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HARVEY NASH GROUP PLC - Full Year Results

HARVEY NASH GROUP PLC - Full Year Results

Results in line with expectations and an increased dividend for the year ended 31 January 2010

2010 2009

Change

Revenue

376.2m

420.1m

? 10%

Gross Profit

60.4m

69.2m

? 13%

Adjusted Operating Profit *

4.5m

10.4m

? 57%

Adjusted Profit Before Tax *

4.1m

9.5m

? 57%

Profit Before Tax

1.3m

9.5m

? 87%

Profit After Tax

0.9m

6.9m

? 87%

Adjusted Basic Earnings Per Share *

3.84p

9.00p

? 57%

Basic Earnings Per Share

1.09p

9.00p

? 88%

Net cash generated from operations

5.8m

7.3m

? 20%

Net Cash

5.1m

4.5m

? 15%

Final dividend

1.35p

1.2p

? 13%

Full year dividend

2.2p

2.0p

? 10%

* Before non-recurring items in relation to the Groups cost reduction initiatives

Operational and Financial Highlights

Group remained profitable throughout with adjusted operating profits 57% lower, a robust performance despite the severe global recession
Revenue and gross profit better than expected, lower at 10% and 13% respectively
Outsourcing revenues increase by 34%
Despite the economic contraction in the UK & Ireland, the business was resilient, gaining market share and reporting operating profit of 1.9m (2009: 4.8m)
Mainland Europe profits of 2.5m (2009: 4.3m) underpinned by growth in outsourcing
US reports an operating profit for the year
Robust cash generation with cash inflow from operations 5.8m (2009: 7.3m)
No long-term debt: increased positive net cash position 5.1m (2009: 4.5m)
Final dividend increased by 13% to 1.35p per share (2009: 1.2p per share)
Full year dividend increased by 10% to 2.2p per share (2009: 2.0p per share)

Commenting on the results, Albert Ellis, the Chief Executive Officer said:

"Against the backdrop of one of the sharpest economic downturns, the Group has delivered a resilient result for the year, generating profits and cash flow despite the severe global recession which affected all our markets. We are pleased that, our key geographic segments were profitable throughout the period and the Groups pipeline of new business is growing again and we are particularly pleased with the strong cash generation and increase in cash at the year end.

Although the outlook for the coming year continues to be uncertain, the prospects for a return to economic growth have improved since we reported our interims in September. Our growing confidence is reflected in the recommended increased final dividend, up 13% on 2009.

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