IT recruiter dodges downturn
Offshoring offsets fall in jobs
Posted in Management, 11th August 2009 08:14 GMT
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IT recruitment agency Harvey Nash saw a five per cent decline in gross profits in the first six months of this year, but said it maintained revenues thanks to growth in offshoring work.
The agency expects revenues in line with last year and a gross profit of £2m for the half year ended 31 July.
In a statement to the Stock Exchange, the firm said it was increasing its dividend by 11 per cent to 2p a share.
The company said: "As anticipated, the decline in demand for recruitment services has been partially offset by the performance of our IT outsourcing businesses."
Harvey Nash has no long term debt and facilities of £29m ready to fund growth when the upturn begins. ®
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COMMENTS
I read that IT agents...
were just telephone sales people these days. I hope Harvey Nash aren't recomending companies go offshore coz HN aren't an IT company and they really don't know what they are talking about.
I know someone that went to work there as some kind of junior consultant and all his experience was 10 years as a cook in a trendy high street bar. Within a week he was flinging IT acronyms around all over the place, and was he an expert consultant by then. Too right he was.
Brilliant
Can't wait until the fuckwits that offshored their IT find out that their short term profit from offshoring turns into long term pain, delusion and deficits. Been there, done that, got the souvenirs. Big companies never learn from their own reason d'etre - that nobody is in business to serve you for nothing, it's all for gain. You thought running IT was just a bottomless pit of expense? Welcome to a whole new world filled with those that will professionally pull your fiscal undies down and leave you sore.
Agents? Best bit about a recession really - shame this mob escaped the cull.
Chicken and egg
"...a five per cent decline in gross profits in the first six months of this year, but said it maintained revenues thanks to growth in offshoring work."
They might not have lost so much recruiting work if they weren't encouraging companies to move jobs offshore in the first place.
When the upturn begins?
Won't they need it for the next leg of the depression?
tossers
In the train's "Quiet Zone" of 13th May 2009 was one "Stacy" from Harvey Nash. Via his phone he proceeded, without irony, to terminate the contract of some guy in HSBC for "inappropriate behaviour". Fortunately he alighted at the next stop.
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