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Harvey Nash Group plc Announces Its Results

Harvey Nash Group plc Announces Its Results

Harvey Nash, the global professional services group, announces increased revenues and profits for the year ended 31 January 2011

Revenues were up 12% to 422 million with profit before tax up almost 400% to 6.3 million.

Highlights
Increased revenue reflecting recovery across all markets
Significant market share gains with multiple contract wins
Increased demand for flexible labour freelance professionals up 33% year-on-year
Net fee income from permanent recruitment up over 37%
Adjusted operating profit up 45% to 6.5m (2010: 4.5m)
Profit before taxation up 387% to 6.3m (2010: 1.3m)
Operating cash inflow up 55% increasing net cash to 8.3m (2010: 5.1m)
Strong increases in revenues and profits across all three geographical segments
Increased recommended final dividend, up 10% to 1.48p per share (2010: 1.35p per share)
New financial period has started strongly

Commenting on the results, Albert Ellis, Chief Executive Officer, said: I am delighted with these results which reflect significant market share gains and build on the Groups remarkable resilience during the downturn.

The strength of the recovery in permanent recruitment particularly in the UK and the Nordic region lifted margins and generated strong cash flows. Increased demand for flexible labour in the US particularly in the second half resulted in revenues and profits exceeding expectations. In Europe, as elsewhere, the stronger trading in the final quarter has continued into the new financial period.

The Board is pleased to recommend an increased final dividend reflecting the success achieved in the year ended 31 January 2011 and its confidence in making further progress during the current year.

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