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Results are out on Tuesday. Still greatly undervalued IMO. Would be great if HVN could make it into the 80's on Monday.
Results come out at the end of the month. Should show good growth in 2012. Hopefully the share price will move northwards.
I've seen Investec's note on STHR from last week. They're expected to earn 14.8p EPS this year against a 367p share price. That's a P/E of 24.8. Consensus for HVN this year is 8.4p EPS. Put that on a similar P/E and HVN's share price would be 208p against the current 70p..... STHR's divi yield is also 3.8%, whereas HVN's will be 4.5%. In addition, surely HVN as the much smaller entity should be on the higher P/E given the "elephants don't gallop" theory? Plus HVN are in the far more attractive tech sector, Northern European and Far Eastern niches. The City needs to get its head out of the sand here imo.
HVN must continue it's upwards trend. GLA
Results out in April. Could we make 100p by then?
Bought in at 59p dividends renvested hold and wait for the good times ahead / takeover ?
13 Feb 13 Harvey Nash Group... Numis Buy 70.75 old tp 90.00 new tp 90.00 Reiterates Wonder how long it will take us to get there ????? :-) hot sector to be in atm IMO
"The group has also benefitted from significantly increased market share in the UK and Ireland, temporary and contract recruitment in the Benelux and Germany, and a steadily improving result from Asia, where investment in two additional offices in Hong Kong and Sydney was made during the course of 2012." Harvey Nash also said the integration of the Talent IT business in Belgium, acquired on May 31st 2012, has gone well and results for the year have met expectations. During the period the company returned to a positive net cash position of around �4.0m. The group plans to pay a final dividend of 1.795p per share (2012: 1.635p), resulting in an increase of 10% in the total dividend per share for the year (2012: 2.66p). The company has also completed an agreement with The Royal Bank of Scotland to raise the total amount of facilities and headroom to around 52m (previously around 40m) with immediate effect to fund working capital as required when recruitment markets recover.
Harvey Nash, a global professional recruitment and outsourcing group, cheered investors on Wednesday morning with the news its full year results for the period ended January 31st are set to be slightly ahead of recently upgraded expectations, prompting a 10 per cent increase in its final dividend payment. Total revenue will be in the region of 590m, compared to 533m the previous year, with gross profit of around 80m (2012: 78.5m), and profit before tax of around 8.6m, 0.1m higher than that achieved the previous year. In a pre-close trading update, the company made the following statement: "Demand for highly skilled technology professionals has created skills shortages in the mobile and digital segments of the technology market. Clients, particularly in Europe, have continued to favour flexible contract and temporary hiring over permanent and executive recruitment. "However, there has been continued demand for outsourcing and offshoring. With its broad portfolio of services and leading market positions, the group has been very well placed to capitalise on these trends during the year.
Agreed. Great results. Next stop 100p!
Marvellous stuff. Ahead of recently increased expectations! - we're looking at 8p+ historic EPS against a now 71.75p share price - with a 2.92p divi for the year, i.e a 4.4% yield - plus £4m net cash - increasing growth in Asia and in Europe The share price should be 90p-100p imho - and could be a lot more by reference to certain sector comparators.
Anyone see HVN going above 70p by the end of the month?
Sorry - the link was removed. Please see below: Harvey Nash is pleased to announce that Julie Baddeley, Senior Independent Non-Executive Director and Chairman of the Remuneration Committee, will be appointed Non-Executive Chairman with effect from the close of the Annual General Meeting in 2013. Julie joined the Group in September 2011. She is currently a Non-Executive Director of Greggs Plc and Chrysalis VCT plc and has previously served on a number of boards including Camelot Group plc and Spice plc. She has extensive company experience of executive and non-executive roles in some of the UK's leading organisations, both in the public and private sectors. Julie also has particular expertise in the professional services sector and in corporate strategy gained during her time as a senior executive with Accenture. The Board has commenced a search for a replacement Independent Non-Executive Director and Ian Davies, Independent Non-Executive Director and Chairman of the Audit Committee, will take on the role of Senior Independent Non-Executive Director with effect from the close of the Annual General Meeting in 2013.
http://www.harveynash.com/group/mediacentre/2012/12/directorate_change_appointment_of_chairman/index.asp Should push through to 70p ;-)
Harvey Nash: Panmure Gordon moves target price from 64p to 66p and upgrades from hold to buy
Yet another fantastic trading statement on Friday, particularly given the current global economy. HVN's share price should be at least 90p imho. We should now be looking at at least 8p EPS for the year just about to end and possibly 9p-10p EPS: http://www.investegate.co.uk/harvey-nash-group-(hvn)/rns/interim-management-statement/201211300700073741S/ "with relatively good visibility from the Group's contract recruitment businesses and a robust forward order book in the offshoring business, the Board is confident that the out turn for the full year's profit before tax (adjusted for exceptional and non-recurring items), is now likely to be in the region of 10% higher than its expectations." Seymour Pierce have a 100p valuation from UK-Analyst's market report - that's around 70% upside from here: "Seymour Pierce reiterated its "buy" stance on Harvey Nash (HVN) with a target price of 100p. The broker is impressed with the recruitment company's recent trading update in which it reported pre-tax profits up by 3%, a rise which was above expectations. The broker is of the opinion that the outlook remains positive for and believes that Harvey Nash operates in attractive sectors of the recruitment industry where demand levels have recently remained elevated despite the weak macroeconomic conditions. The shares increased by 1p to 57p." Hopefully the large 1.6m share volumes on Friday will have cleared things out nicely for Monday.
Revenue and gross profit for the quarter ended October 31st increased by 10% and 5%, respectively, when compared to the same period in 2011. Operating profit increased by 7% before higher interest costs in relation to increased working capital requirements resulted in profit before tax being 3% ahead of the previous year. Analysis of the geographic split for the third quarter showed that in the US, gross profit was up 14%. In mainland Europe, gross profit was down 5% but the company stated that "the result for the year is likely to be better than our previous expectations." In the UK and Ireland, gross profit was up 10% on the same period last year driven by increased turnover in managed services and offshoring. Although permanent recruitment was slightly subdued at 4% below the same period last year, outsourcing was up 40% and contractor numbers increased 19%. Harvey Nash also reported that despite the seasonally stronger trading levels since the half year, cash generation has been robust and actions taken to reduce debtor days have resulted in net borrowings falling to £11.6m as at October 31st (July 31st: £14.1m).
Recruitment firm Harvey Nash expects to beat full-year forecasts by 10 per cent driven by strong third-quarter trading in temporary and contract placements, although permanent recruitment remains challenging. The company said that with relatively good visibility from its contract recruitment businesses and a robust forward order book in the offshoring business, it was "confident that the out turn for the full year's profit before tax (adjusted for exceptional and non-recurring items), is now likely to be in the region of 10% higher than its expectations." Although it did warn that "the final quarter will continue to be challenging for permanent recruitment, particularly in Europe, and it is premature to comment on the following year, which ends on January 31st 2014." Consensus estimates for the full year ending January 31st 2013 are for pre-tax profits of £7.71m on turnover of £445.98m, rising in 2014 to £8.88m and £467.83m, respectively. The statements were delivered as part of a trading update covering August 1st to November 29th.
Bought some today..
An interim dividend of 1.125p per share has been offered, up from 1.025p in 2011.
Shares of recruitment and IT outsourcing services group Harvey Nash firmed after it posted improved revenues and gross profit despite challenging trading conditions. Adjusted profit before tax increased to £4.2m for the six months ended July 31st 2012 from £3.8m a year earlier. Revenue gained 15% to £292.5m for the period after progress across all of its geographical areas. US operating profit soared 42%, UK & Ireland operating profit rose 15% while operating profit in mainland Europe increased 18%. Commenting on the results, Chief Executive Officer Albert Ellis, said: "Given the uncertainty in the market, this has been a robust first half performance, demonstrating the value of a diversified geographical footprint and a broad portfolio of services to offer clients." "The general trend across our markets is for a shift away from permanent employment in favour of temporary and contract recruitment, to which we have been swift to adapt. We are also continuing to focus on fast growing technology markets, in particular the digital, mobile and social media sectors. The Board is confident that the group remains on track to deliver full year results in line with expectations."
Shares of recruitment and IT outsourcing services group Harvey Nash firmed after it posted improved revenues and gross profit despite challenging trading conditions. Adjusted profit before tax increased to £4.2m for the six months ended July 31st 2012 from £3.8m a year earlier. Revenue gained 15% to £292.5m for the period after progress across all of its geographical areas. US operating profit soared 42%, UK & Ireland operating profit rose 15% while operating profit in mainland Europe increased 18%. Commenting on the results, Chief Executive Officer Albert Ellis, said: "Given the uncertainty in the market, this has been a robust first half performance, demonstrating the value of a diversified geographical footprint and a broad portfolio of services to offer clients." "The general trend across our markets is for a shift away from permanent employment in favour of temporary and contract recruitment, to which we have been swift to adapt. We are also continuing to focus on fast growing technology markets, in particular the digital, mobile and social media sectors. The Board is confident that the group remains on track to deliver full year results in line with expectations." An interim dividend of 1.125p per share has been offered, up from 1.025p in 2011.
Shore Capital kept its "buy" rating for Harvey Nash (HVN) ahead of a trading update on 13th August, expecting the technology recruitment agency to have traded ahead of expectations. The broker said that the firm should have benefited from increased use of contracted labour, rather than permanent placements. Additionally, Shore noted that the group is opening two new offices in Asia, which should help diversify away from the challenging European market. Harvey Nash shares slipped by 0.25p to 51.25p.
RNS good reading
Albert Ellis, Chief Executive of Harvey Nash, said: "We are delighted with the first quarter financial results given the economic uncertainty right now. We are also very pleased with the acquisition of Talent-IT which when merged with our existing successful Harvey Nash business, the merged entity will be the clear market leader in Technology recruitment in the profitable Benelux region."