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UK - Harvey Nash trading in line with expectations

25 November 2011

The board of staffing firm Harvey Nash Group Plc (HVN:LSE) has today issued an Interim Management Statement covering the period from 1 August 2011 to 24 November 2011. There have been no material events or transactions in the period other than as detailed in this statement:


"The board is pleased to report that the group is trading in line with expectations. Following on from the strong growth in the first half, revenue for the quarter ended 31 October 2011 increased by +21% compared with the same period in 2010, while gross profit increased by +12% and operating profit by +20%. Profit before tax (and a non-recurring credit in the prior year of 200,000 Pounds) is up +17% on the comparable period last year."

"The group's market share gains continue to benefit the UK and European businesses. In particular, we are pleased with the UK, which has continued to grow revenues and profits compared to last year. The group has a market leading position in Europe and growth has been mainly in the north, namely Belgium, Germany, Norway and Sweden. The USA and Vietnam businesses also continue to perform well with outsourcing and off-shoring services benefiting from increasing demand as clients seek to replace fixed labour costs with flexible IT resources."

Financial position

"Cash generation remains strong, despite a +21% increase in revenues for the quarter driving increased levels of working capital. The group has no term debt and continues to enjoy substantial headroom in relation to its banking facilities."


"We are encouraged by the continued growth of the group and, despite the uncertain global economic outlook and the ongoing crisis in the Eurozone, the board is confident that the group will continue to make good progress and achieve its expectations for the full year."

The group's financial year concludes on 31 January 2012.

In early trading Harvey Nash's shares were up by +0.88% to 57 Pence.


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