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14 Feb 2011 07:00
HARVEY NASH GROUP PLC
("Harvey Nash" or "the Group" or "the Company")
Trading Update
Harvey Nash is issuing this trading update ahead of entering its close period.
Trading
Trading in the second half has been strong. Accordingly the Board is pleased to confirm that results for the full year ended 31 January 2011 is expected to be ahead of expectations with total revenue of circa £425.0 million, gross profit of £68.0m and profit before tax of circa £6.0 million, up 46% on the previous comparable year.
Cash Position
Despite the increase in turnover, the Group's net cash position at the year end was better than expected at circa £8.0m. The Group has no long term debt. Bank facilities are available to fund working capital as required.
Dividends
The Board is pleased to confirm that, in view of the outcome for the year, it currently intends to recommend a final dividend of 1.48p per share (2009: 1.35p), resulting in a total dividend up 10% to 2.42p per share (2009: 2.2p). The dividend timetable will be announced with the preliminary results.
Summary
During the recession the Group remained profitable, generating strong cash flows, resulting in increased dividend payments and a further strengthening of the balance sheet. The strong financial results for the year just ended reflect a return to growth across the business and the leverage achieved from increased market share gains particularly in the UK and Europe.
Harvey Nash will announce on the 28 April 2011, preliminary results for the year ended 31 January 2011.
14 February 2011
Enquiries
Harvey Nash | Tel: 020 7333 0033 |
Albert Ellis, Chief Executive Officer |
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Richard Ashcroft, Finance Director |
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College Hill Mark Garraway Adam Aljewicz | Tel: 020 7457 2020 |
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