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US - Harvey Nash revenue flat in US despite rise in direct hire

September 27 2013

Harvey Nash Group plc, a London-based provider of information technology staffing and services, reported U.S. revenue was flat at £21.9 million (US$33.4 million) for the six months ended July 31 compared to the same period of 2012.

U.S. gross margin edged up to 24.9 percent from 24.4 percent in the first half of last year.

Market conditions resulted in a swing of demand from temporary and outsourcing to permanent recruitment and executive search. Permanent recruitment revenues were up 29 percent on the prior year, while contracting and outsourcing slipped down. Demand continues to be strongest in Seattle and Chicago, with the East Coast positively impacted by a new managed service contract with a global investment bank.

The company said its pipeline of assignments in the executive search division is improving in line with demand for permanent IT recruitment, which should impact the second half of the year positively.

Global revenue for Harvey Nash rose 11.6 percent to £329.2 million (US$503.8 million) for the six months ended July 31. Full-year gross margin slipped to 13.1 percent from 14.0 percent.

Profit for the period fell 47.0 percent to £1.26 million (US$1.9 million).

Harvey Nash is based in London with U.S. operations are headquartered in Wayne, N.J.

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