Harvey Nash helped by growth in Asia and women on boards

Marion Dakers
RECRUITMENT and outsourcing company Harvey Nash yesterday posted rising revenues and annual profits, which it credits to demand for temporary work, expansion in Asia and increasing clamour for women board members.

Chief executive Albert Ellis told City A.M. that “a light has been switched on” in the last year or so when it comes to balanced boards, and that requests for female board members “is one of the only bits of the market that is growing”.

In financial services, where the firm makes a fifth of its revenues, Ellis said the market has stabilised in recent months, helped by a good run of results at the US banks.

Hiring at British lenders is chiefly “driven by niche skills such as compliance and risk”, he added, while his firm’s IT recruitment business has seen good growth.

For the year to the end of January, Harvey Nash posted a 12 per cent rise in revenues to £594m and adjusted pre-tax profits up two per cent at £8.7m.

Including one-off costs, pre-tax profits fell seven per cent to £7.9m.

“We must be one of the only companies in the sector to not have a profit warning,” said Ellis.