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Pre-close Trading Update and Notice of Results

Fri, 26th Feb 2016 07:00
RNS Number : 2267Q
Harvey Nash Group PLC

Harvey Nash, the global executive recruitment and professional services group, issues the following trading update in advance of the Group's final results for the full year ended 31 January 2016 (the "Period"), which will be announced on 28 April 2016.

Trading update
The Board is pleased to report adjusted pre-tax profit from continuing operations for the year ended 31 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.

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Financial position

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."

Notes
1.Adjusted profit from continuing operations is stated before the results of Nash Technologies GmbH, which was sold during the year, and the company's UK oil and gas division, which was closed during the year, plus associated non-recurring costs.

2.Constant currency is calculated by re-translating current year figures at prior year rates.

ENQUIRIES:

Harvey Nash
Albert Ellis (CEO)
Richard Ashcroft (CFO)
Tel: 020 7333 2635

Hudson Sandler
Cat Valentine
Tel: 020 7796 4133