20th Feb 2014 11:58
LONDON (Alliance News) - Harvey Nash Group PLC Thursday said it expects its results for 2013 to be in line with market expectations, reporting strong revenue growth in the final quarter of its last financial year.
In a trading update ahead of its results for the year ended January 31 2014, the recruitment and professional services firm said revenue increased by 24% in the fourth-quarter of its last financial year, with gross profit increasing by 9%. However, outsourcing gross profit was 2% lower because of the previously announced slowdown in investment in the mobile telecoms market.
Across all four quarters, revenue was 17% higher than the previous year, while gross profit was 7% higher. Gross profit from permanent recruitment was 10% higher, gross profit from contracting was 8% higher and gross profit from outsourcing was 5% lower.
Gross profit from permanent recruitment was 16% higher and 9% higher in contracting.
"Notwithstanding the increase in turnover compared with the preceding 12 months, strong trading cash flows and tight control of working capital have resulted in a positive net cash position as at January 31 2014 of circa GBP4 million, compared with GBP5 million at the prior year end," Harvey Nash said in a statement.
Results for the year ended January 31 2014 will be published on April 25.
Harvey Nash shares were Thursday quoted at 116.15 pence, down 1.97 pence, or 1.7%.
By Samuel Agini; [email protected]; @samuelagini
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