NEW YORK--(BUSINESS WIRE)--Harvey Nash, an IT recruitment, IT offshoring and executive search firm, announced its preliminary results for the year ended Jan. 31, 2018, delivering a record performance.
Bob Miano, President and CEO, Harvey Nash USAPAC, commented:
“2018 was a challenging year for the U.S. due to market uncertainty and acute IT supply challenges. However our Executive Search division performed at record levels and we are well positioned to capitalize on our AGILE brand offshore services for 2019.”
|Core Operating Income||$16.2m||$11.7m||22.6%|
|Earnings before tax||$7.7m||$10.7m||-37.1%|
|Net cash from operations||$0.9m||$19.0m||-96.3%|
|Net cash at January 31||($9.7m)||$7.0m||-221.4%|
Albert Ellis, Chief Executive Officer of Harvey Nash, commented:
“The Group delivered an excellent performance in the year to January 2018, driven by our transformation program which saw us sharpen our focus on the buoyant demand for technology skills, streamline our operations and complete two earnings enhancing acquisitions. This combination of organic and acquisitive growth, our renewed strategy and transformed cost base resulted in a 24% uplift in Core profit before tax and an increased core conversion margin from 9.5% to 11.7%.
"I am particularly delighted by the outstanding performance of the UK business against a backdrop of Brexit related uncertainty and an overall decline in demand reported by many others in our sector. A successful acquisition in IT solutions, increased demand in the regions and strong growth in Financial Services in London has contributed to this excellent result.
"We are encouraged by the strong trading momentum in the second half of the year to January 2018 which has continued into the current year. As a result, the Board is confident the Group will continue to make significant progress in the year ahead.”
- Revenue increased by 13.4% to a record level of $1.262Bn
- Core operating income increased by 22.6% to $16.2m
- Operating income decreased 34.4% to $8.5m
- Core EBT increased by 24.4% to $15.3m
- Core EPS increased by 29.3% to $0.16
- Final dividend increased by 5.0% to $0.04
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 7,000 experts in 43 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.