International recruiter Harvey Nash says “early indications are encouraging” in its first interim management statement for the financial year ending 31 January 2011.

The statement reveals that:

• Group’s revenue was 4% below that of Q1 last year with gross profit 6% below the same period
• Profit before tax was broadly similar in the quarter ended 30 April 2010 compared to the same period in 2009 (excluding prior year non recurring items) reflecting the benefits of cost saving initiatives in the previous year
• Quarterly gross profit declined steadily throughout 2009 but stabilised in the final quarter. However, in Q1 of the current financial year, gross profit rose by 6% on the final quarter of the year ended 31 January 2010.

The statement adds: “As demand recovers, we believe there will be increasing opportunities for organisations with strong brands and market leadership. Early indications are encouraging. The group’s marketshare has increased during the downturn and as a result we are confident the business is well placed to continue to benefit from these gains.”