FINANCIALS: Positive news from Harvey Nash and Servoca

Revenue is on the rise at Harvey Nash, while Servoca has seen a “positive start” to its financial year.

A trading update, released by staffing solutions and outsourced services provider Servoca, ahead of interim results to 31 March 2017 due to be announced on 12 June, saw the group report a “positive start” to the year with results ahead of internal expectations.

Servoca added results for the first six months of its financial year were also “significantly ahead” of the corresponding period last year.

“The group's diversified business mix has delivered a resilient performance and this gives the board confidence as we enter the second half,” the group’s statement continued.

Meanwhile, professional services firm Harvey Nash reported group revenue increased 16% year-on-year, according to preliminary results for the year ended 31 January 2017.

Group gross profit also rose 8% year-on-year, along with operating profit up 12%, fuelled by growth in the group’s Benelux and Nordic operations. However, year-on-year revenue growth was flat in the UK & Ireland and was held back in Rest of World operations by a disappointing performance in Hong Kong, currency headwinds in Vietnam, and bad and doubtful debt write-offs in the US.

CEO Albert Ellis said: "The group has a robust and diverse business model, which has delivered strong performances despite the challenging economic backdrop in some of the group's markets, not least the UK. The results are underpinned by stronger than expected cash generation and an increased dividend.

"During the year, we took several initiatives to streamline the business and we have a clear strategy to grow the business both organically and by acquisition. Our vision is to be Europe's market leading technology and digital talent provider with challenger businesses in the US and Asia.

"We are confident of driving profitable growth in the year to January 2018, whilst remaining flexible in response to changes in market conditions.”

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