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UK – Harvey Nash releases positive trading update

20 August 2014

In a trading statement released today, staffing firm Harvey Nash (HVN: LSE) announced that its interim results for the six months ending 31 July 2014 are expected to be in line with management expectations, despite currency headwinds.

The Group’s performance in the UK, Ireland, and USA was robust with growth in demand for recruitment continuing. Asia also performed well. In mainland Europe contracting activity was strong, offsetting subdued demand for permanent recruitment, particularly in Germany.

Revenue for the period is expected to increase by +12% in constant currency to circa £356 million, compared with £329 million last year. Gross profit is expected to rise by +6% in constant currency to circa £43.6 million, up from £43.1 million a year ago.

Operating profit for the period is expected to be ahead of the comparable period in 2013 by circa +11% in constant currency.

In early trading today, the company’s share price rose by +1.5% to £1.04, an increase of +27.3% compared with a year ago. Based on its current share price, the company has a market value of £76 million. 

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