Harvey Nash to reveal gross profit up 8% YoY at AGM
At today’s Annual General Meeting of Harvey Nash Group plc, Julie Baddeley, the group’s non-executive chair, will give the following trading update to shareholders:
“The Group has traded in line with the Board’s expectations in the first four months of the financial year, under challenging conditions, achieving an 8% increase in gross profit compared with the same period in the prior year (4% on a constant currency basis).
“The directors are encouraged by this performance. While mindful of economic uncertainty following the EU Referendum and an associated lack of visibility, we believe that Harvey Nash, with its robust balance sheet and strategically defensive mix of contracting, offshoring and high proportion of non-sterling earnings, is well placed to deliver further resilient performances through uncertain times.”
In the four months to 31st May 2016, gross profit, on a constant currency basis, has stayed constant in the UK and Ireland. In mainland Europe it has grown 4% (11% actual), the US it has grown 17% (24% actual) and in Asia Pacific it has increased 1% (5% actual).
On a constant currency basis, the group’s gross profit has decreased 2% (3% actual) for permanent recruitment, but has increased 8% (12% actual) for temporary/offshore recruitment.