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Trading Update Harvey Nash, the global professional services group, announces that its results for the full year ended 31 January 2012 are expected to be ahead of expectations and that it intends to recommend an increase in its final dividend of circa 10%. Trading The Board is pleased to confirm that unaudited results for the full year ended 31 January 2012 are expected to be ahead of expectations with total revenue of circa £532 million, gross profit of circa £78.0m and profit before tax of circa £8.2 million, up 31% on the previous year. Skills shortages in niche markets, and the fast growing digital and mobile markets in particular, continued to drive demand for technology professionals. However, the general decline in business confidence in Europe and the UK has impacted the executive appointment market. Whilst a general softening of demand for permanent recruitment was evident across the world, technology outsourcing and freelance contracting continued to be robust in the second half and increases in the productivity of consultants working on client projects, particularly in December and January, exceeded our expectations. Harvey Nash will announce on the 30 April 2012 preliminary results for the year ended 31 January 2012. Cash Position Despite the increase in turnover and higher demand for contract recruitment, the Group's net cash position at the year end was strong, being circa £5.0m. The Group has no long term debt and bank facilities are available to fund working capital as required Dividends The Board is pleased to confirm that it intends to recommend an increased final dividend of 1.635p per share (2011: 1.48p), resulting in a total dividend up 10% to 2.66p per share (2011: 2.42p). The dividend timetable will be announced with the preliminary results.
http://www.investegate.co.uk/Article.aspx?id=201202170700135986X
Harvey Nash founder Thomas Crawford has bought £96,300 worth of shares in the white collar recruitment firm. Also the non-executive director with responsibility for acquisitions and corporate development, Crawford paid 64.2p per share for 150,000 shares. He now has about 4.7m. Last month the group, which operates in Europe and the US, reported strong earnings growth for the half year to July, and said that its main clients where continuing to hire staff in spite of the economic instability.
Could this go sub-60p again? A buy @ 59p would give me 40% to 83p.... Way too many buy options in this market!
The Panmure Gordon target price is 83p
Do Panmure Gordon have a target price for these ?
Financial position Harvey Nash has a sound balance sheet with no long-term debt. Cash generation during the period has been strong and the Group has maintained a net positive cash position at 31 July 2011, despite working capital increasing due to much higher levels of trading activity. The Group continues to manage working capital tightly and maintains significant headroom, within its overall banking facilities which total circa £41 million. Summary The Harvey Nash Group continues to trade well and benefit from the significant market share gains made during the recession, resulting in strong cash flows and increased dividends. A strong financial position, combined with the broad portfolio of services, has positioned the Group well for the second half and thereafter. 16 August 2011
HARVEY NASH GROUP PLC ("Harvey Nash" or "the Group") Trading Update Harvey Nash, the executive recruitment and professional services Group, will be announcing interim results for the six months ended 31 July 2011 on 30 September 2011 when it will confirm a strong performance across all key geographic segments during the period. The Group expects to report an increase of circa 20% in revenue and gross profit and an increase in profit before taxation of not less than 40% against the same period in 2010. In Europe, Germany and the Nordics reported the strongest growth whilst in the US, the Group made good progress particularly in permanent recruitment. In the UK and Ireland robust year on year growth continued despite strong comparators in 2010 and a challenging trading environment. Dividends Following approval at the Annual General Meeting on 30 June 2011, Harvey Nash paid a final dividend on 15 July 2011 for the year ended 31 January 2011 of 1.48p per share, an increase of 10% (2010: 1.35p). The total dividend for the year was 2.42p per share (2010: 2.20p). The Board anticipates, subject to prevailing market conditions at the time, recommending a 10% increase in the interim dividend for the current year when it announces first half results on 30th September 2011.
http://www.investegate.co.uk/Article.aspx?id=201108160700114035M
Panmure Gordon upgrades Harvey Nash from hold to buy.
Still with their nose in front of budget -
Ian Kirkpatrick, Chairman, will comment at the AGM today: "In our Interim Management Statement on the 31 May 2011, we reported that the Group had performed ahead of budget during the first quarter ended 30 April 2011 and we are pleased that this trend has continued into the second quarter which ends on the 31 July 2011. "I would like to take the opportunity, on behalf of the Board, to thank Gus Moore for his significant and invaluable contribution over the last twelve years. His wise counsel will be missed. We all wish him well for the future." "We are delighted to announce that Julie Baddeley will be joining the Board and look forward to her arrival in September. Julie's extensive experience will make her a valuable addition to the Board. We are looking forward to working with Julie and we are confident that she will make a significant contribution to the continuing success of Harvey Nash."
Re Directorate and AGM Statement The Board is pleased to announce that Julie Baddeley will be joining the Board as an independent non-executive director with effect from 1st September 2011. Julie, who is currently a non-executive director of Chrysalis VCT plc and Greggs Plc has extensive experience of executive and non-executive roles in some of the UK's leading organisations, both in the public and private sectors, where she has gained particular expertise in business management and corporate strategy. Until very recently, she was also a director of Spice plc and of Camelot Group plc. She was non-executive director of the BOC Group from 2001 to 2005 and of ComputerLand UK plc between 2005 and 2008. Julie was also an executive director of Woolwich plc between 1998 and 2000 and of the Yorkshire Building Society from 2001 to 2008. She also spent two terms on the Board of the Department of Health from 2005 to 2010. As an Associate Fellow at Oxford University's Said Business School Julie has coached executive business teams from around the world on strategy, and she has also been the partner in charge of Accenture's change management practice in Europe. It is intended that Julie will chair the remuneration committee of the Board. As previously announced, Gus Moore, who has been a director for twelve years and senior independent director for the last 12 years, will step down from the Board at the conclusion of the Group's AGM, to be held later today.
http://www.investegate.co.uk/Article.aspx?id=201106300900014350J
HVN are in :o)) As well as the FTSE Small Cap promotion HVN are also in the FTSE All-Share as well: http://www.investegate.co.uk/Article.aspx?id=201106081819521200I Bring on the tracker fund buying!
Panmure Gordon reiterate hold on Harvey Nash Group, target price reduced from 88p to 83p.
Summary and Outlook The strong first quarter results for the year ending 31 January 2012 build on the resilience shown by Harvey Nash during the recession and the return to growth during the previous financial year across all the markets in which the business operates. We are confident of continuing growth, albeit against a strong comparative period, particularly in our US and European markets, which will enable us to make further progress in the next quarter. Albert Ellis, Chief Executive of Harvey Nash, said: "Our unique strength lies in providing a broad portfolio of professional recruitment, executive headhunting and leadership services to our clients, in highly skilled sectors. Our growth in profits and revenues, strong cash generation and ability to pay a healthy dividend are all the result of the market share gains that we achieved during the recession. The Board is confident that this momentum will continue both in the current year and in the future."
http://www.investegate.co.uk/Article.aspx?id=201105310700214795H
If you're referring to odd price action on Friday? It seemed to be some sort of error on some platforms. I checked the prices on Halifax Share Dealing and they were in the normal range.
Anyone knows about this share?
http://www.iii.co.uk/articles/14309/stock-watch-harvey-nash-group
Recruiter Harvey Nash's trading in the second half has been strong and results this year will be ahead of market expectations. Total revenue for the year to January will be £425m, gross profit of £68m and profit before tax of circa £6m, up 46% on the previous comparable year.
Great increase and good long term company. However 25% increase over such a short term is too much of a temptation for me, plus exceeded my target price of 50p and have sold. (plus divi payout as well) May buy back in if it re-traces a bit. Moved funds into AU. What a drop....Hopefully not about to catch the "falling knife". GL all left in HVN.
http://www.advfn.com/p.php?pid=nmona&article=44593560&symbol=HVN&cb=1285843016
Perhaps the figures will be good in the upcoming report hence the decent rise today with hopefully more to follow on the report day itself. looking around the 50p mark which has been my medium term get out price.