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19 Jun 2008 07:00
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HARVEY NASH GROUPΒ PLC
('Harvey Nash' or the 'Group')
Interim Management Statement
Current tradingΒ and financial position
On theΒ 17 April 2008,Β the Group reported that the currentΒ financialΒ yearΒ toΒ 31 January 2009Β had started well with robust trading in the first two months.Β Since then, trading has remainedΒ on trackΒ and, overall, the businesses in theΒ US,Β UKΒ andΒ EuropeΒ areΒ trading ahead of budget and the previous year.
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In theΒ firstΒ quarter endedΒ 30 April 2008,Β revenueΒ was upΒ 41%, net fee income was up 32% and profit before taxation increased in line with revenueΒ overΒ the comparable periodΒ last year. With revenue and profit for thisΒ quarterΒ alsoΒ improvingΒ sequentiallyΒ over theΒ fourthΒ quarterΒ for the yearΒ endedΒ 31Β JanuaryΒ 2008, this positive trend has continued to dateΒ and gives the BoardΒ furtherΒ confidence that it will deliverΒ results for the current year in line withΒ itsΒ expectations.Β
The Group's balance sheet,Β substantially strengthenedΒ followingΒ the early repayment ofΒ all long term debt,Β continues to benefit fromΒ strong ongoing trading cash flowΒ andΒ excellentΒ working capitalΒ management.Β Combined with banking facilities of circa Β£26Β million, the balance sheetΒ enables the Group to continue to fund its organic growth as well as providing theΒ flexibility to take advantage of any opportunities thatΒ might arise in the short to medium term.
Dividends
As announced with our preliminary results and subject to approvalΒ at the Annual General Meeting on 3 July 2008, the GroupΒ will pay on 8 JulyΒ 2008Β aΒ finalΒ dividendΒ for the year endedΒ 31 January 2008Β of 1.1pΒ per shareΒ (2007: 1.0p) to shareholders on the register as atΒ 25 AprilΒ 2008, making aΒ total dividend for the yearΒ ofΒ 1.8pΒ per shareΒ (2007:1.0p).Β
Summary
The GroupΒ continues to benefit from itsΒ key strategic advantagesΒ including aΒ broadΒ portfolio of servicesΒ with a substantial footprint inΒ Northern EuropeΒ andΒ Scandinavia, currently experiencing relatively strong economic growth.Β Β
The Group'sΒ USΒ operations are stableΒ whileΒ theΒ UKΒ andΒ EuropeΒ experienceΒ continued growth withΒ excellent performancesΒ from theΒ acquisitions madeΒ last year.Β The Group'sΒ three main geographicalΒ marketsΒ areΒ allΒ performing ahead of budget.
Notwithstanding these financial results the Board isΒ particularly focusedΒ onΒ tight cost control,Β working capital management andΒ improvingΒ theΒ productivityΒ and performance of its existing and acquired operations.Β With its strong balance sheet and its unique offshore software and BPO offering, the Group is well placed to take advantage of the current market conditions.Β
Other than as detailed in this interim management statement, there have been no material events or transactions in the period from 1 February 2008 to 19 June 2008.
Other than as detailed in this interim management statement, there have been no material events or transactions in the period fromΒ 1Β FebruaryΒ 2008Β toΒ 19 JuneΒ 2008.
19 JuneΒ 2008
ENQUIRIES:
Harvey Nash Tel: 020 7333 0033
Albert Ellis, Chief Executive
Richard Ashcroft, Finance Director
College Hill Tel: 020 7457 2020
Mark Garraway
Robert Pugsley
Notes to Editors:
Harvey Nash,Β a global professional recruitment consultancy and ITΒ offshoreΒ service
provider,Β is committed to delivering the very best talent and ITΒ servicesΒ to a broad base
of clients.
The 4,700 staff and associates, operating from 35 offices covering the USA, Europe and Asia, work to the highest levels of integrity, professionalism and quality in providing its unique portfolio of services: executive search, interim management, IT recruitment solutions and IT offshore services.
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For more information please visitΒ www.harveynash.com
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