Home » News and Views » Ian Pollard – Harvey Nash #HVN – “Core” Blimey

Ian Pollard – Harvey Nash #HVN – “Core” Blimey

Harvey Nash HVN Preliminary results show that a record “core” performance was delivered during the year to 31st January, which actually saw profit before tax down by 37.!%, earnings per share nearly halved with a fall of 45.5% and the final dividend increased by 5%. The CEO says these were excellent results which were ahead of expectations, provided only you look at the “core” figures which ignore non recurring items and the cost of office closures. Without these the transformation of the company is proving to be a huge success Looking at it that way profit before tax rose by 24.4% and earnings per share by 29.3%. The UK and Ireland produced robust growth and market share gains and Benelux and the Nordics delivered strong organic growth. In the Rest of the World operating profit rose from £0.2m to £0.9m although gross profit fell by 11.9%.

As for the present, the company is encouraged by the strong trading momentum in the second half  which is continuing into the current year.

Royal Bank of Scotland Group RBS updates that income in the quarter to the 31st March rose by 2.8% whilst costs fell by 2.1%. Attributable profit was well on its way to tripling with a rise from £259m. to £792m and basic earnings per share did triple from 2.2p per share a year ago to 6.6p this year. Operating profit before tax rose from £713m. to £1,213m

Computacenter plc CCC The quarter to the 31st March was better than expected with group revenue rising by 19% excluding a one off software sale of £34m in the UK which would have taken it up to 23%. The company sees no reason why the current positive market conditions should not continue in the near term,

Nexus Infrastructure Services NEXS For the half year to the 31st March both revenue and operating profit were ahead of last year.The order book was up by 33% year on year and the company retains its very strong market position.

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