Harvey Nash Group Regulatory News (HVN)

18 Jun 2007 07:01

Harvey Nash Group PLC18 June 2007 HARVEY NASH GROUP PLC ("Harvey Nash" or the "Company") Interim Management Statement In line with the UK Listing Authority's new Disclosure and Transparency rules,Harvey Nash announces its first "Interim Management Statement" in respect of theperiod 1 February 2007 to 15 June 2007 inclusive. Update on trading In our preliminary results announcement for the year ended 31st January 2007,issued on 17 April, we said that current overall trading remained strong andbusiness sentiment was positive. This remains the case. The Group continues itssuccessful organic growth strategy whilst identifying further earnings enhancingbolt-on acquisition opportunities in new markets. In the quarter ended 30 April 2007, turnover increased by 20% on the comparableperiod in the previous year with a corresponding increase in profit beforetaxation. Trading cash flows were strong, notwithstanding continued investmentin exciting growth opportunities across the Group's operations. The Group'sbalance sheet is substantially strengthened when compared to 30 April 2006,aided by a 3% reduction in debtor days. The Board is therefore confident of further progress throughout the current yearin line with our expectations. Acquisition of Alumni AB On 22nd May 2007 we announced our expansion into the fast growing Scandinavianmarket through the acquisition of Sweden's leading Executive Search consultancy,Alumni AB, funded through a new issue of ordinary shares raising £4.41m andexisting banking facilities. 18 June 2007 ENQUIRIES: Harvey Nash Tel: 020 7333 0033Albert Ellis, Chief ExecutiveRichard Ashcroft, Finance Director College Hill Tel: 020 7457 2020Mark GarrawayMatthew Gregorowski Notes to Editors: Harvey Nash, a global professional recruitment consultancy and IT outsourcingservice provider, is committed to delivering the very best talent and ITsolutions to a broad base of clients. Its 3,500 staff and associates, operating from 27 offices covering the USA,Europe and Asia, work to the highest levels of integrity, professionalism andquality in providing its unique portfolio of services: executive search, interimmanagement, IT and finance recruitment and IT outsourcing. For more information please visit www.harveynash.com This information is provided by RNS The company news service from the London Stock Exchange