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Harvey Nash Group says strong organic growth has continued into new financial year

The company is holding a Capital Markets Day event for investors and analysts today that will highlight the group's strategic progress over the past 12 months
Recruitment candidates
The first quarter of the new financial year is tracking ahead of budget

Harvey Nash Group plc (LON:HVN), the global technology recruitment and outsourcing group, said it is tracking ahead of budget in its new financial year.

Gross profit growth in the quarter ended April 30 was up 7% year-on-year with the UK & Ireland, which accounts for 44% of gross profit, up 20% on the corresponding period of 2017, despite uncertainty in relation to the ongoing Brexit negotiations.

READ: Harvey Nash strengthens presence in North Europe with Belgium acquisition​

The Benelux continues to be a key driver of organic growth in Europe with 13% growth led by strong demand for contract recruitment and managed services, Harvey Nash said.

The Nordic region was up 7% and in Central Europe gross profit was up 5%, driven mainly by Germany.

In the Rest of World, gross profit was 23% lower largely as a result of an exceptional executive search quarter and higher solutions revenues in the prior year in the USA, the recruitment firm explained.

"I am very pleased to report that the strong organic growth reported in the second half of last year has continued into the current year and the first quarter is tracking ahead of budget,” said Albert Ellis, the chief executive officer of Harvey Nash.

“The group has a clear growth strategy, and with the additional contribution from the annualised effect of the acquired businesses and of the transformation programme, we are confident of continuing to make significant progress in 2018," he added.


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