Harvey Nash revenues soar on organic growth and acquisitions

30th Aug 2018 09:00

(Sharecast News) - Recruitment firm Harvey Nash saw revenue and profits grow in line with expectations throughout the first six months of its trading year.Revenues shot up 24.8% to £527m, bringing gross profits to a total of £51.7m for the six months ended 31 July - an 11.1% increase year-on-year.Harvey Nash said the improved revenue was largely due to increases in contract recruitment, managed services and IT outsourcing on the back of both organic growth and acquisitions. The firm did note that permanent recruitment had been broadly flat.Net borrowings more than doubled to £21.5m in order to finance Harvey Nash's increased contract book and headcount in Vietnam, as well as the continuing costs of its transformation programme and recent acquisitions.As of 0900 BST, Harvey Nash shares had picked up 1.53% to 133p.