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UK — Harvey Nash relatively unscathed by global downturn

11 August 2009

Harvey Nash (HVN:LSE), the specialist recruitment and outsourcing group, in a trading statement released yesterday stated that revenues during 2009 first half trading will be roughly in line with the previous year.

It expects operating profits will exceed 2 million Pounds for the period but it believed gross profits will fall by 5%.

The group says that “the decline in demand for recruitment services has been partially offset by the performance of its outsourcing business.�

Albert Ellis, chief executive, told the Financial Times “what is different about us is that we have a clear strategy, and what we have considered many years ago is that recruitment is also affected by globalisation, particularly in IT. We’ve accepted it, and by doing so it has become our strength as a European company by offering onshore recruitment and offshore services from Vietnam.

“Not only are we recruiting for companies, we are providing services in IT outsourcing. We don’t draw the lines in a traditional sense; we can be more comprehensive with offering a fuller service,� added Mr Ellis.

The company will announce its interim results on 30 September 2009.

Following the announcement yesterday, Harvey Nash’s shares increased 3.9% to 39.5 pence.



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