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Harvey Nash Group Plc US acquisition achieves profit targets

Harvey Nash Group Plc US acquisition achieves profit targets

Harvey Nash says that its US acquisition TechDiscovery LLC, 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 been made to the Financial Services Authority and the London Stock Exchange plc for a total of 450,716 Ordinary Shares of 5p each to be admitted to the Official list and to tradeon The London Stock Exchange's market for listed securities today.

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."

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