(By Anthony Miller – Monday 10th August 2009 8:00am). Recruitment, and now burgeoning offshore IT services player, Harvey Nash is set to report flat revenues (i.e. some £200m) for the first half to 31st July, according to today’s trading update (see here). However, gross profit will be 5% down, which by our calculations means gross margin will dip under 16%. The company gave no statement on profit further down the P&L, but operating margins in the same period last year were 2.2%. Harvey Nash’s Vietnam-based offshore IT services business has grown to represent 20% of group OP (see Offshoring now 20% of Harvey Nash’s profit) and it sounds like this may rise further given the decline in the company’s traditional recruitment services. We will learn more at the end of September.
Monday, 10 August 2009
Offshore outsourcing helps Harvey Nash
(By Anthony Miller – Monday 10th August 2009 8:00am). Recruitment, and now burgeoning offshore IT services player, Harvey Nash is set to report flat revenues (i.e. some £200m) for the first half to 31st July, according to today’s trading update (see here). However, gross profit will be 5% down, which by our calculations means gross margin will dip under 16%. The company gave no statement on profit further down the P&L, but operating margins in the same period last year were 2.2%. Harvey Nash’s Vietnam-based offshore IT services business has grown to represent 20% of group OP (see Offshoring now 20% of Harvey Nash’s profit) and it sounds like this may rise further given the decline in the company’s traditional recruitment services. We will learn more at the end of September.
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