A ROSSENDALE company which settles disputes within the construction industry has won a deal to work on an £8billion property development in the United Arab Emirates.

Driver Group Plc, which employs 40 people at its head office in St Crispin Way, Haslingden, made the announcement as it revealed a profits rise in its maiden financial results.

Shares in the company, which floated on the stock market in October 2005, soared to an all-time high of 75 pence at the news.

The new three-year contract, signed with an unnamed international engineering consultancy, will see Driver Group provide commercial and project planning services for the development in Abu Dhabi.

It will make a significant contribution to securing Driver Group's forecast profit for its operations in the United Arab Emirates for the financial year to September 30, 2006.

The company cannot reveal details of the project because of confidentiality agreements but it is a mixed use property development, which includes commercial buildings, retail, leisure, health and community facilities.

Steve Driver, chief executive officer of Driver Group, said: "I am delighted to announce this contract. It is a substantial win for Driver Group and represents a material step forward for our business in the United Arab Emirates.

"We opened an office in the region last year and have surpassed our own expectations in the progress we have made in establishing ourselves in this marketplace.

"This significant agreement reflects the high quality reputation we have established in the UK where our clients include six out of the ten largest UK contractors."

In its first preliminary results for the year ending September 30, 2005, the company announced that turnover on continuing operations was up six per cent from £7.60million to £8.06million.

Operating profit before tax increased by 28 per cent from £1.29million to £1.65million.

Driver was formed in 1978 and provides legal and technical solutions to contractual and other issues within the construction industry, working with the civil engineering, building, energy, chemical, transport, utilities, insurance and finance sectors.

As well as its Rossendale head office the company has offices in Northampton, Liverpool, North Yorkshire, Teesside, London and Glasgow and employs 80 people in total.