UK-based IT staffing firm Harvey Nash (HVN: LSE) stated in the group’s Annual General Meeting that the company’s outlook for the financial year is positive and that it is performing in line with management expectations.

Julie Baddeley, Chairman, provided the update to shareholders and stated that the group is also considering several acquisitions for the year.

"We set out our clear strategy of focusing on technology and digital talent in the Group's preliminary results announcement on 27 April 2017,” Baddeley said. “This, underpinned by the group's robust financial position, puts us in a strong position to generate growth, both organically and through carefully selected acquisitions. A number of acquisitions are being actively considered, each of which would be subject to stringent financial hurdles, and the Board is optimistic of being in a position to announce one or more transactions in the current financial year.”

"The group is performing in line with management expectations for the financial year so far, and ahead of the prior year, despite geo-political headwinds including the UK General Election,” Baddeley said. "The immediate outlook is positive, with the key measure of contractor work in progress being comfortably ahead of last year.”

Harvey Nash also stated that Executive Directors have been undertaking a thorough review of the group's operations and cost base and are in the process of implementing a transformation programme including actions to streamline the business and reduce central overhead.

“Measures have already been taken which will result in a reduction in ongoing trading costs of approximately £1 million in the current year,” Baddeley said. “One-off incremental cash costs of approximately £1.25 million in relation to this exercise will be incurred in the current year in addition to the costs of closing the Hong Kong office and of the proposed move to AIM both previously announced with the preliminary results in April. Further cost saving actions will be taken later in the year.”

"As previously announced, subject to shareholder approval to be sought later today, it is the company's intention to move to the AIM market (sub-market of the London Stock Exchange) on 28 July 2017," Baddeley said.

In trading yesterday, Harvey Nash traded at £79.38, down 1.39% on the day and 8.76% below its 52-week high of £87.00, set on 5 June 2017. Based on its current share price the company has a market value of £58.3 million.