Harvey Nash Group PLC Announces Double Digit Growth for First Half of 2015

NEW YORK--()--Harvey Nash, the global IT outsourcing and professional recruitment company, announced its Half Year results on September 30, 2015, showing double-digit growth in underlying operating profit on a constant currency basis and are in line with management’s expectations.

Bob Miano, President and CEO, Harvey Nash USAPAC, commented:

“Our strong USA top line and bottom line results were driven by the demand for technology talent outstripping supply. Prior year investment in talented consultants, our new enterprise delivery model and a focus on our digital strengths in executive recruitment resulted in every service line delivering record results. In utilizing the global sourcing resources of the Harvey Nash Group all over the world in conjunction with dynamic market conditions, Harvey Nash USA’s growth outstripped all previous highs and also the global average.”

Extract from unaudited Group Financial Results:

(as announced in GB Pounds on September 30, 2015 translated at U.S. Dollar Rate $1.51)


July 31, 2015


July 31, 2014





Revenue     $ 508.9m     $ 537.4m    

- 5.3



+ 0.5


Gross profit $ 69.9m $ 65.8m

+ 6.1


+ 9.4


Adjusted operating profit2 $ 7.4m $ 6.9m

+ 7.3


+ 12.6


USA Only
Revenue $ 40.6m $ 33.5m

+ 21.3


Gross profit $ 10.9m $ 8.07m

+ 34.8


Adjusted operating profit2 $ 1.1m $ 0.7m

+ 60.8



Group highlights:

  • Strong growth in underlying gross profit of 6.1% (9.4% on a constant currency basis1)
  • Significant improvement in gross margin to 13.7% (2014: 12.3%) - up 12.1%
  • Increase in adjusted operating profit2 of 7.3% (12.6% on a constant currency basis1)
  • Interim dividend increased by 9.6%
  • Cash outflows due mainly to expansion of working capital
  • Outstanding performance in the USA with gross profit increased by 34.8% and operating profit by 60.9%
  • Excellent growth in net fee income in Asia - up 50.2%
  • Good performance from UK and Ireland with gross profit up by 7.1% and operating profit up by 9.5%
  • Underlying results in Mainland Europe were broadly stable on a constant currency basis1
  • Group fee-earner headcount rose by 9.6% - investment in growth in the UK, USA and Asia

Albert Ellis, Chief Executive Officer, Harvey Nash, said:

“The Group has delivered a strong financial performance, in the USA, UK and Asia with double-digit growth in underlying operating profit1 on a constant currency basis.

“Strategic investment in the USA and a favorable market has driven growth in operating profit of 60.9% and expansion in Asia has delivered an increase of 50.2% in net fees in those businesses. In the UK, strong demand for software developers accelerated growth with net fees improving by 18.0% on the prior year. In Europe, despite currency headwinds, steady demand for temporary and contract labor continued to drive solid improvement in operating profit1.”

1 On a constant currency basis, using GB Pounds as base currency and re-translating all current year figures at prior year rates.

2 Stated before non-recurring costs

About Harvey Nash Inc.

Harvey Nash Inc. is the U.S. division of the Harvey Nash Group, a global professional recruitment firm and IT outsourcing service provider traded on the London Stock Exchange since 1997. Harvey Nash has helped over half the world’s leading companies recruit, source and manage the highly skilled talent they need to succeed in an increasingly competitive, global and technology driven world. With 8,000 experts in 47 offices across Europe, Asia and North America, Harvey Nash has the reach and resources of a global organization, and it fosters a culture of innovation and agility that empowers all employees across the world to respond to constantly changing client needs. Harvey Nash works with clients, both big and small, to deliver a portfolio of services: IT recruitment, IT outsourcing/offshoring and executive search. To learn more, please visit www.harveynashusa.com. Follow us: www.twitter.com/harveynashusa and www.facebook.com/harveynashusa.


Media Contact:
ClearEdge Marketing
Ann Warren, +1 (770) 328-8384

Release Summary

Harvey Nash Achieves Double Digit Growth for First Half of 2015


Media Contact:
ClearEdge Marketing
Ann Warren, +1 (770) 328-8384