FINANCIALS: Harvey Nash reveals acquisition plans

Harvey Nash says the immediate outlook for its business is “positive” and is planning to hit the acquisition trail over the next year.

Ahead of the technology, finance, HR, interim and digital staffing specialist’s annual general meeting today, the group released a statement, in which it revealed the group’s acquisition plans.

“We set out our clear strategy of focusing on technology and digital talent in the group’s preliminary results announcement on 27 April 2017,” chairman Julie Baddeley will say at the AGM.

“This, underpinned by the group’s robust financial position, puts us in a strong position to generate growth, both organically and through carefully selected acquisitions. A number of acquisitions are being actively considered, each of which would be subject to stringent financial hurdles, and the Board is optimistic of being in a position to announce one or more transactions in the current financial year.”

Baddeley will add the group is performing in line with management expectations for the financial year so far, adding the immediate outlook is positive.

However, with the appointment of group finance director Mark Garratt earlier in the year, the group is to thoroughly review its operations and cost base as it implements a transformation programme, which will result in streamlining the business and cutting central overhead.

“Measures have already been taken which will result in a reduction in ongoing trading costs of approximately £1m in the current year,” Baddeley will say.

“One-off incremental cash costs of approximately £1.25m in relation to this exercise will be incurred in the current year in addition to the costs of closing the Hong Kong office and of the proposed move to AIM both previously announced with the preliminary results in April. Further cost saving actions will be taken later in the year.”

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