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Harvey Nash plc. (HVN:LSE), the recruitment and outsourcing consultancy, has issued a trading update. The group says in a statement:
"The Board is pleased to confirm that underlying trading during the second half was in line with expectations. Consequently, for the year ended 31 January 2010, the Board expects to announce total revenue of circa 375.0 million Pounds and profit before tax and non recurring items of not less than 4.0 million Pounds."
"The Group's net cash position at the year end remained favourable at circa 5.0 million Pounds and trading cash flows for the year to date were slightly ahead of management's expectations. External credit facilities are used for short term working capital purposes only."
"The Board is pleased to confirm that, in view of the outcome for the year, it will recommend a final dividend of 1.35p per share (2009: 1.2p), resulting in a total dividend up 10% to 2.2p per share (2009: 2.0p)."
"In what has been a challenging year for many organisations, particularly those in cyclical sectors, the Group has remained profitable while increasing dividend payments. It has a sound balance sheet and has no long-term debt. This is in no small part due to prudent management and the Group's broad portfolio of services."
Harvey Nash will announce preliminary results for the year ended 31 January 2010 on 30 April 2010.
In early trading Harvey Nash's shares were up by 6.62% to 34.65 Pence