Trading statement from Harvey Nash (HVN) looks OK, the key bit being;
Strategically, the Group's focus on the growing digital, mobile and social media technology markets, and its unique outsourcing and offshoring offering has resulted in an excellent financial performance so far and positions the Group well going into the second half.
The mkt cap is only £38m, which looks good value to me, for a fwd PER of 6-7. The recruitment sector generally looks cheap, perhaps because there's not much sign of economic recovery. However, due to the minefield of employment laws & regulation, there seems a general shift towards companies preferring contract & temporary workers. So recruiters likely to remain busy on that, even if filling permanent positions is slow.
I am told that IndigoVision (IND), my largest holding, has been tipped in Small Company Share Watch newsletter over the weekend, which is helpful. It was also tipped in Investors Chronicle last week, with tipsters waking up to the fact that it is now likely to have around 100p a share in net cash alone, plus an outrageously strong balance sheet overall (relative to its size of course), and is now performing better after a poor year last year.
Still waiting for the big breakthrough with IND though, which remains elusive. The FD turned CEO is certainly trying though - I'm told by various sources that you couldn't wish to find a more motivated & driven CEO. I live in hope that some strong sales growth will happen at some point, and that lovely 60% gross margin will kick in with its leveraged effect on the bottom line.
Well, this is embarrassingly short, but there are no other results which fall into my remit (mkt cap between £10-200m, no resource or financials sector, no overseas companies with a secondary UK listing). Have a good day/week!
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