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Harvey Nash Group (HVN)

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Thursday 20 February, 2014

Harvey Nash Group

Trading Update and Notice of Results

RNS Number : 4889A
Harvey Nash Group PLC
20 February 2014
 



 

 

20 February 2014

 

HARVEY NASH GROUP PLC

('Harvey Nash' or 'the Group')

 

PRE-CLOSE TRADING UPDATE AND NOTICE OF RESULTS

 

Harvey Nash, the global executive recruitment and professional services group, issues this trading update in advance of results for the full year ended 31 January 2014, which will be announced on 25 April 2014.

 

The Board is pleased to confirm that results for the full year are expected to be in line with market expectations.

 

Quarter ended 31 January 2014

 

Revenue increased by 24% compared to the same period last year, while gross profit rose by 9%. Gross profit from permanent recruitment was 16% higher, gross profit from contracting was 9% higher and, due to the previously reported reduction in our outsourcing project pipeline in Germany as a result of the slowdown in investment in the mobile telecoms market, gross profit from outsourcing was 2% lower.

 

UK & Ireland

Overall gross profit in the UK & Ireland increased by 10% compared to the same period last year. The main driver for this growth was gross profit from permanent recruitment which increased by 15%. Gross profit from outsourcing grew by 23%.

 

Mainland Europe

In mainland Europe gross profit increased by 3% compared to the same period last year.Gross profit from contracting increased by 16%, more than offsetting a 27% decline in gross profit from outsourcing for the reason referred to above, and a 2% decline in gross profit from permanent recruitment.

 

Nordics

Our Nordics business was stable. Gross profit, which is derived mainly from permanent recruitment, increased by 2% compared to the same period last year.

 

United States

In the United States gross profit increased by 18% compared to the same period last year. The main driver for growth was permanent recruitment, which increased by 43%. Gross profit from outsourcing grew by 21%.

 

Asia Pacific

In Asia Pacific gross profit increased by 58% compared to the same period last year. The main driver for this growth was permanent recruitment in Hong Kong. 

 

Full Year ended 31 January 2014

 

Revenue was 17% higher than the previous year, while gross profit was 7% higher. Gross profit from permanent recruitment was 10% higher, gross profit from contracting was 8% higher and gross profit from outsourcing was 5% lower.

 

 

Financial position

 

Notwithstanding the increase in turnover compared with the preceding 12 months, strong trading cash flows and tight control of working capital have resulted in a positive net cash position as at 31 January 2014 of circa £4 million, compared with £5 million at the prior year end.

 

Enquiries

 

Harvey Nash                                                                          Tel: 020 7333 2635

Albert Ellis, Chief Executive

Richard Ashcroft, Group Finance Director

 

Tavistock                                                                               Tel: 020 7920 3150

Catriona Valentine / Niall Walsh

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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