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Unaudited Half Year Results for the six months ended 31 July 2016

Harvey Nash, the technology recruitment and offshore services group, announces its half year results, which are in line with the Board's expectations and show strong cash flows, despite increasing revenues, with a 5% uplift in the Group';s interim dividend.

Financial Results

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H1 Highlights

  • Revenue increased by 14.9% (constant currency +8.0%) overall and gross profit by 6.5% (constant currency +0.8%)
  • Strong operating cash inflow of £15.2m with net borrowings reduced by £8.9m on prior year
  • Interim dividend increased by 5.0% to 1.565p
  • Operating profit in the UK & Ireland impacted by the EU referendum
  • Operating profit in Europe up by 6.6% (constant currency -4.3%) with strong performances in Sweden and the Benelux
  • Operating profit in the USA held back by 7.3% increase in fee-earners and record comparatives from the prior year
  • Strong results reported in Japan and Australia, offset by weakness in Hong Kong and currency headwinds in Vietnam

Albert Ellis, Chief Executive Officer, said:

“The six months under review have produced year-on-year growth in revenue and gross profit, as well as strong cash generation. An increased interim dividend, despite the challenges of the first half, reflects the Board’s confidence in the resilience of the Group’s business model and its strong balance sheet.

"Although mindful of macro-economic challenges, client demand for new hires continues to be driven by digital transformation, cybersecurity and data analytics and the Group’s strategy remains the prudent expansion of fee-earning capability and growth in market share, coupled with tight control of costs and working capital.”

ENQUIRIES:

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

Hudson Sandler
Michael Sandler / Cat Valentine
Tel: 020 7796 4133

See full results here