After reporting a fine set of numbers for last year (see Harvey Nash confirms a good year), UK-based international recruitment, outsourcing and offshoring firm, Harvey Nash, seems to have kicked the year off in pleasing form, at least on the top line. Revenues for the quarter to 30th April were up 18% yoy, but ‘adjusted’ operating profit only grew by 10%, even before accounting for office opening costs.
Harvey Nash also announced the acquisition of Antwerp-headquartered ITSA (IT staff agency) Talent-IT from its owners for €1.7m cash up front and up to €2.8m performance-related over 3 years. Talent-IT turned over €11.3m last year, with €0.7m pre-tax profit, a 6.2% margin that well exceeds Harvey Nash’s at 1.6%.
Harvey Nash CEO, Albert Ellis, saw no change to market conditions in Europe and mooted further M&A to drive growth.