Harvey Nash Group PLC AGM Statement (5026J)
29 June 2017 - 4:00PM
UK Regulatory
TIDMHVN
RNS Number : 5026J
Harvey Nash Group PLC
29 June 2017
29 June 2017
AGM Statement
Strong position to generate growth
At today's Annual General Meeting of Harvey Nash Group plc, the
global recruitment and professional services group, Julie Baddeley,
Chairman, will provide the following update to shareholders:
"We set out our clear strategy of focusing on technology and
digital talent in the Group's preliminary results announcement on
27 April 2017. This, underpinned by the Group's robust financial
position, puts us in a strong position to generate growth, both
organically and through carefully selected acquisitions. A number
of acquisitions are being actively considered, each of which would
be subject to stringent financial hurdles, and the Board is
optimistic of being in a position to announce one or more
transactions in the current financial year.
"The Group is performing in line with management expectations
for the financial year so far, and ahead of the prior year, despite
geo-political headwinds including the UK General Election.
"The immediate outlook is positive, with the key measure of
contractor work in progress being comfortably ahead of last
year.
"Following the appointment of Mark Garratt as Group Finance
Director earlier in the year, the Executive Directors have been
undertaking a thorough review of the Group's operations and cost
base. As a result we are in the process of implementing a
transformation programme including actions to streamline the
business and reduce central overhead. Measures have already been
taken which will result in a reduction in ongoing trading costs of
approximately GBP1m in the current year. One-off incremental cash
costs of approximately GBP1.25m in relation to this exercise will
be incurred in the current year in addition to the costs of closing
the Hong Kong office and of the proposed move to AIM both
previously announced with the preliminary results in April. Further
cost saving actions will be taken later in the year.
"As previously announced, subject to shareholder approval to be
sought later today, it is the company's intention to move to the
AIM market on 28 July 2017."
This announcement contains inside information for the purpose of
Article 7 of the Market Abuse Regulation (EU) No. 596/2014
Enquiries:
Harvey Nash Albert Ellis (CEO) and Tel: 020
Mark Garratt (CFO) 7333 2635
Hudson Sandler Michael Sandler / Hattie Tel: 020
O'Reilly / Fern Duncan 7796 4133
This information is provided by RNS
The company news service from the London Stock Exchange
END
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