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Harvey Nash plc has issued a trading update

Harvey Nash plc has issued a trading update ahead of entering its close period.

Trading

The Board is pleased to confirm that underlying trading during the second half was in line with expectations. Consequently, for the year ended 31 January 2010, the Board expects to announce total revenue of circa 375.0 million and profit before tax and non recurring items of not less than 4.0 million.

Cash Position

The Groups net cash position at the year end remained favourable at circa 5.0m and trading cash flows for the year to date were slightly ahead of managements expectations. External credit facilities are used for short term working capital purposes only.

Dividends

The Board is pleased to confirm that, in view of the outcome for the year, it will recommend a final dividend of 1.35p per share (2009: 1.2p), resulting in a total dividend up 10% to 2.2p per share (2009: 2.0p).

Summary

In what has been a challenging year for many organisations, particularly those in cyclical sectors, the Group has remained profitable while increasing dividend payments. It has a sound balance sheet and has no long-term debt. This is in no small part due to prudent management and the Groups broad portfolio of services.

Harvey Nash will announce preliminary results for the year ended 31 January 2010 on the 30 April 2010.

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