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Harvey Nash Group Well On Track

Harvey Nash Group Well On Track

Unaudited Interim Results for the six months ended 31 July 2012

Harvey Nash, the global professional services group, announces increased revenue, operating profit and dividend for the six months ended 31 July 2012

Financial Results

2012 H1

2011 H1





? 15%

Gross profit



? 6%

Adjusted operating profit*



? 11%

Non recurring items**



Operating profit



? 8%

Adjusted profit before tax*



? 9%

Profit before tax



? 11%

Adjusted earnings per share*



? 14%

Earnings per share



? 7%

Interim dividend



? 10%

Net (debt) / cash




* Before non-recurring costs

** Costs related to the relocation of the Group’s London headquarters and acquisition costs

Highlights 2012

Increased revenues and gross profit despite challenging trading conditions

Strong operating cash inflow of &pound5.0m before investment in working capital of &pound16.2m

Operating profit increased across the Group

USAoperating profit up 42%

UK& Ireland operating profit up 15%

Mainland Europe operating profit up 18%

Continuing to secure market share gains in all key geographies

New offices all performing ahead of budget

Acquisition of Talent-IT in Belgium on track

Relocation of London office completed resulting in circa &pound0.8m pa savings

Interim dividend up to 1.125p per share (2011: 1.025p per share)

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

"Given the uncertainty in the market, this has been a robust first half performance, demonstrating the value of a diversified geographical footprint and a broad portfolio of services to offer clients.

The general trend across our markets is for a shift away from permanent employment in favour of temporary and contract recruitment, to which we have been swift to adapt. We are also continuing to focus on fast growing technology markets, in particular the digital, mobile and social media sectors. The Board is confident that the Group remains on track to deliver full year results in line with expectations.”


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