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UK – Temporary hiring drives Harvey Nash sales

13 February 2013

Professional recruiter Harvey Nash (HVN:LSE) expects its financial results for the 12 months to January 2013 to be “slightly” ahead of expectations, the firm said in a brief trading update on Wednesday.

Although the staffing company will not report its full-year results until April, it said that total revenue last year rose to £590 million from £533 million a year earlier, an increase of +11%. Gross profit grew +2% to £80 million and profit before tax was up +1% to £8.6 million. The firm spoke of “excellent” results, given the challenging market conditions.

The firm said clients continue to prefer temporary hiring over permanent and executive recruitment, especially in Germany and the Benelux countries. Last year, Harvey Nash also increased its market in the UK & Ireland. Performance in Asia improved with the firm opening two new offices in the region.

Last year, the firm acquired a Belgium-based IT recruiter. It said the integration had gone well and results for the year have met expectations.

An agreement with The Royal Bank of Scotland has also raised its facilities to £52 million to fund working capital.

In early trading, the company’s share price was up +4% to 69 pence, a +9.3% increase from a year ago. The group set a new 52-week high this morning when the stock price reached 73 pence. The firm has a market value of £48.84 million.

Harvey Nash Group is a professional recruitment and outsourcing consultancy, providing staffing services to technology, finance and engineering sectors. It is ranked among the 30-largest staffing firms in the UK

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