Connecting to LinkedIn...

W1siziisijiwmtyvmdivmjyvmtavmtuvndcvndi0l0hhcnzlesboyxnoigxvz28uanbnil0swyjwiiwidgh1bwiilcixmdawedqwmfx1mdazzsjdxq

Harvey Nash Y/E profit driven by APAC growth

Harvey Nash has issued a trading update in advance of the group's final results for the full year ended 31st January 2016, which will be announced on 28th April 2016.

 

The Board has reported that adjusted pre-tax profit from continuing operations for the year ended 31st January 2016 is expected to be in line with market forecasts. Gross profit from continuing operations grew across all the group's geographies and service lines, on a constant currency basis.  

 

For the group’s geographies, the gross profits, as percentages, were:

                                     

 

Year ended 31 January 2016

 

Gross profit %

Geography

Actual

Constant currency

   

 

UK & Ireland

+4%

+4%

Mainland Europe

-2%

+6%

Nordics

0%

+13%

United States

+25%

+16%

Asia Pacific

+41%

+38%

   

 

Total

+7%

+9%

 

The group’s service lines gross profits, as percentages, were:

 

Year ended 31 January 2016

 

Gross profit %

Service line

Actual

Constant currency

     

Permanent recruitment

+6%

+10%

Contracting recruitment

+4%

+8%

Offshore services

+16%

+10%

     

Total

+7%

+9%

 

The company claims that net cash of £0.2m at the year-end was ahead of expectations due to tight control of working capital. The Group has no term debt.

 

Albert Ellis, chief executive officer, said, "The Group has delivered a strong trading performance in line with market expectations. Whilst the US economy helped lift gross profit in that market by 25%, new areas of growth in Asia delivered a remarkable 41% growth in net fees, albeit off a lower base."

 

 

Articles similar to Harvey Nash

Articles similar to trading update