieved at 30%, any timing differences which exist at 1 April 2008 will reverse at 28% and, because of the uncertainty of when the
deferred tax will reverse, it is not possible to calculate the full financial impact on this change.
8 TAXATION
ANALYSIS OF THE TAX CHARGE
The tax charge on the profit on ordinary activities for the year was as follows:
9 PROFIT OF PARENT COMPANY
As permitted by Section 230 of the Companies Act 1985, the profit and loss account of the parent company is not presented as part of
these financial statements. The parent company’s profit for the financial period was £50,565 (2006 restated – £63,657). Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 28
10 DIVIDENDS
2007 2006
£000 £000 
The aggregate amount of equity dividends comprises:
Final dividend paid in respect of prior year but not recognised as a liability in that year 437 -
Interim dividend paid in respect of the current year 219 219
Aggregate amount of dividends paid in the financial year 656 219
Equity dividends proposed for approval at Annual General Meeting (Not recognised at year end)
Final dividend for 2007 1.90p (2006 – 1.90p) 437 437
Equity dividends are payable to all the registered shareholders other than the Driver Group Employee Benefit Trust.  
The £437,612 dividend proposed for the year ended 30 September 2006 has been accounted for as a distribution in 2007 in accordance with
FRS21 post balance sheet events.
2007 2006
Restated
- note 7
£000 £000 
Profit for the financial year 729 1,046
Exceptional items after tax 339 -
Share based payments after tax 52 8
Profit for the financial year before exceptional items & share based payments 1,120 1,054
Weighted average number of shares:
Ordinary shares in issue 24,732,874 23,709,624
Shares held by EBT (1,700,645) (777,126)
Basic weighted average number of shares 23,032,229 22,932,498
Issuable on conversion of options 332,746 106,345
Issuable on conversion of warrants 261,656 52,057
Diluted weighted average number of shares 23,626,631 23,090,900
Basic earnings per share before exceptional items & share based payments 4.9p 4.6p
Basic earnings per share 3.2p 4.6p
Diluted earnings per share 3.1p 4.5p
11 EARNINGS PER SHARE Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 29
12 TANGIBLE FIXED ASSETS
Group
Land and buildings Fixtures and Technical Computer 
Freehold Long Leasehold fittings library equipment Total 
£000 £000 £000 £000 £000 £000
COST OR VALUATION
At 1 October 2006 766 1,655 173 4 391 2,989 
Additions - 22 96 6 121 245 
Surplus on revaluation - 615 - - - 615 
Disposals (6) (10) (7) - (5) (28)
Transfers - (32) 7 - 25 - 
At 30 September 2007 760 2,250 269 10 532 3,821 
DEPRECIATION
At 1 October 2006 - - 53 - 316 369 
Charge for year - - 27 1 8 36 
Eliminated on disposal - - (3) - (2) (5)
At 30 September 2007 - - 77 1 322 400 
NET BOOK VALUE
At 30 September 2007 760 2,250 192 9 210 3,421 
At 30 September 2006 766 1,655 120 4 75 2,620 
Cost or valuation at 30 September 2007 
is represented by:
Valuation in 2007 760 2,250 - - - 3,010
Cost - - 269 10 532 811
760 2,250 269 10 532 3,821
The long leasehold land and buildings were revalued as at 30 September 2007 by Trevor Dawson, an independent firm of chartered
surveyors, on an open market existing use basis. The freehold land and buildings which were acquired on 31 May 2006 have been valued by
the directors as at 30 September 2007 at their cost. 
If land and buildings had not been revalued they would have been included at the following historical cost: 
2007 2006
£000 £000
Cost 1,672 1,698 Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 30
12 TANGIBLE FIXED ASSETS – continued
Company
Land and buildings Fixtures and Technical Computer 
Freehold Long Leasehold fittings library equipment Total 
£000 £000 £000 £000 £000 £000
COST OR VALUATION
At 1 October 2006 766 1,655 173 4 389 2,987  
Additions - 22 89 6 118 235 
Surplus on revaluation - 615 - - - 615 
Disposals (6) (10) (7) - (5) (28)
Transfers - (32) 7 - 25 - 
At 30 September 2007 760 2,250 262 10 527 3,809 
DEPRECIATION
At 1 October 2006 - - 53 - 316 369 
Charge for year - - 26 1 7 34 
Eliminated on disposal - - (3) - (2) (5)
At 30 September 2007 - - 76 1 321 398 
NET BOOK VALUE
At 30 September 2007 760 2,250 186 9 206 3,411 
At 30 September 2006 766 1,655 120 4 73 2,618 
Cost or valuation at 30 September 2007 
is represented by:
Valuation in 2007 760 2,250 - - - 3,010
Cost - - 262 10 527 799
760 2,250 262 10 527 3,809
The long leasehold land and buildings were revalued as at 30 September 2007 by Trevor Dawson, an independent firm of chartered
surveyors, on an open market existing use basis. The freehold land and buildings which were acquired on 31 May 2006 have been valued by
the directors as at 30 September 2007 at their cost.   
If land and buildings had not been revalued they would have been included at the following historical cost: 
2007 2006
£000 £000
Cost 1,672 1,698 Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 31
13 FIXED ASSET INVESTMENTS
Company
Shares in Group
undertakings Own shares Total
£000 £000 £000
COST
At 1 October 2006 44 1,242 1,286
Prior year adjustment (note 7) 11 (1,242) (1,231)
At 1 October 2006 as restated 55 - 55
Additions 73 - 73
At 30 September 2007 128 - 128
NET BOOK VALUE
At 30 September 2007 128 - 128
At 30 September 2006 55 - 55
The Company and the Group have interests in the following subsidiaries which are included in the consolidated financial statements:
Country Percentage
of registration Principal of ordinary
Subsidiary undertakings or incorporation activity shares held
Driver Consult Limited England and Wales Construction consultancy services 100%
Driver Consult NV Belgium Construction consultancy services 100%*
North Gate Executive Search Limited England and Wales Recruitment consultancy services 75%
Adjudication Toolkit Limited England and Wales Construction adjudication software 51%
St Crispin Properties Limited England and Wales Dormant 100%
BWS Consulting Limited England and Wales Dormant 100%
*The interest in Driver Consult NV comprises 100 bearer shares, 99 of which are held by Driver Group plc and 1 by Driver Consult Limited.
In addition to the above investments, the Company has loaned funds of £1,143,275 and made contributions to the Driver Group Employee
Benefit Trust, which in turn has purchased shares in the Company. At 30 September 2007 the assets of the Trust comprised 1,700,645 of the
Company’s own shares with a nominal value of £6,803 (2006 – £6,803) and a market value of £1,717,651 (2006 – £1,964,245) which were
acquired at a cost of £1,242,206, and a bank balance of £1,751. The cost of shares has been deducted from equity and the bank balance
included as an asset of the Company which is available for the benefit of its employees. Neither the loan from the Company nor the
equivalent liability of the Trust is included in debtors or creditors. Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 32
2007 2006 2007 2006
£000 £000 £000 £000 
Trade debtors 2,923 2,459 17 8
Amounts owed by Group undertakings - - 771 348
Other debtors 41 65 33 57
Tax - 41 - 41
Prepayments and accrued income 263 185 113 135
3,227 2,750 934 589
14 DEBTORS: 
Amounts falling due within one year 
Group Company
2007 2006 2007 2006
£000 £000 £000 £000 
Bank loan and overdrafts (see note 17) 450 254 450 254
Trade creditors 409 282 87 124
Amounts owed to Group undertakings - - 18 18
Tax 172 453 51 30
Social security and other taxes 478 343 23 27
Other creditors 10 3 - -
Accrued expenses 365 334 208 303
1,884 1,669 837 756
15 CREDITORS:  
Amounts falling due within one year 
Group Company
2007 2006 2007 2006
£000 £000 £000 £000 
Bank loan (see note 17) 179 371 179 371
16 CREDITORS: 
Amounts falling due within one year 
Group Company Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 33
2007 2006 2007 2006
£000 £000 £000 £000 
Amounts falling due within one year or on demand:
Bank overdrafts 232 49 232 49
Bank loan 218 205 218 205
450 254 450 254
Amounts falling due between one and two years: 
Bank loan 179 218 179 218
Amounts falling due between two and five years:
Bank loan - 153 - 153
The bank facility consists of a loan and an overdraft facility. Interest is charged on the overdraft at 1.75% per annum above the base 
rate of The Royal Bank of Scotland plc. Interest is charged on the bank loan at 1.625% per annum above the base rate of The Royal Bank of
Scotland plc.
At 30 September 2007 the Group had access to a £950,000 overdraft facility (net of any cash balances) and had net cash balances 
of £623,304. The Group's borrowing is secured by debentures over the Group's assets and a legal charge over the long leasehold land 
and buildings.
17 BANK LOAN AND OVERDRAFTS 
An analysis of the maturity of loans is given below: 
Group Company
2007 2006 2007 2006
As restated
£000 £000 £000 £000 
Deferred taxation comprises:
Capital allowances in excess of depreciation 44 6 43 6
Other timing differences (25) (3) - -
19 3 43 6
18 PROVISION FOR LIABILITIES
Group Company Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 34
£000 
Group
At 1 October 2006 6
Prior year adjustment (note 7) (3)
At 1 October 2006 as restated 3
Increase in provision 16
At 30 September 2007 19
£000 
Company
At 1 October 2006 6
Increase in provision 37
At 30 September 2007 43
If the Company’s land and buildings were sold at their revalued amount an estimated tax liability of approximately £400,000 
(2006 – £217,000) would arise.
18 PROVISION FOR LIABILITIES – continued
Nominal 2007 2006
Number: Class: value: £000 £000
50,000,000 Ordinary 0.4p 200 200
Allotted, issued and fully paid:
Nominal 2007 2006
Number: Class: value: £000 £000
24,732,874 Ordinary 0.4p 99 99
No share options were granted or exercised in the year . Options in respect of 355,000 shares granted to five employees lapsed in the year .
At 30 September 2007 the following unexercised share options to acquire ordinary shares granted under The Driver Group plc Enterprise
Management Incentive Scheme were outstanding in respect of 13 employees: 
Exercise price 2007 2006
Year of grant Exercise period per 0.4p share number number
(pence)
2006 28-6-2009 to 27-6-2016 73.5 835,000 915,000
13-9-2009 to 12-9-2016 118.5 325,000 600,000
Throughout the year there were in issue 696,164 warrants to subscribe for ordinary shares at a price of 73p per share. The warrants have an
expiry date of 12 October 2008.
19 CALLED UP SHARE CAPITAL 
Authorised: Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 35
Capital Profit 
Share Revaluation redemption Other and loss 
Premium Reserve reserve reserve account 
£000   £000   £000   £000 £000 
Group
At 1 October 2006 as previously reported 2,649 723 18 - 2,411 
Prior year adjustment (note 7) - - - 11 (8)
At 1 October 2006 as restated 2,649 723 18 11 2,403  
Profit for the year - - - - 729 
Dividends - - - - (656)
Share-based payments - - - 73 - 
Revaluation in year - 615 - - - 
At 30 September 2007 2,649 1,338 18 84 2,476 
Capital Profit 
Share Revaluation redemption Other and loss 
Premium Reserve reserve reserve account 
£000   £000   £000   £000 £000 
Company
At 1 October 2006 as previously reported 2,649 723 18 - 1,081 
Prior year adjustment (note 7) - - - 11 - 
At 1 October 2006 as restated 2,649 723 18 11 1,081 
Profit for the year - - - - 50 
Dividends - - - - (656)
Share-based payments - - - 73 - 
Revaluation in year - 615 - - - 
At 30 September 2007 2,649 1,338 18 84 475
20 RESERVES
21 RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES 
2007 2007 2007 2006
Pre-exceptional Exceptional Total Restated
- note 7
£000 £000 £000 £000
Operating profit 1,606 (485) 1,121 1,464
Share-based payments 73 - 73 11
Depreciation charges 36 - 36 93
Loss on sale of tangible fixed assets 23 - 23 -
Increase in debtors (518) - (518) (806)
Increase/(decrease) in creditors 300 - 300 (1)
Net cash inflow from operating activities 1,520 (485) 1,035 761 Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 36
22 ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT 
2007 2006
£000 £000 
Returns on investments and servicing of finance
Interest received 32 70
Interest paid (39) (44)
Net cash outflow/(inflow) for returns on investments and servicing of finance (7) 26
Capital expenditure and financial investment
Purchase of tangible fixed assets (245) (981)
Purchase of fixed asset investments - (1,242)
Sale of tangible fixed assets - 2
Net cash outflow for capital expenditure and financial investment (245) (2,221)
Financing
Loan repayments in year (179) (191)
Issue of ordinary share capital - 3,115
Issue costs - (449)
Net cash (outflow)/inflow from financing (179) 2,475
23 ANALYSIS OF CHANGES IN NET FUNDS
At At
1/10/06 Cash flow 30/9/07
£000 £000 £000
Net cash:
Cash at bank and in hand 1,317 (462) 855
Bank overdraft (49) (183) (232)
1,268 (645) 623
Debt:
Debts falling due within one year (205) (13) (218)
Debts falling due after one year (371) 192 (179)
(576) 179 (397)
Total 692 (466) 226 Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 37
2007 2006
Restated
£000 £000 
Group
Profit for the financial year 729 1,046
Dividends (656) (219)
Proceeds from issue of shares - 2,666
Share-based payments 73 11
Investment in own shares - (1,242)
Revaluation in year 615 -
Net addition to shareholders’ funds 761 2,262
Opening shareholders' funds – equity 4,661 2,399
Closing shareholders' funds – equity 5,422 4,661
2007 2006
Restated
£000 £000 
Company
Profit for the financial year 50 64
Dividends (656) (219)
Proceeds from issue of shares - 2,666
Share-based payments 73 11
Investment in own shares - (1,242)
Revaluation in year 615 -
Net addition to shareholders' funds 82 1,280
Opening shareholders' funds - equity 3,339 2,059
Closing shareholders' funds - equity 3,421 3,339
25 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
24 OWN SHARES
Group Company
£000 £000 
At 1 October 2006 as previously reported --
Prior year adjustment (note 7) 1,242 1,242
At 1 October 2006 as restated
And 30 September 2007 1,242 1,242
In prior years, assets and liabilities of the Driver Group Employee Benefit Trust were recognised on the Company’s balance sheet in
accordance with UITF abstract 32. Any shares in the Company purchased by the Trust were included in fixed asset investments. As explained
in note 7 the Company has revised its accounting policy and deducted the cost of the Trust’s investment in its own shares from equity. Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 38
Land and buildings Other operating leases
2007 2006 2007 2006
£000 £000 £000 £000
Company
Expiring:
Within one year 15 76 - -
Between one and five years 93 9 1 1
108 85 1 1
Land and buildings Other operating leases
2007 2006 2007 2006
£000 £000 £000 £000
Company
Expiring:
Within one year 15 76 - -
Between one and five years 93 9 1 1
108 85 1 1
Land and buildings Other operating leases
2007 2006 2007 2006
£000 £000 £000 £000
Group
Expiring:
Within one year 15 81 - -
Between one and five years 93 9 1 1
108 90 1 1
26 COMMITMENTS
The Group had no capital commitments at the end of the financial year .
Annual commitments under non-cancellable operating leases are as follows: Notes to the Financial Statements
For the year ended 30 September 2007
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 39
The Group finances its operations through a mixture of
equity finance, retained profits, bank borrowings and various
items such as trade debtors and trade creditors that arise
directly from its operations. The Group’s borrowings relate
mainly to the cost of acquisition of its head office premises
and to its working capital requirements. These borrowings
take the form of a five year bank loan and bank overdraft
facilities. The Group’s short-term working capital
requirements fluctuate significantly throughout the year
because of seasonal factors, tax, bonus and dividend
payments. In these circumstances the directors do not feel
that it is appropriate to borrow at a fixed rate of interest. 
At the year-end, all of the Group’s borrowings were at
floating rates.
It is, and has been throughout the period under review, the
Group’s policy that no trading in financial instruments shall
be undertaken.
As permitted by FRS13, Derivatives and other financial
instruments: disclosures, short-term debtors and creditors
have been excluded from this note.
The Group’s financial liabilities comprise sterling bank
overdraft and bank loan facilities that bear interest at rates
based on clearing bank base rates.
LIQUIDITY RISK
As regards liquidity, the Group’s working capital borrowing
facilities are reviewed by its lenders on an annual basis.
The Group has no financial assets other than short-term
debtors and cash at bank which earns interest at rates based
on clearing bank base rates.
FOREIGN CURRENCY RISK
The Group’s UK subsidiaries price their export sales in
sterling and hence there is no foreign currency risk on 
these transactions.  
The Group has an overseas subsidiary and branches in
Belgium, Germany and the UAE. The revenues and expenses
are mainly denominated in local currencies. The Group’s
sterling balance sheet is exposed to potential foreign
currency losses on translation of the net assets of the
overseas subsidiary. However, the Group’s policy is to
maximise cash repatriation from the subsidiary and the
branches to the holding company. The directors did not
consider it would be appropriate to borrow in matching
foreign currencies to hedge against these translation risks
as, in many cases, the net assets of these overseas
operations are small and, in addition, taking on additional
borrowings would create an unnecessary interest rate risk.
FAIR VALUES
The carrying value of financial assets and liabilities
approximate to their fair value. 
27 FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The Company has taken advantage of the exemption set 
out in FRS8, Related Party Transactions, not to disclose
transactions with other Group companies. There are no
other related party transactions during the current or
preceding year .
28 RELATED PARTY TRANSACTIONS DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 40
Annual General Meeting
The Annual General Meeting will be held at IoD Hub, 1st Floor,
Peter House, Oxford Street, Manchester, M1 5AN, on Thursday
7th February 2008 commencing at 3:00pm.
There are a number of items of ordinary and special business
that will be dealt with at the Annual General Meeting. These
are set out in the resolutions 1 to 8 in the Notice of the Annual
General Meeting at the end of the document.
A brief explanation of the resolutions that will be proposed is
set out below.
ORDINARY BUSINESS
Resolution 1, which will be proposed as an ordinary resolution,
will receive and adopt the accounts for the year ended
30 September 2007 together with the reports of the directors
and auditors thereon.
Resolution 2, which will be proposed as an ordinary 
resolution, will declare a final dividend of 1.9p per share,
making a total dividend of 2.85p per share for the year ended 
30 September 2007.
Resolution 3, which will be proposed as an ordinary resolution,
will re-elect David Webster , who retires by rotation, as
director of the Company. He is eligible to stand for re-election
and it is recommended that he is re-elected.
Resolution 4, which will be proposed as an ordinary resolution,
will elect Colin White as director of the Company. Colin White
was appointed by the board before the Annual General
Meeting and must retire from the office in accordance with the
Company’s articles of association at this Annual General
Meeting. He is eligible to stand for election and it is
recommended that he is elected.
Resolution 5, which will be proposed as an ordinary resolution,
will re-appoint Harold Sharp as auditors of the Company and
authorise the directors to determine their remuneration. In
accordance with Company law, the Company is required to
appoint auditors at each general meeting at which accounts
are laid before the shareholders. 
Resolution 6, which will be proposed as an ordinary resolution,
will grant to the directors authority to allot relevant securities
up to an aggregate nominal amount of £32,977.16 being
equivalent to one-third of the current issued share capital of
the Company. This authority will expire on the date of the next
Annual General Meeting of the Company or on 7 May 2009,
whichever is earlier .
SPECIAL BUSINESS
Resolution 7, which will be proposed as a special resolution,
will disapply statutory pre-emption rights. It will disapply, until
the next Annual General Meeting of the Company or on 7 May
2009, whichever is earlier, the statutory pre-emption rights for
any allotment of shares in connection with pro-rata issues of
new shares to existing shareholders, grants of employee
options and otherwise in respect of allotments of shares for
cash up to an aggregate nominal amount of £9,893, which is
equivalent to 10% of existing share capital of the Company.
Resolution 8, which will be proposed as a special resolution,
will grant to the Company authority to make market purchases
of up to 2,473,287 ordinary shares (representing 10% of its
present issued share capital) at a minimum price of 0.4p per
share and a maximum price of not more than 5% above the
average of the market values of those shares as derived from
the London Stock Exchange Daily Official List for the 5
business days before the purchase is made, such authority to
expire on the earlier of 7 May 2009 or the date of the next
Annual General Meeting of the Company. This proposal should
not be taken as an indication that the Company would
purchase shares at any particular price or indeed at all, and
the directors will only consider making purchases if they
believe that to do so would result in the best interest of the
shareholders generally.
Copies of the register of directors’ interests (and their
families) in shares of the Company and their service contracts
(other than contracts expiring or determinable by the
Company in less than one year) will be available for inspection
at the place of the Annual General Meeting for 15 minutes
prior to and during the meeting. DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 41
Notice of Annual General Meeting
Driver Group plc (the “Company”)
Notice is given that the Annual General Meeting of the
Company will be held at IoD Hub, 1st Floor, Peter House,
Oxford Street, Manchester, M1 5AN on Thursday 7 February
2008 at 3.00 p.m., for the purposes of considering and, if
thought fit, passing the following resolutions which in the case
of resolution numbers 1 to 6 will be proposed as ordinary
resolutions and, in the case of resolutions 7 and 8 will be
proposed as special resolutions.  
ORDINARY BUSINESS
1 To receive and adopt the accounts of the Company for the
year ended 30 September 2007 together with the reports
of the Directors and the auditors thereon. 
2 To declare a final dividend of 1.9p per share, making a 
total dividend of 2.85p per share for the year ended 
30 September 2007. 
3 To re-elect David Webster, who retires by rotation, as a
director of the Company. 
4 To elect Colin White, who retires in accordance with article
19.2 of the Company's articles of association, as a director
of the Company.
5 To re-appoint Harold Sharp, Holland House, 1-5 Oakfield,
Sale, Cheshire M33 6TT as auditors of the Company and to
authorise the directors to agree their remuneration. 
6 THAT in substitution for any existing authorities: 
(a) in accordance with Section 80 of the Companies Act
1985 (the "Act") the directors be and are hereby
generally and unconditionally authorised to exercise all
the powers of the Company to allot relevant securities
within the terms of the following restrictions and
provisions, namely: 
(i) this authority shall (unless previously revoked,
varied or renewed by the Company in general
meeting) expire 15 months after the date of
passing of this resolution or at the conclusion of
the next annual general meeting of the Company
whichever first occurs, and 
(ii) this authority shall be limited to the allotment of
relevant securities up to an aggregate nominal
amount of £32,977.16; and 
(b) for the purpose of sub-paragraph (a) above: 
(i) the said power shall allow and enable the directors
to make an offer or agreement which would or
might require relevant securities to be allotted
after such expiry and the directors may allot
relevant securities in pursuance of such an offer or
agreement as if the power conferred hereby had
not expired; and 
(ii) words and expressions defined in or for the
purpose of Part IV of the Act shall bear the same
meaning herein. 
SPECIAL BUSINESS
7 THAT in substitution of any existing authorities: 
(a) conditionally upon the passing of Resolution 6 above
and in accordance with Section 95 of the Act, the
directors be and are hereby given power to allot 
equity securities pursuant to the authority conferred 
by Resolution 6 above as if sub-section (1) of Section
89 of the Act did not apply to any such allotment
provided that: 
(i) the power hereby granted shall be limited: 
(aa) to the allotment of equity securities in
connection with or pursuant to an offer by
way of rights to the holders of shares in the
Company and other persons entitled to
participate therein, in the proportion 
(as nearly as may be) to such holders'
holdings of such shares (or, as appropriate, 
to the number of shares which such other
persons are for these purposes deemed to
hold) subject only to such exclusions or other
arrangements as the directors may feel
necessary or expedient to deal with fractional
entitlements or the regulations or
requirements of any recognised regulatory
body in any territory; 
(bb) to the grant of options to subscribe for 
shares in the Company, and the allotment of
such shares pursuant to the exercise of
options granted, under the terms of any share
option scheme adopted or granted by the
Company; and
(cc) to the allotment of equity securities,
otherwise than pursuant to sub-paragraphs
(aa) and (bb) above, up to an aggregate
nominal value of £9,893 representing 10 per
cent of the Company’s issued share capital at
21 December 2007;  
(ii) the power hereby granted shall expire (unless
previously revoked, varied or renewed in general
meeting) 15 months after the date of passing of 
this resolution or at the conclusion of the next
annual general meeting of the Company whichever
first occurs;
(b) (i) the said power shall allow and enable the directors
to make an offer or agreement before the expiry of
the said power which would or might require equity
securities to be allotted pursuant to such offer or
agreement as if the power conferred herein had
not expired; and 
(ii) words and expressions defined in or for the
purpose of Part IV of the Act shall bear the same
meaning herein.  Notice of Annual General Meeting
Driver Group plc (the “Company”)
8 That the Company be and is hereby generally and
unconditionally authorised for the purposes of section
166(1) of the Act to make market purchases (within the
meaning of section 163(3) of the Act) of ordinary shares of
0.4 pence each in the capital of the Company ("Ordinary
Shares"), and Ordinary Shares so purchased shall be
treated as provided in either section 160(4) or section
162A(1) of the Act (as appropriate) provided that: 
(a) the maximum aggregate number of Ordinary Shares
hereby authorised to be purchased is 2,473,287;
(b) the minimum price which may be paid for each
Ordinary Share is 0.4p;
(c) the maximum price which may be paid for each
Ordinary Share is not more than 5 per cent above the
average of the middle market quotations for an
Ordinary Share as derived from the London Stock
Exchange Daily Official List for the five business days
immediately preceding the day on which the Ordinary
Share is purchased; and
(d) the authority hereby conferred shall expire 15 months
after the date of the passing of this resolution or at the
conclusion of the next annual general meeting of the
Company whichever first occurs (except in relation to
the purchase of Ordinary Shares the contract for which
was concluded before such date and which would or
might be executed wholly or partly after such date
unless such authority is renewed prior to such time).
By order of the Board: Registered Office:
Thomas Hugh Ferns Driver House
Secretary 4 St Crispin Way
Haslingden
Rossendale
Lancashire
21 December 2007 BB4 4PW
NOTES: 
1 The Company, pursuant to regulation 41 of the
Uncertificated Securities Regulations 2001, specifies that
only those shareholders registered in the register of
members of the Company as at 6 p.m. on 5 February 2008
or, in the event that the meeting is adjourned, in the
register of members 48 hours before the time of any
adjourned meeting, shall be entitled to attend or vote at
the aforesaid general meeting in respect of the number of
shares registered in their name at the relevant time.
Changes to entries in the register of members after 
6 p.m. on 5 February 2008 or, in the event that the meeting
is adjourned, in the register of members less than 48
hours before the time of any adjourned meeting, shall be
disregarded in determining the rights of any person to
attend or vote at the meeting.
2 If you are a member of the Company at the time set out in
note 1 above, you are entitled to appoint a proxy to exercise
all or any of your rights to attend, speak and vote at the
meeting and you should have received a proxy form with
this notice of meeting. You can only appoint a proxy using
the procedures set out in these notes and the notes to the
proxy form.
3 A proxy does not need to be a member of the Company but
must attend the meeting to represent you. Details of how
to appoint the Chairman of the Meeting or another person
as your proxy using the proxy form are set out in the notes
to the proxy form. If you wish your proxy to speak on your
behalf at the Meeting you will need to appoint your own
choice of proxy (not the Chairman) and give your
instructions directly to them.
4 The notes to the proxy form explain how to direct your
proxy and how to vote on each resolution or withhold their vote.
To appoint a proxy using the proxy form, the form must be:
• completed and signed;
• sent or delivered to Neville Registrars Limited, 
Neville House, 18 Laurel Lane, Halesowen, 
B63 3DA; and 
• received by Neville Registrars Limited no later than
3 p.m. on 5 February 2008.
5 In the case of a member which is a company, the proxy
form must be executed under its common seal or signed
on its behalf by an officer of the company or an attorney
for the company. Any power of attorney or any other
authority under which the proxy form is signed (or a duly
certified copy of such power or authority) must be included
with the proxy form.
6 In the case of joint holders, where more than one of the
joint holders purports to appoint a proxy, only the
appointment submitted by the most senior holder will be
accepted. Seniority is determined by the order in which the
names of the joint holders appear in the Company's
register of members in respect of the joint holding (the
first-named being the most senior).
7 Copies of the Articles of Association of the Company, a
statement of the Directors' interests and their service
contracts will be available for inspection at the place of the
annual general meeting for at least 15 minutes prior to
and during the meeting.
DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 42 DRIVER GROUP PLC ANNUAL REPORT & ACCOUNTS 2007 Designed by Octopus Design Group    |   Tel: 0118 934 4209 | Photography © studioskylab.com 2007 Driver Group plc
Registered Office
Driver House
4 St. Crispin Way
Haslingden
Rossendale
Lancashire
BB4 4PW
Tel: +44 (0)870 873 7878
Fax: +44 (0)1706 219 917
E-mail: info@drivergroupplc.com
www.drivergroupplc.com