The Rams are rock bottom after taking just five points from the opening eight matches and face Reading on Sunday before taking on Fulham, Everton, Aston Villa and West Ham in the weeks to come.
Davies said: "I´m obviously not happy at being bottom of the league, but from where we have come from and what we have spent in comparison with everybody else, I´m delighted with where we are."
Copyright (c) PA Sport 2007, All Rights Reserved.
Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: http://gms.to/writeforgms