Group Highlights
Growth of 9% in gross profit and adjusted operating profit on a constant currency basis
Adjusted earnings per share up 10% on a constant currency basis
Final dividend up 8.7% to 2.360p (2015: 2.171p) bringing the total dividend for the year to 3.850p (2015: 3.531p)
Trading cash flow from operating activities up 73%
Positive net cash position at year end on improved debtor days
The loss from discontinued operations was £14.4m, resulting in a £7.6m statutory loss for the year and a loss per share of 10.5p.
Regional Highlights
Strong growth in the USA with gross profit up 25% and operating profit up 56%
Good growth in UK contracting with a weaker result in permanent placements
Germany & Sweden experienced strong growth although reported results were held back by currency headwinds
Record performance from Talent IT, our Belgian acquisition
Strategic review concluded: Disposal of non-core loss-making German outsourcing business completed in Dec 2015
Asia: Revenue increased by 77% and new Singapore office opened
Albert Ellis, Chief Executive Officer of Harvey Nash, commented:
"The Group has delivered another year of robust underlying growth in gross profit and operating profit while cashflow was ahead of expectations. .
Results were excellent in the USA where a booming technology sector and an acute skills shortage led to record revenues and operating profits. Revenue increased 77% in Asia, driven in particular by outstanding results in Vietnam and Japan.
In Europe, currency headwinds held back results and in the UK the final quarter was affected by weaker business confidence, a slowing economy and fears over Brexit.
The Group continues to win market share and invest in headcount in key locations, focusing on driving profitable growth, whilst remaining flexible and agile."
