Much as presaged in its year-end trading update (see Pleasing year for Harvey Nash), UK-based international recruitment, outsourcing and offshoring firm, Harvey Nash, turned in a fine set of numbers for the year to 31st Jan. Headline revenues grew by 26% to £533m (all organic) though gross margins eased 150bps to 14.7%. Nonetheless, operating margins perked up 20bps to 1.7% and EPS stormed ahead by 36% to 7.86p.
The UK region grew even faster (36%) to reach £178m (includes Ireland and Asia!), though gross margins fell over 4 points to 17.2%. However, revenues from Harvey Nash’s Vietnam-based offshoring centre remained flat, in stark contrast to the US, where outsourcing and offshoring grew by 56% (and see Harvey Nash steps closer to 'outing' NashTech).
CEO Albert Ellis also advised that Q1 is on track. I’ll be speaking with management anon.