FINANCIALS: Harvey Nash trades in line with expectations

Professional technology recruiter Harvey Nash is trading in line with expectations, according to a trading update.

The update, released this morning, reveals revenue for the six months to 31 July 2018 of £527m, up from £422m in H1 2017, and gross profit of £51.7m from £46.5m in the same period last year.

The group attributed the increase in revenue primarily to revenue growth in contract recruitment, managed services and IT outsourcing as a result of both organic growth and acquisitions, while permanent recruitment had been broadly flat. This change in mix was also reflected in a relatively smaller increase in GP over the period, the group added.

The group also posted net borrowings of £21.5m, which the group said reflected the expansion in working capital required to finance its increased contract book and additional headcount recruited in Vietnam to support current demand. The borrowings also included continuing costs of both the transformation programme and the acquisitions made in the second half of the year to 31 January 2018 and first six months of the current year. 

• Comment below on this story. You can also tweet us to tell us your thoughts or share this story with a friend. Our editorial email is [email protected]

QX Global Group receives £100m growth investment from Long Ridge

QX Global Group, a provider of business process management (BPM) and offshore recruitment services, has received a £100m investment from US-headquartered Long Ridge Equity Partners.

Contracts 11 July 2024

Robert Walters unifies brands globally

Robert Walters is unifying its three brands – Robert Walters, Walters People and Resource Solutions – into a single brand, Robert Walters.

New to Market 9 July 2024

Former nGAGE CEO USA Bowler joins Andersen James as group CEO

Former nGAGE CEO USA Jason Bowler has joined specialist recruiter Andersen James Group as CEO.

People 27 June 2024

Kelly completes Motion Recruitment Partners acquisition

Global talent solutions provider Kelly has completed the acquisition of Motion Recruitment Partners (MRP) from private investment firm Littlejohn & Co for $425m (£332m).

Contracts 4 June 2024
Top