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Harvey Nash announces results in line with expectations.


Unaudited Interim Results for the six months ended 31 July 2013

Harvey Nash announces results in line with expectations.

Financial Results

              2014 H1               2013 H1               Change

Revenue             &pound329.2m               &pound292.5m               ? 13%

Gross profit       &pound43.1m&pound40.8m? 6%

Adjusted operating profit*         &pound4.4m   &pound4.5m   ? 3%

Adjusted profit before tax*       &pound4.0m   &pound4.2m   ? 4%

Adjusted earnings per share*   3.75p     3.95p     ? 5%

Non-recurring items**      (&pound2.2m)             (&pound0.8m)        

Operating profit             &pound2.1m   &pound3.7m   ? 44%

Profit before tax             &pound1.8m   &pound3.4m   ? 48%

Earnings per share           1.66p     3.22p     ? 49%

Interim dividend             1.238p   1.125p   ? 10%

Net cash/(debt)                   &pound1.2m                 (&pound14.1m)       ?&pound15.3m

*         stated before non-recurring items

**         H1 2014 restructuring and H1 2013 re-organisation of property

Operational highlights H1 2014

•             Market share gains in key geographies and new contract wins

•             Fee-earning headcount increased by 9% to take advantage of improved growth opportunities

•             Opened new satellite offices in UK and Ireland

•             Acquisition of remaining 49.9% in Bjerke and Luther in Norway

•             Contract recruitment robust across Europe despite challenging market

•             European outsourcing business stabilised following restructuring

•             Joint Venture with Mitsui & Co, disposal of non-core call centre in Vietnam

Commenting on the results, Chief Executive Officer Albert Ellis, said: “The Board is pleased with the way the Group’s market leading recruitment businesses in the UK and mainland Europe have performed, increasing revenues and profits despite challenging market conditions and weakness in European outsourcing. Digital transformation has driven client demand for new hires in all of our markets across the world.

“In the relatively stronger economy of the USA, improved demand for permanent recruitment has increased momentum into the second half. Although the market for outsourcing and recruitment in Europe remains subdued, the outlook in our UK recruitment market is improving. The Group is well positioned to take advantage of the continuing improvements in the markets in which it operates. On this basis, the Board remains confident of delivering results in line with its current expectations.”


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