Harvey Nash Group Regulatory News (HVN)

24 Dec 2008 11:20



Harvey Nash Group Plc ("Harvey Nash" or "the company")

US acquisition achieves profit targets 

Harvey Nash is delighted to announce that its US acquisition TechDiscovery LLC, ("TechDiscovery") has achieved its earn-out profit target up to the maximum allowable under the agreement for the current period. The total contingent consideration now due is made up of 450,716 shares plus £2.5 million in cash. 

Application has therefore been made to the Financial Services Authority and the London Stock Exchange plc for a total of 450,716 Ordinary Shares of 5p each ("shares") to be admitted to the Official list and to trading on The London Stock Exchange's market for listed securities ("Admission"). 5th January 2009 is the expected date for admission to the Official List. These shares are being issued in connection with the Company's contingent consideration for the acquisition of 49.9% (on a fully diluted basis) TechDiscovery and will rank pari passu with the existing issued shares. 

Commenting on the result, Albert Ellis, Chief Executive Officer said,

"Our US business has benefited from its strategic position as a partner of choice for Fortune 1000 CIOs managing costs and delivering value from their information systems and technology infrastructure. Almost half of our profits in the US now come from outsourcing and offshoring, reflecting the demand for these services in the current downturn."

For further information:

Richard Ashcroft

Financial Director 

Harvey Nash +44 (0) 20 7333 0033

Albert Ellis

Chief Executive Officer

Harvey Nash +44 (0) 20 7333 0033