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Harvey Nash Group Exceeds Expectations

Harvey Nash Group Exceeds Expectations

Results for the year ended 31 January 2012

Harvey Nash, the global professional services group, announces increased revenues and profits exceeding expectations for the year ended 31 January 2012

Financial Results              012        2011       Change

Revenue                               &pound533m     &pound422m   ?26%

Gross Profit                          &pound78.5m  &pound68.5m  ?15%

Operating profit                  &pound9.0m     &pound6.4m     ?41%

Profit before tax                  &pound8.5m     &pound6.3m     ?35%

Earnings per share               7.97p      5.85p      ?36%

Final dividend                       1.635p   1.48p      ?10%

Operating cash inflow *     &pound11.3m &pound8.4m    ?35%

Net cash**                            &pound5.2m     &pound8.3m     ?&pound3.1m

* before investment in additional working capital

** Net cash comprises cash less overdraft and invoice discounting facilities utilised

Financial highlights

•              Organic growth in revenue of 26%

•              Operating profit up 41%

•              Profit before tax up 35%

•              Earnings per share up 36%

•              Strong operating cash inflow up 35% before investment working capital

•              10% increase in final dividend, to 1.635p per share

Operational Highlights

•              Significant market share gains reported particularly in the Nordics and the UK

•              Robust demand for flexible labour continues despite uncertainty in the Euro zone

•              We have benefited from our broad geographic portfolio with non-UK gross profit increasing to 61%

•              UK & Ireland exceeded expectations with operating profit up 19%

•              Germany and the Nordic region drove 59% increase in operating profit from Europe

•              Integration of Bjerke& Luther AS in Norway on track

•              New offices opened in the UK, China and Australia

•              Current trading in line with expectations

Commenting on the results, Albert Ellis, Chief Executive Officer, said: I am delighted to announce another excellent set of financial results, which exceeded expectations. We are seeing the benefits of our focus both on high growth technology markets and on the robust economies of Northern Europe.

We made significant market share gains which delivered an increase in operating profit of 19% in the UK despite the widely reported weakness in the recruitment market and a 59% increase in operating profit in Europe against a background of uncertainty over the Euro zone. All of this growth is organic.

Clearly our unique portfolio of services and strong brand have given us a competitive advantage in challenging markets and we are looking forward to expanding our geographical footprint in Asia in the coming year.”

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