Harvey Nash shares up on overall strong FY performance

Shares in Harvey Nash are up more than 5% as its full-year pre-tax profit slipped to £8.5m, from £9.1m, albeit in an overall strong performance that saw higher revenue with an improved final dividend.

The global recruitment and professional services group had delivered strong performances despite the challenging economic backdrop in some of its markets, not least the UK.

Chief executive Albert Ellis also said the results were underpinned by stronger than expected cash generation and an increased dividend.

Revenue for the 12 months was £784.3m, up from £676.5m. Final dividend was 2.525p a share, from 2.36p. Net cash from operating activities was £15.1m, up from £13.0m.

"During the year, we took several initiatives to streamline the business and we have a clear strategy to grow the business both organically and by acquisition," said Ellis.

"Our vision is to be Europe's market leading technology and digital talent provider with challenger businesses in the US and Asia."

He added that Harvey Nash was confident of driving profitable growth in the year to January 2018, whilst remaining flexible in response to changes in market conditions.

"The current financial year has started well, with performance marginally ahead of expectations."

At 15:00 BST, shares in Harvey Nash were up 5.24% to 72.25p each.