Harvey Nash Group plc
Annual Report 2005
Harvey Nash Group plc Annual Report 2005
Harvey Nash Group plc
13 Bruton Street, London W1J 6QA Telephone: 020 7333 0033
www.harveynash.com Die Harvey Nash Gruppe ist ein global agierendes
Unternehmen, welches seine Dienstleistungen mit
400 Mitarbeitern an 30 Standorten in Europa, USA
und Asien anbietet.
Die Gruppe hat ein einzigartiges Portfolio von
Personaldienstleistungen, welches Unternehmen 
in den Segmenten IT und Engineering mit
professionellen Lösungen auf der Basis von 
Werk- und Dienstverträgen, Personalvermittlung 
und Offshore Development unterstützt. Unsere
Executive Search und Interim-Management 
Division unterstützt unsere Kunden in der
erfolgsentscheidenden Rekrutierung von Top
Management Positionen. 
Unser Ziel ist es, der führende Personaldienstleister
von Top Unternehmen zu werden. Wir arbeiten dafür
konstant, um die Erwartungen unserer Kunden mit
herausragendem Service, Innovation, Flexibilität und
uneingeschränkter Entschlossenheit zu übertreffen.
Harvey Nash is een vooraanstaand leverancier 
van recruitment en outsourcing oplossingen 
met wereldwijd meer dan 400 medewerkers 
en 30 kantoren verspreid over Engeland, Europa, 
de Verendigde Staten en Azië.
De groep beschikt over een uniek portfolio met
recruitment en outsourcing services, ontwikkeld 
om corporate IT activiteiten en organisaties te
ondersteunen door professionele oplossingen te
bieden op permanente of tijdelijke basis of door
middel van offshore development. Onze Executive
Search en Interim Management Services
ondersteunen onze klanten wereldwijd door 
het aantrekken van Senior Management talent,
essentieel voor een succesvolle toekomst.
Wij willen een professionele wervingspartner voor
blue chip organisaties zijn. Dit bereiken wij door de
verwachtingen van onze klanten op het gebied van
service, innovatie en flexibiliteit te  overtreffen en
door ons vastberaden voornemen om uit te blinken
in alles wat we doen.
Le Groupe Harvey Nash est l’une des premières
entreprises internationales de conseil en
recrutement, avec 400 personnes dans le monde 
et 30 implantations couvrant le Royaume Uni,
l’Europe, les Etats-Unis et l’Asie Pacifique.
Le Groupe propose une gamme unique de conseil 
en recrutement, de prestations de sous-traitance 
et d’externalisation de développement de logiciels
aux organisations informatiques .
Nos activités de recrutement de cadres dirigeants et
d’intérim management contribuent au succès de nos
clients, à l’échelle du globe, grâce à la recherche de
talents de haut niveau, facteur clé de leur réussite.
Notre objectif est d’être partenaire stratégique
privilégié des entreprises de tout premier ordre,
grâce à la très haute qualité de nos prestations, à
notre capacité d’innovation, à notre flexibilité et 
à notre détermination sans faille à réussir tout ce 
que nous entreprenons.
1 Highlights
2 At a Glance
4 Chairman‘s Statement
6 Chief Executive’s Statement
8 Financial Review
10 Directors, Secretary and Advisers
12 Directors’ Report
14 Corporate Governance
17 Remuneration Report
21 Directors’ Responsibilities in Relation 
to the Financial Statements
Contents
22 Independent Auditors’ Report to the
Members of Harvey Nash Goup plc
24 Consolidated Profit and Loss Account
25 Consolidated and Company Balance Sheets
26 Consolidated Cash Flow Statement
27 Statement of Total Recognised 
Gains and Losses
27 Reconciliation of Movements 
in Shareholders’ Funds
28 Notes to the Financial Statements
United Kingdom
London
Harvey Nash Group plc
13 Bruton Street
London W1J 6QA
Tel: 44 20 7333 0033
Fax: 44 20 7333 0032
Impact Executives
13 Bruton Street
London W1J 6QA
Tel: 44 20 7314 2011
Fax: 44 20 7333 2020
Mortimer Spinks Ltd
13 Bruton Street
London W1J 6QA
Tel: 44 20 7170 6400
Fax: 44 20 7170 6401
Birmingham
Harvey Nash plc
4302 Waterside Centre
Birmingham Business Park
Birmingham B37 7YN
Tel: 44 121 717 1919
Fax: 44 121 719 1913
Mortimer Spinks Ltd
4302 Waterside Centre
Birmingham Business Park
Birmingham B37 7YN
Tel: 44 121 329 1400
Fax: 44 121 329 1414
Leeds
Harvey Nash plc
Marshall Mill
Marshall Street
Leeds LS11 9YJ
Tel: 44 113 202 8900
Fax: 44 113 245 3255
Mortimer Spinks Ltd
Marshall Mill
Marshall Street
Leeds LS11 9YJ
Tel: 44 113 202 8989
Fax: 44 113 202 8999
USA
Denver
Harvey Nash Inc.
1123 Auraria Parkway
Suit 100
Denver
CO 80204
Tel: 303 299 9090
Fax: 303 296 8855
San Francisco
Harvey Nash Inc.
455 Market Street
Suite 1190
San Francisco
CA 94105
Tel: 415 901 0910
Fax: 415 901 0920
Seattle
Harvey Nash Inc.
Intracorp Plaza
2505 Second Avenue
Suite 705
Seattle
WA 98121
Tel: 206 956 9200
Fax: 206 956 0474
Shelton
Harvey Nash Inc.
5th Floor, Suite 300
2 Corporate Drive
Shelton
CT 06484
Tel: 203 225 0544
Fax: 203 225 0560/0561
New Jersey
Harvey Nash Inc.
101 Eisenhower Parkway
Suite 300
Roseland
NJ  07068
Tel: 973 795 1234
New York
Harvey Nash Inc.
3 Park Avenue
33rd Floor
New York
NY 10016
Tel: 212 481 1317
Fax: 212 481 1319
Chicago
Harvey Nash Inc.
1700 Park Street
Suite 212
Naperville
IL 60563
Tel: +1 (630) 369 9300 
Fax: +1 (630) 369 76
Europe
Dusseldorf
Harvey Nash GmbH
Immermannstrasse 51
D-40210 Düsseldorf
Germany
Tel: 49 211 17 93 920
Fax: 49 211 17 93 9220
Frankfurt
Harvey Nash GmbH
Regus Centre Eurohaus
Lyoner Strasse 26
D-60528 Frankfurt
Germany
Tel: 49 69 677 33 0
Fax: 49 69 677 33 200
Hamburg
Harvey Nash GmbH
Regus Centre Fleethof
Stadhausbruke 1
20355 Hamburg
Germany
Tel: 49 40 376 44 400
Fax: 49 40 376 44 500
Munich
Harvey Nash GmbH
Regus Munchen Schwabing
Elisabethstrasse 89-91
80797 Munich
Germany
Tel: 49 89 59 08 0
Fax: 49 89 59 08 1200
Stuttgart
Harvey Nash GmbH
Hoferstrasse 9
71636 Ludwigsburg
Germany
Tel: 49 7141 94500
Fax: 49 7141 945020
Brussels
Harvey Nash NV
Westpoint Parkway
t’Hofveld 6c
B-1702 Groot-Bijgaarden
Belgium
Tel: 32 2 463 1430
Fax: 32 2 463 3277
Paris
Harvey Nash SA
8 Avenue Kleber
75116 Paris
France
Tel: 33 1 406 76600
Fax: 33 1 406 76619
Utrecht
Harvey Nash BV
7th Floor Tower B
Corner Plaza
Planetenbaan 25
3606 Maarssen
The Netherlands
Tel: 31 346 581070
Fax: 31 346 581080
Zurich
Harvey Nash AG
Zeughausstrasse 51
Postfach
CH-8026 Zurich
Switzerland
Tel: 41 1 296 88 44
Fax: 41 1 296 88 55
Asia
Hong Kong*
Unit B, 9/F
Entertainment Building
30 Queens Road Central
Hong Kong
Tel: 852 2521 3366
Fax: 852 2810 7211
Hanoi
Harvey Nash plc
HITC Building
Xuan Thuy Road
Cau Giay District
Hanoi
Vietnam
Tel: 84 4 834 2050
Fax: 84 4 833 3834
* Affiliated offices
Web address
www.harveynash.com
International Offices Annual Report & Accounts 2005
Highlights
31 January 2005 31 January 2004
Turnover £163.4m £130.9m
Adjusted operating profit* £4.5m £2.0m
Operating profit/(loss) £2.1m (£3.7m)
Adjusted profit before tax* £3.6m £1.1m
Profit/(loss) before tax £1.2m (£4.5m)
US UK Europe Asia Pacific
2004 2005
Turnover by geographical mix
£million
100
80
60
40
20
0
US UK Europe Asia Pacific
2004 2005
Operating profit** by geographical mix
£million
2.0
2.5
1.5
1.0
0.5
0.0
-0.5
•∑Turnover up 25% to £163.4m
• Operating profit
*
up 127% to £4.5m
• UK profit growth
**
up 90% to £2.2m
•European profits more than doubled to £1.4m
**
• US profits growth up 154% to £0.9m
**
• Acquisition of Chicago based business in December 2004
• New Jersey office opened October 2004
* Adjusted for goodwill amortisation of £2.2m (2004: £2.1m) and exceptional items of £0.2m (2004: £3.5m) and this meaning shall apply to pages 1 to 9.
** Adjusted for share of goodwill amortisation and exceptional items of £0.2m and this meaning shall apply to pages 1 to 9.
1 Harvey Nash Group plc Annual Report & Accounts 2005 2 Harvey Nash Group plc
Harvey Nash is a leading provider of specialist recruitment and outsourcing
solutions, with over 400 staff worldwide and 30 offices covering the United
Kingdom, Europe, the United States and Asia. 
The Group has a unique portfolio of recruitment and outsourcing services,
designed to support corporate IT functions and organisations, by providing
professional solutions on a permanent, contract and offshore development basis.
Our Executive Search and Interim Management services support our global clients
through attracting senior management talent, critical to their future success.
Our goal is to become the professional recruitment partner of choice to key blue
chip organisations. We will achieve this by exceeding clients’ expectations by
providing outstanding service, innovation, flexibility and an uncompromising
determination to achieve excellence in everything we undertake. 
IT Recruitment
Our market leading IT recruitment business
provides clients with highly skilled IT
specialists for senior contract and permanent
roles, assisting both global companies and
smaller niche organisations in attracting and
retaining the very best IT talent.
Global Interim Management
Through our market leading Interim
Management business ‘Impact Executives’,
we provide highly specialist interim
executives across a broad range of disciplines
to our global clients to resolve their short-
term resourcing and project needs.
Outsourcing Services
We provide application development, third
party software maintenance and outsourced
software managed services to blue chip
clients across all sectors. Using our CMM
level 5 accredited software development
centre in Asia, we deliver a unique mix of
onshore and offshore services to our clients.
HR Consulting
We have a range of Human Resource
services which include Competitor Analysis,
Salary Benchmarking, Competency Testing
and Training as well as supporting our clients
in the attraction, retention and development
of key personnel.
International Executive Search
With our global office network, we are 
able to support our clients’ international
expansion and their search to attract
outstanding executives. This business is
sector focused, Technology, Financial
Services, Healthcare, Retail, Consumer,
Commerce and Industry, and Public Sector. 
Project Management Services
We are able to offer our clients a
comprehensive portfolio of end-to-end
services, including outsourced field services,
specialist training, consultancy services and
workforce augmentation.
At a Glance Annual Report & Accounts 2005 3 Harvey Nash Group plc
6%
US and Asia Pacific
Turnover by geographical area
2004
40%
Rest of Europe
54%
United Kingdom
10%
Consulting Services
Turnover by market sector
2004
90%
Resourcing Services
10%
Consulting Services
Turnover by market sector
2004
90%
Resourcing Services
6%
US and Asia Pacific
Turnover by geographical area
2004
40%
Rest of Europe
54%
United Kingdom
USA
• Connecticut
• Chicago
• Denver
• New York
• San Francisco
• Seattle
UK
• Birmingham
• Leeds
• London
Europe
• Brussels
• Dusseldorf
• Frankfurt
• Hamburg
• Munich
• Paris
• Stuttgart
• Utrecht
• Zurich
Asia
• Beijing
*
• Hanoi
• Hong Kong
*
• Shenzhen
*
• Guangzhou
*
* affiliated office
Our Global Offices Annual Report & Accounts 2005 4 Harvey Nash Group plc
Chairman’s Statement
Ian Kirkpatrick Chairman
The outlook remains encouraging in our principal
markets around the world.
Financial Highlights 
Turnover for the year was up 25% to
£163.4m (2004: £130.9m) which yielded an
increase in gross profit of 20% to £32.0m
(2004: £26.7m). Operating profit* more than
doubled to £4.5m (2004: £2.0m). Profit
before tax rose to £1.2m (2004: loss of
£4.5m), a turnaround of £5.7m. 
Market Conditions
Since August 2003 we have indicated that
demand and activity levels were beginning
to improve, however, it was in the year
ended 31 January 2005 that we saw these
increased activity levels translate into actual
revenue and profit growth across all of our
markets. In the UK, the market for
permanent IT professionals was very strong
in the first half of the year. In Continental
Europe despite continued challenges facing
the Eurozone economies we were delighted
to be able to increase revenue and double
profits. The US continued its strong growth
and it is particularly satisfying that the
profits for the year now exceed those
achieved in 2001.
The IT Sector recovered strongly during
2004 with higher levels of requirements and
in some areas increases in margins and pay
rates. The recovery in the IT sector occurred
mainly in the first half as a result of a release
of pent up demand and new projects
coming on stream. The contracts business,
which picked up mainly in the second half of
last year, achieved significant growth and
there is some evidence that the margin
decline experienced over the last five years
may have bottomed out.
The Consulting business was affected in the
second half by a fall in business confidence
in the UK due to slowing consumer demand,
rising oil prices and uncertainty in interest
rates and therefore its results were below
our expectations for the final quarter. The
division quickly reduced headcount to
realign costs with revenues. 
Strategic Plan
Over the next three years, our markets are
expected to remain competitive and growth
rates, whilst stable, will be moderate. The
Group’s three year plan is designed to achieve
better than average market growth through
investment in headcount, infrastructure and
our new outsourcing services which will
generate long term visible revenues. This
investment is currently forecast to be £1.0m
over the next 12 months.
In the UK, growth will be driven by
increased geographical penetration
through opening self funding regional
satellite offices. In Europe, investment 
will mainly be focused on increasing
headcount in existing locations and
organic expansion into new territories. In
the US, the Group will seek to increase 
fee-earning capacity aggressively with 
new office openings and expansion of new
services throughout the existing network.
Ian Kirkpatrick
Chairman  Annual Report & Accounts 2005 5 Harvey Nash Group plc
The Group has already begun further
investment in its outsourcing services in the
UK and in the US. The Group will consolidate
its position as a leading provider of senior IT
management and technical professionals,
with substantial capabilities for outsourcing,
both onshore and offshore. Our unique
portfolio of services and increased fee-
earning capacity will maximise growth in
revenues and profits over the next three
years although in the short term the
investment required will inevitably hold back
our progress.
Employees 
The Board expresses its thanks to all the
Group’s staff for their continued
commitment and loyalty throughout the
year. In particular, we believe that their
professionalism, pace and urgency to
deliver, have been the most important
factors in the successful recovery of the
Group and they deserve full recognition. 
Board of Directors
To support the Group’s three year strategic
plan the Board is pleased to announce the
following changes. David Higgins, Chief
Executive Officer will become Executive
Deputy Chairman. Albert Ellis, Group Finance
Director will be promoted to Chief Executive
Officer. The Board will look to appoint a new
Group Finance Director and in the interim,
Albert Ellis will continue to perform the role
until a replacement is appointed. David
Treacher retires at the Annual General
Meeting and the Board would like to thank
him for his valuable contribution and wish
him well for the future. 
Outlook
In the UK, the demand for IT professionals
remains strong with the Resourcing division
continuing its growth. However, the lower
levels of business confidence have impacted
our Consulting division. Whilst still
profitable, Consulting’s revenues are likely to
be lower in the current year than last year. 
In Continental Europe the growth rates in
the first quarter are positive and activity
levels remain high. With higher margins and
improved productivity, this should translate
into strong profit growth.
In the US, the Group is investing significantly
in fee earners, infrastructure and
outsourcing in order to achieve
differentiation, critical mass and enhanced
national coverage. 
Whilst our progress in the current year will
be held back by the investment we are
making in our business and the lower level of
revenues within the Consulting division, the
overall outlook remains encouraging in our
principal markets around the world.
“Our unique portfolio of
services and increased
fee-earning capacity 
will maximise growth in
revenues and profits over
the next three years.” Annual Report & Accounts 2005 6 Harvey Nash Group plc
David Higgins Chief Executive
We have delivered a strong financial performance
growing revenues and operating profits and
demonstrating the strength and quality of the
underlying business.
The Group’s unique portfolio of services 
and strong brand have positioned us well 
to take advantage of the improved market
conditions. As a result, we have delivered 
a strong financial performance, growing
revenues by 25% to £163.4m and operating
profits* up 127% to £4.5m, demonstrating
the strength and quality of its underlying
businesses.
The operating profit margin* of the Group
increased to 2.7% from 1.5% last year as the
Group realised the benefits of increased
volume from higher margin markets.
United Kingdom
Turnover in the UK was up 13.7% to £79.7m
(2004: £70.1m) with net operating profit**
up 90% to £2.2m (2004: £1.1m). 
In the first half year, demand for permanent
IT professionals increased as a result of
more projects coming on line. Once the
volume of projects improved, demand
picked up for flexible IT consultants,
positively affecting the Group’s IT
contracting business, which strengthened 
in the second half. 
In the offshore software development
business, investment began to pay off as 
the forward order book started rising again
following the end of a large project in
Continental Europe in August last year. 
In addition, the sales and marketing
investment which will drive this business
forward in the coming year, was initiated 
in the final quarter.
The Executive Search business experienced
strong demand in the first half year and the
number of interim managers on assignment
was steady. However, as business
confidence weakened towards the end of
the year, clients delayed key senior hiring
decisions and turnover fell back in the
second half.
Continental Europe
Turnover was up 13% to £59.5m (2004:
£52.9m) and operating profit* increased 
by 117% to £1.4m (2004: £0.6m). 
We indicated in April 2004 that activity
levels in Europe were picking up and
revenues were expected to increase even
though the larger European economies had
not yet returned to robust growth. This can
be seen in the 25% improvement in second
half revenues compared with the first half.
Profits in the second half rose by 54% when
compared with the first half, reflecting the
focus on higher margin services. 
In particular, the Benelux countries
experienced increasing numbers of
requirements as the market improved in the
second half of the year. In the Netherlands,
the Group adds value to clients through its
Managed Services, designed to provide
recruitment process outsourcing solutions
to large organisations such as Siemens.
Demand is strong for this service and 
profits in the second half were boosted
considerably as volumes improved. 
Chief Executive’s Statement
David Higgins
Chief Executive “The Group’s success is based on differentation 
and added value services.”
Annual Report & Accounts 2005 7 Harvey Nash Group plc
In France, demand for our Consulting
services remained weak and the business
made a small loss for the year. In the current
year the Group is implementing its plan to
increase its focus on the IT market and
broadening the range of services offered.
Currently the expectation is that the
business as a whole will be profitable by
January 2006.
Germany returned to healthy growth in 
the year ended 31 January 2005 as the
business focussed on providing higher
margin value added services such as 
systems management outsourcing (to IBM
mainframe clients) and specialist candidates
through its SAP competency centre. 
Finally, Switzerland has successfully
leveraged the Group’s portfolio of services
to capitalise on the increasing demand for
permanent IT professionals in the banking
and insurance sector. 
United States
The US was the strongest market for our
services in the world last year. The Group
increased its revenues there by 223% to
£24.1m (2004: £7.4m) and its operating
profit** by 154% to £0.9m (£0.4m). This
growth is partly due to the full benefit of
acquisitions made during the previous year.
The Group opened an office in New Jersey
in October 2004. This is a key commercial
centre where many Fortune 500 companies
have relocated their back office operations
post September 11th. The start up
investment cost, included in the US
operating profit, was £0.1m. In line with the
Group’s strategy of differentiation through
added value services, a key part of the
service offered here is “outsourcing”, mainly
focused on infrastructure and help desk
operations. This office is now gaining
traction in its markets and is expected to
breakeven by January 2006. Winning any
one of a number of outsourcing proposals
which are currently under consideration at
prospective clients, will shorten the
budgeted time to profitability.
In December 2004, the Group acquired the
business and certain assets of Bluesuit
Consulting, a small niche IT Services
business in the Chicago area. This completes
the first stage of our strategic plan to
establish a presence in all the major cities in
the US.
Having grown revenues and profits so
aggressively over the last year, the Group is
now further strengthening its management
team with professional back office and
systems infrastructure which will enable 
the US business to grow to the next level.
Capacity has been created to provide a
sound platform to increase profits in the
medium term although the investment will
weigh heavily on results in the short term. 
In addition, the investment required to
establish an IT outsourcing service is
estimated to be in the region of £0.2m 
in the coming year. This will increase the
opportunity for the Group to continue its
strategy of focusing on added value services
in higher margin markets.
Group Overview
The Group’s success is based on
differentiation and added value services.
Investment in our IT outsourcing and
offshore services will be increased this 
year as clients are looking to their trusted
partners to take more control of their IT
resources. Harvey Nash is particularly well
placed with its unique portfolio of services
and strong brand to take advantage of these
growth opportunities.  Annual Report & Accounts 2005 8 Harvey Nash Group plc
Financial Review
Albert Ellis   Group Finance Director
Strong cash flows funded expansion of the business
and enabled the Group to make a further reduction
in the long-term debt.
Profit and Loss Account
Turnover increased 25% to £163.4m for the
year ended 31 January 2005 (2004: £130.9m)
mainly as a result of improved trading and the
US acquisitions. Gross profit margin of 19.6%
was slightly below the previous year (2004:
20.4%) reflecting the increase in direct sales
commissions associated with the growth 
in turnover. Excluding this the gross margin
remained stable at 23.3% (2004: 23.3%). 
The proportion of turnover relating to the
Resourcing Division was 92% (2004: 90%)
compared to 8% (2004:10%) from Consulting.
The total fully inclusive cost base of the
Group for the year was marginally lower
than last year at £30.0m (2004: £30.4m)
reflecting the £3.3m reduction in
exceptional charges offset by increased
investment in headcount and office
infrastructure of £2.9m. 
Group operating profit for the year was
£2.1m (2004: loss of £3.7m) from which
interest payable of £0.9m (2004: £0.9m) was
deducted, resulting in a turnaround from a
loss before taxation of £4.5m for the year
ended 31 January 2004 to a profit before
taxation in the year under review of £1.2m.
Exceptional Items
In the year the Group incurred net
exceptional items of £0.2m (2004: £3.5m) 
as a result of the integration of the US
acquisitions, costs of due diligence
performed on an aborted potential
acquisition, offset by the release of a
provision for UK property costs (£0.4m) 
no longer required. There is no change 
to the total charge at the year end.
Taxation
A tax charge of £0.8m for the year has arisen
(2004: £0.3m). £0.4m relates to current year
taxes in the UK and Europe and £0.5m to
prior year taxes with an increase of £0.04m
in the deferred tax asset. The deferred tax
asset of £1.2m (2004: £1.2m) represents
unrelieved tax losses of £1.1m and short-
term timing differences of £0.1m. 
Earnings per Share
Basic earnings per share of 0.55p compares
to a loss per share in 2004 of 8.75p. The
adjusted earnings per share is 4.26p
compared to a loss in 2004 of 0.74p.
Balance Sheet
Intangible assets increased by an
additional £2.1m, mainly in relation to 
the acquisition of the business of Bluesuit
Consulting Inc in Chicago. During the year
goodwill of £2.2m was written off in the
profit and loss account and variances 
due to foreign exchange movements
amounted to a net £0.1m
At 31 January 2005, fixed assets were £1.4m
(2004: £1.4m) which reflected matching
capital expenditure and depreciation written
off in the year. 
Debtors have increased to £32.1m (2004:
£23.7m) mainly as a result of increased
trading particularly in the final quarter of the
year, however debtor days slipped by 13%
compared to 31 January 2004 mainly in the
UK where payments due from three large
clients were received after the year end.
Albert Ellis
Chief Financial Officer  Annual Report & Accounts 2005 9 Harvey Nash Group plc
Creditors falling due within one year have
also increased in line with trading, however,
a reduction in the banking revolving credit
facility of £3.0m is included for the first time
as a short term liability, transferred from
creditors falling due after more than one
year at 31 January 2004.
The provision for liabilities and charges of
£0.3m (2004: £1.6m) relates to an estimate
of the Group’s future property lease
obligations in Europe.
Cash Flow
Trading cash flow of £5.3m was generated
from operations before the effects of
movements in working capital. Cash outflow
from operating activities was £1.4m (2004:
£1.9m) after deducting £6.6m invested in
working capital.
Interest paid was £0.9m (2004: £0.9m) and
taxation paid of £1.4m (2004: £0.5m) mainly
relates to adjustments in the UK and payments
for prior period Swiss corporation tax
(including £0.5m withholding tax), of which
85% has been recovered after the year end. 
Capital expenditure of £0.8m compares to
£0.4m last year and represents investment 
in updating the Group’s IT systems and the
continued investment in its Contractor
Management System. 
The net cash effect of acquisitions and
disposals during the year was £nil (2004:
£1.5m outflow).
The Group had £0.1m cash inflow from
financing, being the exercise of share options
of £0.2m offset by £0.1m applied to finance
leases (2004: net cash outflow of £3.8m).
In summary, the Group’s net debt position
increased from £4.8m to £8.8m as a result
of the working capital investment of £6.6m,
reduced by free cash flow of £2.3m and
favourable foreign exchange differences 
of £0.3m.
Banking Facilities
The Group has renewed its banking facilities
totalling £22.0m which comprise working
capital of £15.0m, an overdraft of £4.2m 
and a residual £3.1m of revolving credit
which is repayable on 30 April 2006. 
Acquisitions
In November 2004 the Group issued
870,717 ordinary shares in connection with
the Group's deferred consideration for the
acquisition of Snowdogs LLC, the Group’s
Seattle based business. The earnout target
was exceeded and accordingly the second
tranche of deferred consideration was
settled. There was no cash element. The
final tranche is due after 31 January 2006.
On 17 December 2004 the Group entered
into an agreement to acquire the business
and certain assets of Bluesuit Consulting Inc,
an IT business based in Chicago for a
maximum consideration of $4.7m. The
initial consideration of $1.2m (£0.6m) was
settled by way of a fresh issue of 743,716
ordinary shares. The deferred consideration
will be satisfied by the issue of shares with
an aggregate value of up to a maximum of
$3.5m, based on the business achieving
certain targets over the three years ending
16 December 2007. 
International Financial Reporting
Standards (IFRS)
The 2005 financial year end will be the last
reporting period prior to the introduction of
IFRS. The Group will report its interim results
for the 2006 year end in accordance with
IFRS, together with the restatement of 2005
on a comparable basis. Annual Report & Accounts 2005 10 Harvey Nash Group plc
Ian Kirkpatrick, BSc, MBA
Non-Executive Chairman
Ian Kirkpatrick, aged 60, is Non-Executive Chairman. Following a career in consultancy,
stockbroking and commerce, he joined Bank of Scotland and became a director in the
banking division of British Linen Bank Limited, its subsidiary. He is currently Non-Executive
Director of Baronsmead VCT plc and a number of other companies. He was appointed
Chairman of Harvey Nash in January 1997. 
David Higgins, BSc
Chief Executive
David Higgins, aged 46, is Chief Executive and founder of the business and was appointed
in February 2000. He was previously Joint Managing Director with responsibility for the
Executive Search & Selection Division.
Albert Ellis, BACC, CA (SA)
Group Finance Director
Albert Ellis, aged 41, is Group Finance Director, appointed in February 2000. He joined the
Group in July 1998 as UK Finance Director. He was previously a divisional Finance Director
with Hays Plc. 
Tom Crawford
Non-Executive Deputy Chairman
Tom Crawford, aged 54, is Non-Executive Deputy Chairman and founder of the business. 
He was previously Joint Managing Director with responsibility for Group Operations and
the IT File Search Division.
David Treacher, BSc
Non-Executive Director
David Treacher, aged 42, is a Non-Executive Director and founder of the business. He was
previously Joint Managing Director with responsibility for the IT Contract Services Division.
Gus Moore
Non-Executive Director
Gus Moore, aged 67, is a Non-Executive Director. He was appointed in April 1999. He was
previously on the Board of Hong Kong Telecom and Managing Director of Hong Kong
Telecom CSL. He is currently Non-Executive Director of a number of companies.
Directors, Secretary and Advisers Annual Report & Accounts 2005 11 Harvey Nash Group plc
Directors
Ian Kirkpatrick, BSc, MBA
David Charles Higgins, BSc
Albert George Hector Ellis, BACC, CA (SA)
Peter Augustine Moore
Thomas Francis Alexander Crawford
David Hedley Treacher, BSc
Secretary
Albert George Hector Ellis, BACC, CA (SA)
Registered Office
13 Bruton Street 
London W1J 6QA
Registered Number
3320790
Stockbrokers
Cazenove & Co
12 Tokenhouse Yard
London EC2R 7AN
Solicitors
Travers Smith Braithwaite
10 Snow Hill
London EC1A 2AL
Registrars
Lloyds Bank Registrars
The Causeway, Worthing
West Sussex BN99 6DA
Financial Advisers
Close Brothers Corporate Finance
10 Crown Place
London EC2A 4FT
Auditors
PricewaterhouseCoopers LLP 
Chartered Accountants 
No 1 Embankment Place
London WC2N 6RH
Principal Bankers
Royal Bank of Scotland
36 St Andrew Square
Edinburgh EH2 2YB Annual Report & Accounts 2005 12 Harvey Nash Group plc
Directors’ Report
for the year ended 31 January 2005
The Directors present their Annual Report and the audited financial statements of the Group and Company for the year ended 
31 January 2005.
Principal Activities
The Group’s principal activity during the year was the provision of professional recruitment and outsourcing services, in particular 
providing information technology professionals for permanent and contract positions worldwide. The Group has a branch in Vietnam.
A review of the business and future developments is set out in the Chairman’s Statement, Chief Executive’s Operational Review 
and Financial Review.
Results and Dividends
The Group’s profit before tax for the year was £1.2m (2004: loss £4.5m). No dividends have been declared in the year.
Share Capital
On 28 February 2004 the Company issued 80,883 new ordinary shares, with a nominal value of £4,044 in relation to the employee share
option scheme.
On 2 March 2004 the Company issued 385,166 new ordinary shares, with a nominal value of £19,258 as settlement of deferred
consideration relating to the acquisition of Snowdogs LLC.
On 17 March 2004 the Company issued 105,500 new ordinary shares, with a nominal value of £5,275 in relation to the share bonus scheme.
On 1 April 2004 the Company issued 60,294 new ordinary shares, with a nominal value of £3,015 in relation to the employee share 
option scheme.
On 14 July 2004 the Company issued 480,000 new ordinary shares, with a nominal value of £24,000 in relation to the employee share 
option scheme.
On 15 October 2004 the Company issued 171,495 new ordinary shares, with a nominal value of £8,575 in relation the share bonus scheme.
On 17 November 2004 the Company issued 55,883 new ordinary shares, with a nominal value of £2,794 in relation to the employee share
option scheme.
On 26 November 2004 the Company issued 870,717 new ordinary shares, with a nominal value of £43,536 as settlement of deferred
consideration relating to the acquisition of Snowdogs LLC.
On 1 December 2004 the Company issued 46,177 new ordinary shares, with a nominal value of £2,309 in relation to the employee share
option scheme.
On 24 December 2004 the Company issued 743,716 new ordinary shares, with a nominal value of £37,186 in relation to the acquisition of
the business and assets of Bluesuit Consulting Inc.
During the year the number of shares in issue increased to 62,682,678 ordinary shares with a nominal value of £3,134,134.
Directors and Their Interests
The Directors who held office during the year and at the date of this report are shown on page 10. In accordance with the Company’s
Articles of Association, David Higgins and Gus Moore retire by rotation and, being eligible, offer themselves for reappointment. All Executive
Directors have service contracts with the Company terminable by either party giving to the other not less than 12 months’ notice.
The beneficial interests, in both shares and share options, of the Directors and their families are disclosed in greater detail in the
Remuneration Report. There have been no changes to these interests since the year end.
Disabled Persons
Applications for employment by disabled persons are always fully considered, bearing in mind the respective aptitudes and abilities of the
applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the
Group continues and the appropriate training is arranged. It is the policy of the Group that the training, career development and promotion
of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability. Annual Report & Accounts 2005 13 Harvey Nash Group plc
Directors’ Report continued
for the year ended 31 January 2005
Employee Involvement
Consultation with employees is of considerable importance to the Group. The views of employees are taken into account when decisions
are made which are likely to affect their interests and all employees are aware of the financial and economic performance of their business
units and of the Group as a whole. Communication with all employees is made through conferences, announcements, intranet, briefing
groups and the distribution of the Annual Report.
Equal Opportunities
The Group is committed to the principle of Equal Opportunities both as an employer and as a recruitment services provider. All decisions
relating to employment practices are objective, free from bias and based upon work criteria and individual merit.
Creditor Payment Policy
The Group’s creditors are paid in accordance with terms agreed with them prior to the supply of goods or services. The Group pays all
contractors providing IT services within 25 days (2004: 25 days) of receipt of their invoice. Other trade creditor days of the Group for the
year ended 31 January 2005 were 55 days (2004: 55 days), based on the ratio of Group trade creditors at the year end to the amounts
invoiced during the year by trade creditors. The Company has no trading activity.
Substantial Shareholdings
On 22 April 2005 the Company had been notified that, in addition to holdings in which the Directors are beneficially interested, there were
holdings of 3% or more in the ordinary share capital of the Company as follows:
No. of Per cent 
shares of total
Unicorn Asset Management 17,580,558 28.0%
Aegon Asset Management 4,858,196 7.8%
USS Ltd 2,424,786 3.9%
M & G Investment Management Ltd 2,371,032 3.8%
Directors’ and Officers’ Liability Insurance
Insurance has been taken out by the Company (as permitted by Section 310(3) of the Companies Act 1985) for its Directors and officers
against liabilities in relation to the Company.
Employee Share Schemes
The Directors consider that the opportunity to own shares in the Group is a vital part of motivating and retaining employees. Details of the
share schemes are included on page 20.
Pensions
The Group operates three defined contribution pension schemes, the Harvey Nash plc Directors’ Retirement and Death Benefits Scheme, the
Group Personal Pension Plan and a stakeholder scheme.
Political and Charitable Donations
The Group made no political or charitable donations during the year (2004: £nil).
Reappointment of Auditors
In accordance with Sections 384 and 385 of the Companies Act 1985, a resolution will be put before the shareholders at the Annual General
Meeting to reappoint PricewaterhouseCoopers LLP as auditors for the ensuing year and to authorise the Directors to fix their remuneration.
On behalf of the Board
Albert Ellis 
Company Secretary
22 April 2005 Annual Report & Accounts 2005 14 Harvey Nash Group plc
Corporate Governance
for the year ended 31 January 2005
The Group fully supports the Principles of Good Governance and Code of Best Practice as set out in the FRC Combined Code issued in July 2003.
The Board has considered the implications of the new revised Combined Code on the Group’s governance and will comply with those
provisions considered appropriate for the size of the Group.
Application of Principles of Good Governance
Board of Directors
At 22 April 2005 the Board of Directors comprised two Executive and four Non-Executive Directors. The two Non-Executive founders, 
David Treacher and Thomas Crawford are considered independent. The Group has an independent Chairman and Senior Independent 
Non-Executive Director who are both members of the Audit, Remuneration and Nomination Committees. The Executive Board members are 
the Chief Executive Officer and the Chief Financial Officer. In addition, the Chief Executive Officer is a member of the Nominations Committee.
The Board meets at least 10 times per annum and has a fixed schedule for reviewing the Group’s operating performance. In addition such
other meetings as are required are arranged to deal with specific issues or transactions. The Board also has a schedule of matters and
responsibilities specifically reserved to itself the main items of which include:
• approval of the published financial results and other statements;
• appointments to the Board and other Board Committees;
• approval of the annual Group Strategic Plan and Budget; 
• approval for acquisitions, mergers and disposals;
• approval for new businesses which require start up capital;
• approval of capital expenditure and leasehold agreements over certain thresholds;
• approval of material contracts over certain thresholds; and
• approval of treasury policy and significant financing arrangements.
During the year attendance at the pre-arranged meetings was 100% for the Chairman and Executive Board members and circa 95% for the
Non-Executives. 
The Executive Directors are responsible for the day to day operational and financial management of the Group within the framework set out
by the Board. Outside the formal schedule of matters reserved for the Board, the Chairman and Non-Executive Directors make themselves
available for consultation with the Executive team as often as necessary.
Procedural compliance is monitored by the Chairman and the the Chief Financial Officer (who is also the Company Secretary)  and  Directors’
appointment and removal is a matter for the Board as a whole. Independent professional advice and training is available to all the Directors.
The Senior Non-Executive Director is available for consultation with shareholders, through the Company Secretary, and the Executive
Directors have met with the Company’s major shareholders and other potential investors on a regular basis and have reported to the Board
on those meetings.
On joining the Board, a new Director receives appropriate induction including meeting with other Directors and senior management, visiting
the Group’s key operations and meeting the Groups’ principal advisors.
The Board has a policy of reasonable funding for independent professional advice for all Directors in furtherance of their duties as Directors
of the Company.
In relation to non-reserved matters the Board is assisted by a number of committees with delegated authority.
Audit Committee
The Audit Committee meets at least twice a year with the Group’s senior financial management and external auditors to review the interim
and annual financial statements, the accounting policies of the Group, its internal financial control procedures and compliance with
accounting standards. The members of the Committee are Ian Kirkpatrick (Chairman) and Gus Moore, both of whom are independent Non-
Executive Directors.
The Board considers that the membership of the Committee as a whole has sufficient recent and relevant financial experience to discharge
its function. The Committee has a formal agenda, timetable and terms of reference. Annual Report & Accounts 2005 15 Harvey Nash Group plc
Corporate Governance continued
for the year ended 31 January 2005
During the course of the period under review the Committee  has:
• reviewed the financial statements and the financial reporting judgements contained within those statements for the Group and any
formal announcements relating to the Group’s financial performance;
• reviewed the Group’s internal control system and risk controls;
• reviewed various reports and recommendations from the Group’s internal audit function;
• made a recommendation to the Board in relation to the appointment, terms of engagement and remuneration of the external auditors
whilst monitoring their independence and objectivity;
•reported to the Board any matters, which it considered needs action or improvements together with recommended actions;
• made itself available to hear any concerns from staff, in confidence; and
•reviewed the effectiveness of the audit process.
The Committee’s full terms of reference are available from the Company Secretary on request.
The Audit Committee applies a policy which governs the provision of audit and non-audit services provided by the auditors and, in summary,
requires significant non-audit services other than tax and other compliance services to be subjected to a competitive tendering process.
The Committee is authorised to engage the services of external advisors, as it deems necessary, at the company’s expense in order to carry
out its function.
The Committee met three times during the year with full attendance by its members.   
Remuneration Committee
The Remuneration Committee meets at least twice a year. The members of the Committee are Ian Kirkpatrick (Chairman) and Gus Moore,
both of whom are independent Non-Executive Directors. The Committee’s full terms of reference are available from the Company
Secretary on request.
The Remuneration Committee determines and approves the broad policy and specific remuneration and long term incentive arrangements
of the  Company’s Executive Directors and certain of the senior management. The Committee’s full terms of reference are available from the
Company Secretary on request. The Group Chief Executive Officer may be invited to attend and speak at meetings of the Committee, but
does not participate in any matter which impacts upon his own remuneration arrangements. 
The remuneration of the Non-Executive Directors including the Chairman is set by the Executive Directors.
The Directors’ Remuneration Report on pages 17 to 20 includes details of remuneration policy, practices and the remuneration of the Directors.
The Remuneration Committee met four times in the year with full attendence by its members.
Nomination Committee
The Company has established a Nominations Committee, which provides a transparent process and procedure for the appointment of new
Directors to the Board. The members of the Committee are Ian Kirkpatrick (Chairman), Gus Moore (Senior Independent Non-Executive) and
David Higgins (Chief Executive Officer). The Committee’s terms of reference, which are available from the Company Secretary on request include:
• responsibility for identifying and nominating candidates for appointment to the Board;
• evaluating the balance of skills, knowledge and experience required on the Board; and 
• succession planning.
The Nomination Committee did not meet during the year.
Directors’ Remuneration
Details of Directors’ remuneration and the procedures for developing policy on executive remuneration and for fixing the remuneration of
the Board are contained in the Remuneration Report set out on pages 17 to 20.
Relations with Shareholders
The Board maintains regular dialogue with its institutional shareholders and City analysts by conducting formal presentations, being readily
available for discussion and providing information as required. Shareholder attendance and participation at the AGM is welcomed. Annual Report & Accounts 2005 16 Harvey Nash Group plc
Corporate Governance continued
for the year ended 31 January 2005
Accountability and Audit
The Board has made every effort to ensure that this report represents a balanced understandable assessment of the Group’s position and prospects.
The means by which the Board maintains a sound system of internal financial control is set out below.
Internal Control
The Directors have overall responsibility for ensuring that the Group maintains a system of internal controls, for monitoring their
effectiveness to provide them with reasonable assurance regarding the reliability of financial information used within the business and for
publication, and that assets are safeguarded. There are inherent limitations in any system of internal control and accordingly even the most
effective system can only provide reasonable, and not absolute, assurance against misstatement or loss.
The Board confirms that there is an ongoing process for identifying, evaluating and managing the significant risks faced by the Group, that it
has been in place for the year under review and up to the date of approval of the annual report and financial statements, that it is regularly
reviewed by the Board and accords with the Turnbull guidance.
The Board identifies and appraises risks, and maintains control and direction over appropriate strategic, financial, and organisational
structure matters with formally defined lines of responsibility and delegation of authority. There are established procedures for planning and
capital expenditure, for information and reporting systems, and for monitoring the Group’s businesses and their performance. The Board has
delegated to executive management the implementation of the systems of internal financial control within an established framework that
applies throughout the Group and is responsible for reviewing the Group’s whistleblowing procedures..
The Directors believe the following to be the key procedures established to provide internal financial control:
• The operation of authorisation procedures.
• Clearly delegated responsibilities.
• Close involvement of senior management in day to day activities.
• Setting of detailed annual budgets with detailed reporting of variance analysis on a monthly basis.
• The operation of an Audit Committee, supported by an internal audit function.
The Directors have reviewed the systems of internal financial control in operation during the year.
Compliance with Code Provisions
The Company has complied throughout the year with Section 1 of the Code of Best Practice except as follows:
Code Provision A3.2
The Company has four Non-Executive Directors, two of whom, David Treacher and Tom Crawford, are considered non-independent due to
their respective significant shareholdings. 
The Board has appointed Gus Moore as the senior independent Non-Executive Director in addition to the Company’s existing independent
Non–Executive Chairman.
Code provision A6.1
The Company has not complied with provision A.6.1 as the Board did not put in place during the year under review a formal process to
consider its performance either as a Group or individually, nor have the Chairman and Non-Executive Directors met together to specifically
assess the performance of the Chairman. The Board intends to consider appropriate measures, which may include external support, to
ensure that an evaluation of its performance is put in place in the next financial year.   
Going Concern
After having made appropriate enquiries including a review of the 2005/06 Group budget, medium term plans and available banking facilities
compared to funding requirements, the Directors have a reasonable expectation that the Group and the Company have adequate resources
to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing
the financial statements.
Albert Ellis 
Company Secretary
22 April 2005 Annual Report & Accounts 2005 17 Harvey Nash Group plc
Remuneration Report 
for the year ended 31 January 2005
This Report, which has been prepared in accordance with the Directors’ Remuneration Report Regulations 2002 and the Combined Code
(‘the Regulations’), outlines the membership and workings of the Remuneration Committee (‘the Committee’) and provides an explanation
of the various elements of the Company’s remuneration policy together with details of Directors’ remuneration in respect of the year ended
31 January 2005. In accordance with the Regulations, a resolution to approve this Report will be proposed at the forthcoming Annual
General Meeting.
The Regulations require the auditors to report to shareholders on the information contained in the descriptions ’Directors’ Remuneration’,
’Interest in Share Options’, ’Directors’ Pension Entitlement’ and the share option scheme sections in this Report (‘the auditable parts’) and to
state whether, in their opinion, these parts of the Report have been properly prepared in accordance with the Companies Act 1985 (as
amended by the Regulations).
Remuneration Policy
Executive remuneration packages are designed to attract, motivate and retain high calibre executives by rewarding them with 
competitive salary and benefit packages. These packages are reviewed each year to ensure that they are fair and competitive and reflect
the responsibilities and experience of each Director. The Remuneration Committee seeks to ensure that they are supportive of the 
Group’s business objectives and the creation of shareholder value and takes advice from external sources in order to determine and 
develop its policies. The Group expects to review this policy on an ongoing basis. A balanced view is taken of remuneration split 
between non-performance related and performance related elements.
The remuneration package of each Director is determined by the Remuneration Committee, taking into account the performance of the
individual and information from independent sources for similar jobs in comparable companies.
The Executive Director remuneration packages consist of:
• Basic salary.
• Performance-linked bonus.
• Share options.
• Company car allowance.
• Pension contribution.
• Private healthcare insurance.
The performance-linked bonus is payable depending on the level of Group profit for the year compared to budget. If the maximum bonus
became payable it would represent no more than 50% of the Executive’s basic salary. 
Fees payable to the Non-Executive Directors are determined by the Board at the beginning of each financial year having given due
consideration to market practice.
Directors’ Service Contracts
In line with Group policy Directors’ contracts contain notice periods which do not exceed 12 months.
The details of the service contracts of those who served as Directors during the year are:
Contractual
Contract Unexpired Notice termination
date term period payments
Executive
David Higgins 01.02.01 Continuous 12 months Unexpired notice period
Albert Ellis 01.02.01 Continuous 12 months Unexpired notice period
Non-Executive
Ian Kirkpatrick 07.08.01 Continuous 6 months Unexpired notice period
Tom Crawford 07.08.01 Continuous 6 months Unexpired notice period
Gus Moore 07.08.01 Continuous 6 months Unexpired notice period
David Treacher 07.08.01 Continuous 6 months Unexpired notice period Annual Report & Accounts 2005 18 Harvey Nash Group plc
Remuneration Report continued
for the year ended 31 January 2005
Members of the Remuneration Committee
The members of the remuneration committee during the year were:
Ian Kirkpatrick 
Gus Moore
Both members are independent Non-Executive Directors. Ian Kirkpatrick chairs the committee.
Performance Graph
In the opinion of the Directors the FT All Share Index is the most appropriate index against which the total shareholder return of 
Harvey Nash Group plc should be measured considering the variation in market capitalisation of the Group over the period.
The total shareholder loss in the five-year period is 88% compared to the index loss of 17%.
Directors’ Remuneration (auditable)
Salary Benefits Annual 2005 2004
and fees in kind bonus Total Total
£££££
Executive 
David Higgins 231,000 18,465 115,500 364,965 302,737
Albert Ellis 189,000 19,901 94,500 303,401 250,205
Ian Basser (resigned 16 October 2003) –––– 145,896
Non-Executive
Ian Kirkpatrick 50,600 – – 50,600 46,000
Tom Crawford 22,000 – – 22,000 20,000
Gus Moore 22,000 – – 22,000 20,000
David Treacher 22,000 – – 22,000 20,000
536,600 38,366 210,000 784,966 804,838
Benefits in kind include car allowance, medical insurance and a limited contribution to the cost of personal tax advice. 
Harvey Nash Group plc           F T All Share Index            100 1 2 0 8 0 6 0 4 0 0 F eb 00 F eb 01 F eb 0 2 F eb 0 3  F eb 0 4 F eb 0 5 2 0 Feb ruary 2 000 : 100 Sourc e : DataStr e am Annual Report & Accounts 2005 19 Harvey Nash Group plc
Remuneration Report continued
for the year ended 31 January 2005
Annual Bonus (auditable)
Albert Ellis and David Higgins receive performance payments based on the level of Group profit for the year compared to budget. 
Interests in Share Options (auditable)
Details of options held by Directors in the Harvey Nash Group plc performance related Share Scheme are set out below:
Earliest Share price Exercise No at No at
Date of exercise Expiry on grant price 31 January Granted Exercised Lapsed 31 January
grant date date date (p) (p) 2004 in year in year in year 2005
David Higgins 11.4.03 11.4.06 11.4.13 35.0 30.7 180,000 – – – 180,000
01.4.04 01.4.07 01.4.14 89.0 89.0 – 180,000 – – 180,000
Albert Ellis 11.4.03 11.4.06 11.4.13 35.0 30.7 180,000 – – – 180,000
01.4.04 01.4.07 01.4.14 89.0 89.0 – 180,000 – – 180,000
No other Directors have been granted share options in the shares of the Group or other Group entities. None of the terms and conditions of
the share options were varied during the year. The remaining options were granted as part of the Harvey Nash 2000 Executive Share Option
Scheme. The performance criteria associated with this Scheme are given below.
The options were granted at the prevailing market price, calculated as the average of the previous five days mid closing price, at the time of
the grant in accordance with the rules of the Scheme. There was nil cost to the Directors at the date of grant. The market price of the Group
shares at the end of the financial year was 91.5p. The range of market prices during the year was between 63.5p and 106p.
Interest in Shares
The interest of the Directors in the shares of the Company were:
31 January 31 January
2005 2004
Ordinary Ordinary 
shares shares
David Higgins 7,982,378 8,982,378
Albert Ellis ––
Ian Kirkpatrick 5,250 5,250
Tom Crawford 4,576,827 4,576,827
Gus Moore 22,000 22,000
David Treacher 5,329,992 5,329,992
Included in the above, pursuant to the provisions of the Companies Act 1985, DH Treacher, DC Higgins and TFA Crawford, are deemed to 
be interested in their capacity as trustees, in the ordinary shares of the Company held by Harvey Nash plc Funded Unapproved Pension and
Death Benefit Schemes and the Harvey Nash Directors’ Retirement and Death Benefit Scheme. As at the date of this report and 31 January
2005, the interest was in a total of 1,488,025 ordinary shares.
David Higgins Incentive Trust
Following the placing and open offer in March 2002, 2,801,216 ordinary shares were placed in the David Higgins 2002 Discretionary Trust for
the purpose of establishing an additional means of incentivising certain key employees of the Group, using funds provided by David Higgins.
During the year 1 million shares were transferred from the Trust to Ian Basser (ex-Director) who exercised his option at a price of £1. Options
of the remaining 200,000 shares originally granted to Ian Basser lapsed. David Higgins remains a beneficiary of this trust and these shares are
included in his total interest above of 7,982,378.
In addition to the share options disclosed above, on 16 December 2002, the David Higgins Discretionary Trust granted options to Albert 
Ellis over 700,000 Harvey Nash shares. Under the Trust deed these options can be exercised immediately. This Trust is independent of the
Company Schemes and granting of options remains at the sole discretion of the Trustees, David Higgins and Albert Ellis and therefore the
Trust is outside the scope of the Remuneration and Audit Committees. These options can be exercised at any time prior to 16 December 2012
for an aggregate exercise price of £1. Any income tax or national insurance contributions arising on the exercise of these options will be
payable by the option holder. There are no performance criteria associated with the exercise of these options. Annual Report & Accounts 2005 20 Harvey Nash Group plc
Remuneration Report continued
for the year ended 31 January 2005
Directors’ Pension Entitlement (auditable)
The Group made the following pension contributions during the year to defined contribution schemes nominated by the Executive Director:
31 January 31 January
2005 2004
££
David Higgins 23,100 22,000
Albert Ellis 18,900 18,000
Ian Basser –12,750
42,000 52,750
Share Option Schemes
At 31 January 2005, the following options to subscribe for ordinary shares have been granted to certain employees (including Directors)
under the terms of the Share Option Schemes:
The Harvey Nash Group plc Share Options Scheme 1997 (auditable)
At 1 February 2004 the scheme held 51,470 ordinary shares. Options over these shares were excercised in the year.
The Harvey Nash Group plc Performance Related Share Schemes (auditable)
The Performance Related Schemes are administered by the Board under the supervision of the Remuneration Committee. The schemes are
open to all full time employees except those who have had a material interest in the Group within the previous 12 months. The options
granted under the Performance Related Scheme are subject to certain performance criteria, including earnings per share growth. The
schemes’ exercise price is determined by the Board but will not be less than the average share price for the five days immediately preceding
the grant of options. The Harvey Nash Group plc Performance Related Share Plan is an Inland Revenue Approved Scheme, however, the
Board is able to grant unapproved options under the Scheme. For schemes from July 2000 the Group has obtained agreement from the
employee that he or she will settle the employer’s national insurance charge in respect of any gain arising on eventual exercise. All options
are granted for nil consideration.
Options at Options at
Exercisable Exercisable Exercise 1 February 31 January
Date of grant from to price 2004 Granted Lapsed Exercised 2005
8.4.97 8.4.00 8.4.07 £1.783 5,610 – – – 5,610
19.5.98 19.5.01 19.5.08 £4.104 45,066 – 2,366 – 42,700
1.3.02 1.3.05 1.3.12 £0.590 1,330,158 – 33,089 113,237 1,183,832
25.10.02 25.10.05 25.10.12 £0.243 1,976,000 – 125,000 405,000 1,446,000
11.4.03 11.4.07 11.4.13 £0.307 1,165,000 – – 205,000 960,000
19.11.03 19.11.07 19.11.13 £0.830 60,000 – – – 60,000
27.11.03 27.11.0727.11.13 £0.770 75,000 – – – 75,000 
1.4.04 1.4.07 1.4.14 £0.890 – 420,000 – – 420,000 
24.6.04 24.6.07 24.7.14 £0.700 – 125,000 10,000 – 115,000 
2.8.04 2.8.07 2.8.14 £0.700 – 150,000 – – 150,000
15.11.04 15.11.07 15.11.14 £0.796 – 150,000 – – 150,000
The Harvey Nash Group plc Sharesave Scheme
On 13 May 2002 options over 332,529 ordinary shares were granted to 124 employees under a fourth Sharesave Scheme at a price of 86p.
Options over 175,254 shares are still held under the three year plan.
The Sharesave Scheme is an Inland Revenue Approved Scheme. Furthermore, there is no UITF17 charge to the Company on grant of shares
as the scheme is specifically exempted under the abstract.
On behalf of the Board
Ian Kirkpatrick 
Chairman
22 April 2005 Annual Report & Accounts 2005 21 Harvey Nash Group plc
Directors’ Responsibilities in Relation
to the Financial Statements
for the year ended 31 January 2005
Company law requires the Directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs
of the Company and the Group and of the profit or loss of the Group for that year. In preparing those financial statements, the Directors are
required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the
financial statements; and
•prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Company will continue in
business.
The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position
of the Group and enable them to ensure that the financial statements comply with the Companies Act 1985.
They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
The Directors consider that they have complied with the above requirements in preparing the financial statements.
The Directors are also responsible for the maintenance of the Group’s website, however, information published on the Internet is accessible
in many different countries where legislation governing the preparation and dissemination of financial statements may differ from that
applicable in the United Kingdom. The work carried out by the auditors does not involve consideration of these matters and accordingly the
auditors do not accept responsibility for changes that may have occurred to the financial statements since they were initially presented on
the website. Annual Report & Accounts 2005 22 Harvey Nash Group plc
Independent Auditors’ Report to the 
Members of Harvey Nash Group plc
for the year ended 31 January 2005
Independent Auditors’ Report to the Members of Harvey Nash Group plc
We have audited the financial statements which comprise the Consolidated Profit and Loss Account, the Consolidated and Company 
Balance Sheets, the Cash Flow Statement, the Statement of Total Recognised Gains and Losses and the related notes which have been
prepared under the historical cost convention and the accounting policies set out in the statement of accounting policies. We have also
audited the disclosures required by Part 3 of Schedule 7A to the Companies Act 1985 contained in the Directors’ Remuneration Report 
(’the auditable part’).
Respective Responsibilities of Directors and Auditors
The Directors’ responsibilities for preparing the Annual Report and the financial statements in accordance with applicable United Kingdom
law and accounting standards are set out in the Statement of Directors’ Responsibilities. The Directors are also responsible for preparing the
Directors’ Remuneration Report.
Our responsibility is to audit the financial statements and the auditable part of the Directors’ Remuneration Report in accordance with
relevant legal and regulatory requirements and United Kingdom auditing standards issued by the Auditing Practices Board. This report,
including the opinion, has been prepared for and only for the Company’s members as a body in accordance with Section 235 of the
Companies Act 1985 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to
any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
We report to you our opinion as to whether the financial statements give a true and fair view and whether the financial statements and the
auditable part of the Directors’ Remuneration Report have been properly prepared in accordance with the Companies Act 1985. We also
report to you if, in our opinion, the Directors’ Report is not consistent with the financial statements, if the Company has not kept proper
accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law
regarding Directors’ remuneration and transactions is not disclosed.
We read the other information contained in the Annual Report and consider the implications for our report if we become aware of any
apparent misstatements or material inconsistencies with the financial statements. The other information comprises only the Financial
Highlights, the Chairman’s Statement, the Chief Executive’s Operational Review, the Finance Director’s Review, the Directors’ Report, the
unaudited part of the Directors’ Remuneration Report and the Corporate Governance Statement.
We review whether the Corporate Governance Statement reflects the Company’s compliance with the nine provisions of the Combined
Code specified for our review by the Listing Rules of the Financial Services Authority, and we report if it does not. We are not required to
consider whether the Board’s statements on internal control cover all risks and controls, or to form an opinion on the effectiveness of the
Company’s or Group’s corporate governance procedures or its risk and control procedures. Annual Report & Accounts 2005 23 Harvey Nash Group plc
Independent Auditors’ Report to the 
Members of Harvey Nash Group plc continued
for the year ended 31 January 2005
Basis of Audit Opinion
We conducted our audit in accordance with auditing standards issued by the Auditing Practices Board. An audit includes examination, 
on a test basis, of evidence relevant to the amounts and disclosures in the financial statements and the auditable part of the Directors’
Remuneration Report. It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation
of the financial statements, and of whether the accounting policies are appropriate to the Company’s circumstances, consistently applied
and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide
us with sufficient evidence to give reasonable assurance that the financial statements and the auditable part of the Directors’ Remuneration
Report are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated
the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion:
• The financial statements give a true and fair view of the state of affairs of the Company and the Group at 31 January 2005 and of the 
profit and cash flows of the Group for the year then ended.
• The financial statements have been properly prepared in accordance with the Companies Act 1985.
• Those parts of the Directors’ Remuneration Report required by Part 3 of Schedule 7A to the Companies Act 1985 have been properly
prepared in accordance with the Companies Act 1985.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
London
22 April 2005 Consolidated Profit and Loss Account
for the year ended 31 January 2005
Before Amortisation After
amortisation of of goodwill amortisation of
goodwill and and goodwill and
exceptional exceptional exceptional
items items items
2005 2005 2005 2004*
Notes £’000 £’000 £’000 £’000
Turnover - continuing operations 2 & 3 163,374 – 163,374 130,911
Cost of sales (131,336) – (131,336) (104,175)
Gross profit 32,038 – 32,038 26,736
Administrative expenses
excluding goodwill amortisation 13 (27,584) (200) (27,784) (28,265)
goodwill amortisation 10 –(2,194) (2,194) (2,123)
(27,584) (2,394) (29,978) (30,388)
Group operating profit/(loss) 3 & 4 4,454 (2,394) 2,060 (3,652)
Interest payable 6 (896) – (896) (884)
Profit/(loss) on ordinary activities before taxation 3,558 (2,394) 1,164 (4,536)
Taxation on profit/(loss) on ordinary activities 7 (833) – (833) (331)
Profit/(loss) on ordinary activities after taxation 2,725 (2,394) 331 (4,867)
Profit/(loss) for the financial year 21 2,725 (2,394) 331 (4,867)
Basic profit/(loss) per share 9 0.55p (8.75)p
Diluted profit per share 9 0.51p –
Adjusted profit/(loss) per share 9 4.26p (0.74)p
* The 2004 results include operating exceptional costs amounting to £3,494,000 and goodwill amortisation amounting to £2,123,000.
Annual Report & Accounts 2005 24 Harvey Nash Group plc Consolidated and Company Balance Sheets
as at 31 January 2005
Group 
31 January
Group 2004 Company Company
31 January (Restated - 31 January 31 January
2005 see note 1) 2005 2004
Notes £’000 £’000 £’000 £’000
Fixed assets
Intangible fixed assets 10 30,845 30,759 – –
Tangible fixed assets 11 1,415 1,413 – –
Investments 12 – – 46,917 46,917
32,260 32,172 46,917 46,917
Current assets
Debtors 14 32,052 23,662 8,243 10,801
Cash at bank – 1,613 10 67
32,052 25,275 8,253 10,868
Creditors due within one year 15 (28,442) (20,420) (56) (588)
Net current assets 3,610 4,855 8,197 10,280
Total assets less current liabilities 35,870 37,027 55,114 57,197
Creditors due after more than one year 16 (3,112) (6,333) (6,198) (10,917)
Provision for liabilities and charges 17 (280) (1,641) – –
Net assets 32,478 29,053 48,916 46,280
Capital and reserves
Share capital 20 3,134 2,984 3,134 2,984
Shares to be issued 21 2,386 1,648 2,386 1,648
Share premium account 21 19,054 18,023 19,054 18,023
Capital contribution 21 – – 20,000 20,000
Other reserves 21 12,750 11,736 11,008 9,994
Own shares held 21 (1,081) (1,081) – –
Profit and loss account 21 (3,765) (4,257) (6,666) (6,369)
Equity shareholders’ funds 32,478 29,053 48,916 46,280
The financial statements on pages 24 to 44 were approved by the Board on 22 April 2005 and signed on its behalf by:
Ian Kirkpatrick 
Chairman
Albert Ellis 
Chief Financial Officer
Annual Report & Accounts 2005 25 Harvey Nash Group plc Consolidated Cash Flow Statement
for the year ended 31 January 2005
2005 2004
Notes £’000 £’000
Net cash (outflow)/inflow from operating activities 22 (1,350) 1,890
Returns on investments and servicing of finance
Interest paid (893) (863)
Interest element of finance lease repayments (3) (21)
Net cash outflow from returns on investments and servicing of finance (896) (884)
Tax paid (1,433) (476)
Capital expenditure and financial investment
Purchase of tangible fixed assets (796) (400)
Net cash outflow from capital expenditure (796) (400)
Acquisitions and disposals
Cash acquired with acquisitions 26 278 133
Purchase of subsidiary undertakings (including amounts paid for loan account) (329) (1,610)
Cash from disposal of investment 51 –
Net cash outflow from acquisitions – (1,477)
Net cash outflow before financing (4,475) (1,347)
Financing
Issue of share capital 228 103
Premium on issue of shares – 1,619
Payment of expenses on issue of equity shares – (68)
Movement in borrowings – (5,176)
Capital element of finance lease repayments (121) (228)
Net cash inflow/(outflow) from financing 107 (3,750)
Decrease in cash in the year 23 (4,368) (5,097)
Annual Report & Accounts 2005 26 Harvey Nash Group plc Statement of Total Recognised Gains and Losses
for the year ended 31 January 2005
2005 2004
£’000 £’000
Profit/(loss) for the financial year 331 (4,867)
Currency translation differences on foreign currency net investments offset in reserves 161 414
Total recognised gains/(losses) for the year 492 (4,453)
Reconciliation of Movements in Shareholders’ Funds
for the year ended 31 January 2005
2004
(Restated -
2005 see note 1)
£’000 £’000
Profit/(loss) for the financial year 331 (4,867)
Issue of share capital 150 183
Increase in shares to be issued 738 1,648
Share premium on issued shares less share issue costs 1,031 1,578
Movement in other reserves 1,014 838
Currency translation differences on foreign currency net investments offset in reserves 161 414
Net increase/(decrease) in equity shareholders’ funds 3,425 (206)
Restated opening shareholders’ funds (see note 1) 29,053 29,259
Closing equity shareholders’ funds 32,478 29,053
The previously reported 31 January 2004 equity shareholders’ funds balance has been reduced by £400,000 as a result of the adoption of
UITF Abstract 38 in respect of own shares held (see note 1).
Annual Report & Accounts 2005 27 Harvey Nash Group plc Notes to the Financial Statements
for the year ended 31 January 2005 
1 Basis of Preparation
These financial statements are prepared under the historical cost convention in accordance with applicable United Kingdom accounting
standards. The 31 January 2004 net assets of the Group have been reduced by £0.4m, following the reclassification of own shares held that
are now categorised within capital and reserves (previously included in fixed asset investments), in accordance with the adoption of UITF 38.
In addition in accordance with UITF 38, a £0.7m adjustment was made to the accumulated profit and loss reserves arising on previous
impairments of own shares held that had passed through the profit and loss account in prior periods.
2 Accounting Policies
(a) Basis of consolidation
The consolidated profit and loss account and balance sheet include the financial statements of the Company and all its subsidiary
undertakings made up to the year end using acquisition accounting. The results of subsidiaries acquired are included in the consolidated
profit and loss account from the date control passes. Intra Group sales and profits are eliminated fully on consolidation. On the acquisition 
of a subsidiary all of the subsidiary’s assets and liabilities that exist at the date of acquisition are recorded at their fair values reflecting their
condition at that date. All changes to those assets and liabilities and the resulting gains and losses that arise after the Group has gained
control of the subsidiary are charged to the post acquisition profit and loss account.  Where deferred consideration on acquisitions is to be
satisfied by the issue of Harvey Nash Group Plc shares, the directors estimate the contingent liability and establish a shares to be issued reserve.
(b) Turnover
The Group derives its turnover in the Resourcing business on a time and materials basis. It is recognised as services are rendered as validated
by receipt of a client approved timesheet or equivalent. On fixed price development work revenue is recognised on the percentage
completion basis, using pre-specified milestones or a client sign off to trigger invoices or the estimate of profit.
Permanent placement fees in the consulting business are recognised as services are provided, and typically in three stages; placement,
shortlist and retainer fee. 
(c) Depreciation
Depreciation is provided on a monthly basis to write off the cost of each asset over its estimated useful life according to the following rates:
Leasehold improvements Over the term of the lease 
Office equipment 20% straight line 
Furniture, fixtures and equipment 20% straight line
Computer equipment 33
1
/3% straight line
Motor vehicles 25% reducing balance
(d) Foreign Exchange
Monetary assets and liabilities denominated in foreign currencies in each company are translated at the rates of exchange prevailing at 
the balance sheet date. Transactions in foreign currencies are translated at the rate prevailing at the date of the transaction.
On consolidation, revenues, costs and cash flows of overseas undertakings are included in the Group profit and loss account at average rates
of exchange for the period. Assets and liabilities denominated in foreign currencies are translated into sterling using rates of exchange ruling
at the balance sheet date.
Exchange differences on the retranslation of opening net assets and results for the period of foreign subsidiary undertakings are dealt with
through reserves net of differences on related foreign currency borrowings. Other gains and losses arising from foreign currency transactions
are included in the consolidated profit and loss account.
The principal exchange rates to Sterling affecting the Group were:
31 January 31 January 
2005 Average 2004 Average
Swiss franc 2.2416 2.2728 2.2743 2.2002
US dollar 1.8861 1.8382 1.8202 1.6525
Australian dollar 2.4339 2.4983 2.3918 2.4823
Hong Kong dollar 14.7114 14.3211 14.1521 12.8595
Euro 1.4469 1.4739 1.4652 1.4395
Annual Report & Accounts 2005 28 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
2 Accounting Policies continued
(e) Leasing and Hire Purchase
Assets acquired under finance leases and hire purchase contracts are capitalised as tangible assets and depreciated over the shorter of 
the lease term and their useful lives. Finance charges and interest are taken to the profit and loss account in constant proportion to the
remaining balance of capital repayments or net obligations outstanding. Profits made on sale and finance leaseback arrangements are
deferred and credited to the profit and loss account over the shorter of the lease term and useful life of the asset.
Rentals payable under operating lease and contract hire agreements are taken to the profit and loss account on a straight line basis over the
lease term. Reverse premiums and lease incentive benefits are recognised as a reduction in rental expense. The benefit is allocated on a
straight line basis over the shorter of the lease term and the first rent review date at which it is expected that the prevailing market rental will
be payable.
(f) Pensions
Pension costs on defined contribution schemes are charged to the profit and loss account in the year in which they arise.
(g) Goodwill
Goodwill arising on acquisitions is capitalised and amortised on a straight line basis over a period up to 20 years.
Currently, goodwill arising on acquisitions is amortised over 20 years with the exception of the Procomp NV acquisition in July 2000, which 
is now incorporated within Harvey Nash IT Consulting NV, which is being amortised over five years. Directors estimate for each individual
acquisition the length of time over which the values of the underlying businesses acquired are expected to exceed the value of the
identifiable net assets.
Impairments of goodwill are recognised as the difference between the carrying value of the intangible asset and the higher of net realisable
value and value in use. Value in use is determined in accordance with FRS 11 by discounting future cash flows at a pre-tax government bond
rate, with post five year forecast growth capped at the relevant country’s long term average GDP real growth rate.
Goodwill previously eliminated against reserves has not been reinstated. The profit or loss on the disposal or termination of a business
includes any goodwill previously eliminated against reserves.
(h) Taxation
Current taxation is applied to taxable profits at the rates ruling in the relevant country. Deferred taxation is provided in full for material timing
differences except where recoverability of a deferred tax asset is considered to be unlikely in the foreseeable future. Deferred tax balances
are not discounted unless the effects are considered to be material to the Group’s results.
(i) Investments and Share Schemes
Own shares held in the Employee Benefit Trust to satisfy potential obligations under share option schemes are carried at cost and following
the adoption of UITF38 are now categorised within capital and reserves. Any differences between the market value of shares at the date 
of award and the anticipated proceeds from options granted are written off to the profit and loss account over the period to which the
underlying options relate, in accordance with UITF17. In accordance with The Harvey Nash Group plc Performance Related Share Schemes,
market value is calculated as being the average share price for the five days immediately preceding the grant of options.
Other investments held as fixed assets are shown at cost less provision for impairment.
(j) Related Party Transactions
The Group has taken advantage of the exemption available under Financial Reporting Standard 8 not to disclose intra-group transactions.
Annual Report & Accounts 2005 29 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
3 Segmental Reporting
2005 2004
£’000 £’000
Turnover
Geographical area by location of Group operations
United Kingdom 79,712 70,093
Rest of Europe 59,545 52,915
United States 24,117 7,449
Asia Pacific – 454
163,374 130,911
Market sector
Resourcing Services ` 149,923 118,088
Consulting Services 13,451 12,823
163,374 130,911
The Directors consider that turnover by location of client operations is not materially different to turnover by location of Group operations.
2005 2004
£’000 £’000
Total operating profit/(loss)
Geographical area
United Kingdom 1,169 (629)
Rest of Europe 245 (2,893)
United States 578 283
Asia Pacific 68 (413)
2,060 (3,652)
Market sector
Resourcing Services 2,362 (2,278)
Consulting Services (302) (1,374)
2,060 (3,652)
2005 2004
£’000 £’000
Total operating profit/(loss) before goodwill amortisation and exceptional items
Geographical area
United Kingdom 2,162 1,136
Rest of Europe 1,355 625
United States 937 369
Asia Pacific – (165)
4,454 1,965
Market sector
Resourcing Services 4,262 1,912
Consulting Services 192 53
4,454 1,965
Annual Report & Accounts 2005 30 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
3 Segmental Reporting continued
2004
(Restated -
2005 see note 1)
£’000 £’000
Net assets
Geographical area by location of client operations
United Kingdom 35,327 30,747
Rest of Europe 1,505 2,381
United States (3,471) (2,168)
Asia Pacific (883) (1,907)
32,478 29,053
Since many of the assets within the Harvey Nash Group are shared by the two market sectors, it is considered neither practicable nor
meaningful to provide an analysis of the net assets/liabilities by market sector.
4 Group operating profit/(loss)
Operating profit/(loss) is stated after charging/(crediting) the following amounts:
2005 2004
£’000 £’000
Depreciation of tangible fixed assets 795 1,322
Amortisation of goodwill 2,194 2,123
Auditors’ remuneration
– audit services parent company 12 12
– audit services other Group companies 193 148
– non-audit services – tax advice 17 –
– non-audit services – IFRS advice 10 –
Operating lease rentals
– plant and equipment 410 685
– land and buildings 2,822 2,509
Exchange gain (54) (81)
Loss on disposal of tangible fixed assets 24 50
Proceeds of sale of investment previously written off (51) –
£118,000 of foreign exchange loss has been taken to reserves under the hedging offset provisions of SSAP 20.
In addition, amounts paid to the auditors of £15,000 have been capitalised within goodwill in relation to the acquisitions in the year.
5 Employees
Employee costs (including executive and Non-Executive Directors) were as follows:
2005 2004
£’000 £’000
Wages and salaries 20,292 16,705
Social security costs 2,447 2,114
Pension costs 528 455
23,267 19,274
Annual Report & Accounts 2005 31 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
5 Employees continued
Average monthly staff numbers for the year were as follows:
2005 2004 
Directors 2 3
Sales 296 234
Administration 115 137
413 374
6 Interest Payable
2005 2004
£’000 £’000
Bank loans and overdrafts 893 863
Hire purchase interest 3 21
896 884
7 Taxation on (Profit)/Loss on Ordinary Activities
2005 2004
£’000 £’000
United Kingdom
Corporation tax at 30% (2004: 30%) - net of double taxation relief 120 –
Adjustments in respect of prior years 153 501
Foreign tax
Corporation taxes 301 76
Adjustment in respect of prior years 299 40
Total current tax 873 617
Deferred tax
Origination and reversal of timing differences 267 48
Utilisation of tax losses (307) (334)
(40) (286)
Representing:
United Kingdom (75) (105)
Foreign tax 35 (181)
Total deferred tax (40) (286)
Tax on profit/(loss) on ordinary activities 833 331
Annual Report & Accounts 2005 32 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
7 Taxation on (Profit)/Loss on Ordinary Activities continued
The tax for the period is higher (2004: higher) than the Group’s weighted average rate of corporation tax applied to the pre-tax profit/(loss). 
The differences are explained below:
2005 2004
£’000 £’000
Profit/(loss) on ordinary activities before tax 1,164 (4,536)
Weighted average tax rate 41.6% 31.4%
Profit/(loss) on ordinary activities before tax multiplied by the Group weighted tax rate 484 (1,423)
Expenses not deductible 1,438 59
Short term timing differences 6 613
Double taxation relief (545) –
Utilisation of tax losses (1,159) –
Foreign tax 78 –
Tax losses carried forward 119 827
Adjustments in respect of prior years 452 541
Total current tax charge 873 617
2005 2004
Analysis of deferred tax £’000 £’000
Short term timing difference 267 48
Tax losses carried forward (307) (334)
Deferred tax credit (40) (286)
Deferred tax asset brought forward (1,209) (923)
Deferred tax asset carried forward (see note 14) (1,249) (1,209)
Short term timing difference (75) (283)
Tax losses carried forward (1,174) (926)
Deferred tax asset carried forward (1,249) (1,209)
Factors That May Affect Future Tax Charges
Based on current capital investment plans, the Group does not expect material timing differences to arise in respect of capital allowances and
depreciation.
The Group has recognised deferred tax assets where there are forecast taxable profits in the next 12 months from which the future reversal of
the underlying timing differences can be deducted.
Unrecognised deferred tax assets in respect of tax losses amount to £1,230,000 (2004: £2,289,000). Future tax charges may be reduced as a
result of tax losses for which a deferred tax asset is currently not recognised.
8 Loss Attributed to the Parent Company
The loss for the year ended 31 January 2005 in the financial statements of Harvey Nash Group plc, the Company, was £297,000 (2004: 
profit £2,277,000). As allowed by S230 Companies Act 1985, no profit and loss account is presented in respect of the parent company.
Annual Report & Accounts 2005 33 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
9 Earnings Per Share 
2005 2004
Profit/(loss) attributable to shareholders (£’000) 331 (4,867)
Weighted average number of shares 60,213,476 55,600,842
Basic earnings/(loss) per ordinary share 0.55p (8.75)p
Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of
ordinary shares in issue during the year, excluding those held in the Employee Benefit Trust which are treated as cancelled.
2005 2004
Profit/(loss) attributable to shareholders (£’000) 331 –
Weighted average number of shares 60,213,476 –
Effect of dilutive securities 4,613,186 –
Adjusted weighted average number of shares 64,826,662 –
Diluted earnings per ordinary share 0.51p –
The diluted earnings per share is only calculated when there is a profit attributable to shareholders; accordingly no calculation was made 
for 2004.
2005 2004
Profit/(loss) attributable to shareholders (£’000) 331 (4,867)
Amortisation of goodwill (£’000) 2,194 2,123
Exceptional items (£’000) 200 3,494
Tax on exceptional items (£’000) (162) (1,163)
Adjusted loss attributable to shareholders (£’000) 2,563 (413)
Weighted average number of shares 60,213,476 55,600,842
Adjusted profit/(loss) per ordinary share 4.26p (0.74)p
Adjusted profit/(loss) per share has been calculated before amortisation and exceptional items in order that their effect on reported earnings
can be fully appreciated.
10 Intangible Fixed Assets
Goodwill £’000
Cost
At 1 February 2004 45,117
Additions (note 26) 2,143
Fair value adjustment 34
Exchange movements 122
At 31 January 2005 47,416
Aggregate amortisation
At 1 February 2004 14,358
Charge for the year 2,194
Exchange movements 19
At 31 January 2005 16,571
Net book value
At 31 January 2005 30,845
At 31 January 2004 30,759
A fair value adjustment has been made to goodwill in respect of unprovided bad debts acquired last year within the SBS Group Inc.
Annual Report & Accounts 2005 34 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
11 Tangible Fixed Assets
The movement of tangible fixed assets for the year was as follows:
Furniture,
Leasehold Office fixtures and Computer Motor
improvements equipment equipment equipment vehicles Total
Group £’000 £’000 £’000 £’000 £’000 £’000
Cost
As at 1 February 2004 1,231 713 1,299 5,409 45 8,697
Additions 2670366586796
Acquisitions – – 10 – – 10
Disposals (31)(156)(253)(305)(31)(776)
Exchange movements 2 7 5 (4) – 10
At 31 January 2005 1,228 634 1,097 5,758 20 8,737
Depreciation
As at 1 February 2004 797 703 1,133 4,631 20 7,284
Charge for the year 66 56 106 564 3 795
Disposals (31)(156)(253)(292)(20)(752)
Exchange movements 2 (3) (1) (3) – (5)
At 31 January 2005 834 600 985 4,900 3 7,322
Net book value
At 31 January 2005 394 34 112 858 17 1,415
At 31 January 2004 434 10 166 778 25 1,413
The Company held no fixed assets during the year.
Assets held under finance leases and hire purchase contracts (included above)
Computer
equipment
£’000
Cost at 1 February 2004 667
Accumulated depreciation at 31 January 2005 (667)
Net book value at 31 January 2005 –
Cost at 31 January 2004 667
Accumulated depreciation at 31 January 2004 (519)
Net book value at 31 January 2004 148
12 Investments
Group Group Company Company
2005 2004 2005 2004
£’000 £’000 £’000 £’000
Investment in subsidiary undertakings – – 46,917 46,917
Annual Report & Accounts 2005 35 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
12 Investments continued
Subsidiary Undertakings and Branches
The details of the principal subsidiary companies and branches as at 31 January 2005 were as follows:
Country of incorporation
Name of company and operation Principal activity
Harvey Nash AG Switzerland Recruitment consultancy
Harvey Nash BV The Netherlands Recruitment consultancy
Harvey Nash GmbH Germany Recruitment consultancy
Harvey Nash IT Consulting NV Belgium Recruitment consultancy
Harvey Nash NV Belgium Recruitment consultancy
Harvey Nash Offshore Development Centre Branch - Vietnam Software development
Harvey Nash plc England Recruitment consultancy
Harvey Nash SA France Recruitment consultancy
Impact Executives Ltd England Recruitment consultancy
Mortimer Spinks Limited England Recruitment consultancy
Harvey Nash Inc US Recruitment consultancy
Snowdogs LLC US Recruitment consultancy
SBS Group Inc US Recruitment consultancy
The Company or Harvey Nash plc owns directly or indirectly 100% of the ordinary share capital and voting rights of all companies.
13 Exceptional Items
Operating exceptional items comprise the following costs:
2005 2004
£’000 £’000
Costs of aborted acquisition 82 –
Restructuring costs 637 1,840
Provision for onerous property leases (468) 1,654
Sale of investment (51) –
200 3,494
Details of the provision for property leases are given in note 17.
Restructuring costs represent redundancy and related office closure costs in the UK and US. The sale of investment relates to the sale of an
investment previously written down to nil value through a prior year exceptional charge.
14 Debtors
Group Group Company Company
2005 2004 2005 2004
£’000 £’000 £’000 £’000
Trade debtors 26,843 19,797 – –
Amounts owed by subsidiary undertakings – – 8,232 10,484
Other debtors 1,748 1,455 – 2
Prepayments and accrued income 3,461 2,410 11 315
32,052 23,662 8,243 10,801
Within other debtors there are deferred tax assets of £1,249,000 (2004: £1,209,000). For details refer to note 7.
Interest is charged on intercompany funding balances in accordance with formal loan agreements between the parties.
Annual Report & Accounts 2005 36 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
15 Creditors: Amounts Falling Due Within One Year
Group Group Company Company
2005 2004 2005 2004
£’000 £’000 £’000 £’000
Bank overdraft - secured 2,694 – – –
Bank loan - secured 3,000 – – –
Trade creditors 11,821 10,533 21 154
Corporation tax 373 933 – –
Other taxes and social security 2,362 1,603 – –
Accruals and deferred income 7,689 6,828 35 434
Other creditors 503 402 – –
Obligations under finance leases and hire purchase contracts – 121 – –
28,442 20,420 56 588
16 Creditors: Amounts Falling Due After More Than One Year
Group Group Company Company
2005 2004 2005 2004
£’000 £’000 £’000 £’000
Bank loan – secured 3,112 6,333 – –
Amounts owed to subsidiary undertakings – – 6,198 10,917
3,112 6,333 6,198 10,917
The bank loan is a multi currency revolving credit facility to a maximum limit of £6.1m. £3.0m will be repaid on 30 April 2005 leaving £3.1m
due on 30 April 2006.  Interest is charged at a margin of  1.75% over LIBOR. The facility is secured by cross Group guarantees. There is a UK
invoice discounting facility secured over the UK debtor book. In Germany, certain of the Harvey Nash GmbH debtors are subject to a debt
factoring facility secured by a guarantee issued by Harvey Nash Group Plc. 
2005 2004
£’000 £’000
Maturity dates of bank loans
Due within one year 3,000 –
Within two to five years 3,112 6,333
6,112 6,333
17 Provision for Liabilities and Charges
The provision for liabilities and charges at 31 January 2005 comprises the provision for future lease rental obligations on onerous leases.
The movement in provision in the year is as follows:
Group
2005
£’000
Provision at 1 February 2004 1,641
Release of provision (856)
Utilisation of provision (505)
Provision at 31 January 2005 280
Annual Report & Accounts 2005 37 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
18 Obligations Under Hire Purchase Contracts and Finance Leases
Group Group
2005 2004
£’000 £’000
Repayable within one year – 124
Repayable between one and five years – –
Total gross payments – 124
Less finance charges and interest allocated to future periods – (3)
– 121
Due within one year – 121
Due after more than one year – –
– 121
Harvey Nash Group plc, the Company, has no obligations under hire purchase contracts and finance leases.
19 Operating Lease Commitments
The Group has annual commitments under operating leases which expire as follows:
Group Group
2005 2004
£’000 £’000
Land and buildings
Leases expiring within one year 506 319
Leases expiring between one and five years 561 921
Leases expiring in more than five years 1,597 1,466
2,664 2,706
Other operating leases
Leases expiring within one year 405 125
Leases expiring between one and five years 192 308
597 433
20 Share Capital
Group Group Company Company
2005 2004 2005 2004
£’000 £’000 £’000 £’000
Authorised
75,000,000 (2004: 75,000,000) ordinary shares of 5p each 3,750 3,750 3,750 3,750
Allotted and fully paid
62,682,678 ordinary shares of 5p each (2004: 59,682,847) 3,134 2,984 3,134 2,984
Details of the shares issued in the year are given in the Directors’ Report.
Annual Report & Accounts 2005 38 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
21 Reserves
Share Profit
Shares to premium Other Own and loss
be issued account reserves shares held account
Group £’000 £’000 £’000 £,000 £’000
1 February 2004  as previously reported 1,648 18,023 11,736 – (4,938)
Prior year adjustment – own shares previously in investments – – – (400) – 
Prior year adjustment – previous impairments of own shares – – – (681) 681
1 February 2004 as restated (see note 1) 1,648 18,023 11,736 (1,081) (4,257)
Shares to be issued 1,800 ––––
Payment of deferred consideration (1,076) ––––
Premium on shares issued less share issue costs – 1,031 1,014 – –
Retained profit for the year –––– 331
Exchange gain 14 – – – 161
31 January 2005 2,386 19,054 12,750 (1,081) (3,765)
Share Profit
Shares to premium Capital Other and loss
be issued account contribution reserves account
Company £’000 £’000 £’000 £’000 £’000
1 February 2004 1,648 18,023 20,000 9,994 (6,369)
Shares to be issued 1,800 – – – –
Payment of deferred consideration (1,076) – – – –
Premium on shares issued less share issue costs – 1,031 – 1,014 –
Retained loss for the year –––– (297)
Exchange gain 14 – – – –
31 January 2005 2,386 19,054 20,000 11,008 (6,666)
Shares to be issued relates to the value of the deferred consideration shares estimated to be issued under the terms of the sale and purchase
agreement for the acquisition of Snowdogs LLC and the assets of Bluesuit Consulting Inc.
The own shares held represent shares held by the Harvey Nash Employee Benefit Trust which holds 553,936 shares with an original cost 
of £1,081,000.
22 Reconciliation of Operating Profit/(Loss) to Net Cash (Outflow)/Inflow
2005 2004
£’000 £’000
Group operating profit/(loss) 2,060 (3,652)
Depreciation 795 1,322
Amortisation 2,194 2,123
Loss on disposal of fixed assets 24 50
Proceeds on sale of investment previously written off (51) –
Share-based employee settlement 206 –
(Increase)/decrease in debtors (8,483) 611
Increase/(decrease) in creditors 1,905 1,436
Net cash (outflow)/inflow from operating activities (1,350) 1,890
Annual Report & Accounts 2005 39 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
23 Reconciliation of Net Cash Flow to Movement in Net Debt
2005 2004
£’000 £’000
Decrease in cash during the year (4,368) (5,097)
Decrease in debt and lease finance 121 5,404
(4,247) 307
Foreign exchange movement 282 443
(Increase)/decrease in debt during the year (3,965) 750
Net debt at beginning of year (4,841) (5,591)
Net debt at end of year (8,806) (4,841)
Net cash – 1,613
Borrowings (8,806) (6,454)
(8,806) (4,841)
Analysis of Changes in Net Debt
Foreign
1 February Non-cash exchange 31 January
2004 Cash flow movements movements 2005
£’000 £’000 £’000 £’000 £’000
Cash 1,613 (4,368) – 61 (2,694)
1,613 (4,368) 61 (2,694)
Debt due within one year – – (3,000) – (3,000)
Debt due after one year (6,333) – 3,000 221 (3,112)
Finance leases (121) 121 – –
(6,454) 121 – 221 (6,112)
Total (4,841)(4,247)–282(8,806)
The non-cash movements reflect the changes in maturity of the debt.
24 Directors
2005 2004
Total emoluments of the Directors £’000 £’000
Fees 117 106
Basic salaries, allowances and taxable benefits and car allowance 668 699
Aggregate emoluments 785 805
Pension contributions 42 53
Emoluments of Chairman 51 46
Emoluments of highest paid Director (including pension contributions) 388 325
Details of the remuneration of each Director, which form part of the audited financial statements, are set out in the Remuneration Report
on pages 17 to 20.
Annual Report & Accounts 2005 40 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
25 Pensions
Harvey Nash has in place three pension schemes; the Harvey Nash plc Directors’ Retirement and Death Benefits Scheme, a Group Personal
Pension Plan provided by National Provident Institution and Legal and General, and a stakeholder scheme with Legal and General which had
no participating members at the year end.
The Harvey Nash plc Directors’ Retirement and Death Benefits Scheme (the ’Scheme’) is a small self-administered scheme. It is an 
exempt-approved scheme under Chapter 1 of Part XIV of the Income and Corporation Taxes Act 1988. The assets of the Scheme 
are held separately from the Company by trustees. The current trustees are TFA Crawford, DC Higgins, DH Treacher and Scottish 
Equitable which is the pensioner trustee. The three individual trustees are the only members of the Scheme. The Company 
has the power to appoint individual trustees.
The retirement scheme is provided on a defined contribution basis. The contributions in the year were £23,100 (2004: £22,000).
The Group Personal Pension Plan (the ’Plan’) is a defined contribution scheme provided by National Provident Institution and Scottish
Widows . The Group’s normal policy is to invite employees to join the Plan automatically on completion of three years’ qualifying service,
although senior employees may be invited to join earlier at the discretion of the Directors. The Group contributes 5% and the employee
contributes 3% of the employee’s basic earnings (excluding bonuses) to the Plan. Group’s total contribution to the Plan for the period to 
31 January 2005 was £172,924 (2004: £191,774). Contributions in respect of Director Albert Ellis were £18,900 (2004: £18,000). 
26 Acquisitions
Bluesuit Consulting Inc
On 17 December 2004, the Group acquired the business and certain assets of Bluesuit Consulting Inc, an IT recruitment business based
in Chicago for an initial consideration of £0.6m ($1.2m), satisfied by the issue of £0.6m ($1.2m) of Harvey Nash Group plc shares. Deferred
consideration of up to £1.8m ($3.5m) is payable in shares in three instalments over the next two years subject to certain profit targets 
being achieved.
Bluesuit 
Consulting Inc
book and
fair value
£’000
Fixed assets 10
Debtors 97
Cash 278
Net assets acquired 385
Value of consideration and capitalised costs
Cash 111
Shares 617
Deferred consideration 1,800
Total consideration 2,528
Goodwill 2,143
The period of amortisation of the goodwill for the acquisition is 20 years.
Annual Report & Accounts 2005 www.harveynash.com 41 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
26 Acquisitions continued
The profits for the acquired business up to the date of acquisition and for the prior year are as follows:
Bluesuit 
Consulting Inc
1 January 2004
to 16 December 
2004
£’000
Turnover 2,505
Operating profit 531
Profit/(loss) before taxation 531
Taxation –
Profit/(loss) after taxation 531
Prior year result
Profit after taxation 175
Bluesuit Consulting Inc. did not pay tax in the period as profits were paid as a dividend to the shareholders who bore the tax liability.
27 Financial Instruments
Treasury Management
Treasury policy and significant treasury transactions are approved by the Board.
Financing
The Group’s principal financial instruments are bank loans, bank overdrafts, cash and short-term deposits. The Group has other financial
instruments such as trade debtors and trade creditors that arise directly from its operations. Acquisitions are financed through a mixture of
equity and medium-term borrowings. Working capital finance for day-to-day requirements is provided through operating cash generation,
invoice discount facilities, debt factoring facilities and small short-term overdraft facilities. All of the Group’s long-term borrowings are
made centrally. Where applicable, funds are then made available for the financing of the Group’s subsidiaries through intercompany loans.
Objectives, Policies and Strategies
The most significant treasury exposures faced by Harvey Nash are raising finance, managing interest rate and currency positions and
investing surplus cash in high quality assets. The Board has established clear parameters, including levels of authority, on the type and use 
of financial instruments to manage these exposures. Transactions are only undertaken if they relate to underlying exposures and cannot be
viewed as speculative.
Interest Rate Risk Management
The Group’s policy is to minimise interest charges. Harvey Nash uses interest rate caps to manage its interest rate exposure on its 
debt position.
Currency Risk Management
The Group’s policy is to minimise foreign currency risk. Harvey Nash manages its exposure on equity investments in overseas subsidiaries
through foreign currency borrowings. The currency risk of holding assets and liabilities in foreign currencies across the Group is managed by
partially matching foreign currency assets with foreign currency liabilities.
As permitted by FRS 13 short-term debtors and creditors have been excluded from disclosure of financial liabilities and financial assets.
Currency and interest rate composition of financial assets and liabilities.
Annual Report & Accounts 2005 www.harveynash.com 42 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
27 Financial Instruments continued
Financial Assets
Non interest 
Floating rate bearing Total
As at 31 January 2005 £’000 £’000 £’000
Sterling 561 – 561
Euros – 1,925 1,925
Swiss franc – 1,994 1,994
US dollar – 775 775
561 4,694 5,255
Non interest 
Floating rate bearing Total
As at 31 January 2004 £’000 £’000 £’000
Sterling 315 – 315
Euros – 1,199 1,199
Swiss franc – 2,620 2,620
US dollar – 621 621
Australian dollar –1313
Hong Kong dollar –5757
315 4,510 4,825
Financial liabilities
Non interest 
Floating rate bearing Total
As at 31 January 2005 £’000 £’000 £’000
Sterling 5,693 – 5,693
Euros 966 – 966
US dollar 7,415 – 7,415
14,074 – 14,074
Non interest 
Floating rate bearing Total
As at 31 January 2004 £’000 £’000 £’000
Sterling 1,258 – 1,258
Euros 951 – 951
Swiss franc 275 – 275
US dollar 7,065 – 7,065
9,549 – 9,549
The floating rate financial liabilities comprise bank loans and overdrafts bearing interest rates based on local money market rates.
Annual Report & Accounts 2005 43 Harvey Nash Group plc Notes to the Financial Statements continued
for the year ended 31 January 2005 
27 Financial Instruments continued
Maturities of Financial Liabilities
Total borrowings are repayable as follows:
2005 2004
£’000 £’000
Within one year 10,962 3,216
Due within two and five years 3,112 6,333
14,074 9,549
Committed Undrawn Facilities
The maturities of the committed undrawn bank facilities available to the Group are as follows:
2005 2004
£’000 £’000
Within one year – –
Between two and five years – 600
– 600
Fair Value
In the opinion of the Directors there is no material difference between the fair value of the Group’s financial instruments and their 
carrying value.
Currency Risk
The currency exposure of the Group net monetary assets/(liabilities) is shown below. Such exposures comprise the monetary assets and
monetary liabilities of the Group that are not denominated in the operating currency of the operating company involved.
Net foreign currency monetary assets/(liabilities)
Functional Swiss Australian Hong Kong
currency of US dollar Euro franc dollar dollar Total
Group company £’000 £’000 £’000 £’000 £’000 £’000
Sterling
Cash (1,303)1,0801,266–– 1,043
Trading and intercompany 344 (350) 146 63 94 297
Loans – intercompany 7,813 (1,014) (1,189) 792 430 6,832
Loans – Bank (6,112) –––– (6,112)
742 (284) 223 855 524 2,060
28 Related Party Transactions
As a result of the acquisitions of Snowdogs LLC in 2003 and the business and certain assets of Bluesuit Consulting Inc, certain senior
employees are entitled to receive deferred consideration payable in shares in Harvey Nash Group plc as a result of their prior year equity
interest in the businesses. See note 26 for further details of the Bluesuit Consulting Inc acquisition in the year.
Annual Report & Accounts 2005 44 Harvey Nash Group plc Die Harvey Nash Gruppe ist ein global agierendes
Unternehmen, welches seine Dienstleistungen mit
400 Mitarbeitern an 30 Standorten in Europa, USA
und Asien anbietet.
Die Gruppe hat ein einzigartiges Portfolio von
Personaldienstleistungen, welches Unternehmen 
in den Segmenten IT und Engineering mit
professionellen Lösungen auf der Basis von 
Werk- und Dienstverträgen, Personalvermittlung 
und Offshore Development unterstützt. Unsere
Executive Search und Interim-Management 
Division unterstützt unsere Kunden in der
erfolgsentscheidenden Rekrutierung von Top
Management Positionen. 
Unser Ziel ist es, der führende Personaldienstleister
von Top Unternehmen zu werden. Wir arbeiten dafür
konstant, um die Erwartungen unserer Kunden mit
herausragendem Service, Innovation, Flexibilität und
uneingeschränkter Entschlossenheit zu übertreffen.
Harvey Nash is een vooraanstaand leverancier 
van recruitment en outsourcing oplossingen 
met wereldwijd meer dan 400 medewerkers 
en 30 kantoren verspreid over Engeland, Europa, 
de Verendigde Staten en Azië.
De groep beschikt over een uniek portfolio met
recruitment en outsourcing services, ontwikkeld 
om corporate IT activiteiten en organisaties te
ondersteunen door professionele oplossingen te
bieden op permanente of tijdelijke basis of door
middel van offshore development. Onze Executive
Search en Interim Management Services
ondersteunen onze klanten wereldwijd door 
het aantrekken van Senior Management talent,
essentieel voor een succesvolle toekomst.
Wij willen een professionele wervingspartner voor
blue chip organisaties zijn. Dit bereiken wij door de
verwachtingen van onze klanten op het gebied van
service, innovatie en flexibiliteit te  overtreffen en
door ons vastberaden voornemen om uit te blinken
in alles wat we doen.
Le Groupe Harvey Nash est l’une des premières
entreprises internationales de conseil en
recrutement, avec 400 personnes dans le monde 
et 30 implantations couvrant le Royaume Uni,
l’Europe, les Etats-Unis et l’Asie Pacifique.
Le Groupe propose une gamme unique de conseil 
en recrutement, de prestations de sous-traitance 
et d’externalisation de développement de logiciels
aux organisations informatiques .
Nos activités de recrutement de cadres dirigeants et
d’intérim management contribuent au succès de nos
clients, à l’échelle du globe, grâce à la recherche de
talents de haut niveau, facteur clé de leur réussite.
Notre objectif est d’être partenaire stratégique
privilégié des entreprises de tout premier ordre,
grâce à la très haute qualité de nos prestations, à
notre capacité d’innovation, à notre flexibilité et 
à notre détermination sans faille à réussir tout ce 
que nous entreprenons.
1 Highlights
2 At a Glance
4 Chairman‘s Statement
6 Chief Executive’s Statement
8 Financial Review
10 Directors, Secretary and Advisers
12 Directors’ Report
14 Corporate Governance
17 Remuneration Report
21 Directors’ Responsibilities in Relation 
to the Financial Statements
Contents
22 Independent Auditors’ Report to the
Members of Harvey Nash Goup plc
24 Consolidated Profit and Loss Account
25 Consolidated and Company Balance Sheets
26 Consolidated Cash Flow Statement
27 Statement of Total Recognised 
Gains and Losses
27 Reconciliation of Movements 
in Shareholders’ Funds
28 Notes to the Financial Statements
United Kingdom
London
Harvey Nash Group plc
13 Bruton Street
London W1J 6QA
Tel: 44 20 7333 0033
Fax: 44 20 7333 0032
Impact Executives
13 Bruton Street
London W1J 6QA
Tel: 44 20 7314 2011
Fax: 44 20 7333 2020
Mortimer Spinks Ltd
13 Bruton Street
London W1J 6QA
Tel: 44 20 7170 6400
Fax: 44 20 7170 6401
Birmingham
Harvey Nash plc
4302 Waterside Centre
Birmingham Business Park
Birmingham B37 7YN
Tel: 44 121 717 1919
Fax: 44 121 719 1913
Mortimer Spinks Ltd
4302 Waterside Centre
Birmingham Business Park
Birmingham B37 7YN
Tel: 44 121 329 1400
Fax: 44 121 329 1414
Leeds
Harvey Nash plc
Marshall Mill
Marshall Street
Leeds LS11 9YJ
Tel: 44 113 202 8900
Fax: 44 113 245 3255
Mortimer Spinks Ltd
Marshall Mill
Marshall Street
Leeds LS11 9YJ
Tel: 44 113 202 8989
Fax: 44 113 202 8999
USA
Denver
Harvey Nash Inc.
1123 Auraria Parkway
Suit 100
Denver
CO 80204
Tel: 303 299 9090
Fax: 303 296 8855
San Francisco
Harvey Nash Inc.
455 Market Street
Suite 1190
San Francisco
CA 94105
Tel: 415 901 0910
Fax: 415 901 0920
Seattle
Harvey Nash Inc.
Intracorp Plaza
2505 Second Avenue
Suite 705
Seattle
WA 98121
Tel: 206 956 9200
Fax: 206 956 0474
Shelton
Harvey Nash Inc.
5th Floor, Suite 300
2 Corporate Drive
Shelton
CT 06484
Tel: 203 225 0544
Fax: 203 225 0560/0561
New Jersey
Harvey Nash Inc.
101 Eisenhower Parkway
Suite 300
Roseland
NJ  07068
Tel: 973 795 1234
New York
Harvey Nash Inc.
3 Park Avenue
33rd Floor
New York
NY 10016
Tel: 212 481 1317
Fax: 212 481 1319
Chicago
Harvey Nash Inc.
1700 Park Street
Suite 212
Naperville
IL 60563
Tel: +1 (630) 369 9300 
Fax: +1 (630) 369 76
Europe
Dusseldorf
Harvey Nash GmbH
Immermannstrasse 51
D-40210 Düsseldorf
Germany
Tel: 49 211 17 93 920
Fax: 49 211 17 93 9220
Frankfurt
Harvey Nash GmbH
Regus Centre Eurohaus
Lyoner Strasse 26
D-60528 Frankfurt
Germany
Tel: 49 69 677 33 0
Fax: 49 69 677 33 200
Hamburg
Harvey Nash GmbH
Regus Centre Fleethof
Stadhausbruke 1
20355 Hamburg
Germany
Tel: 49 40 376 44 400
Fax: 49 40 376 44 500
Munich
Harvey Nash GmbH
Regus Munchen Schwabing
Elisabethstrasse 89-91
80797 Munich
Germany
Tel: 49 89 59 08 0
Fax: 49 89 59 08 1200
Stuttgart
Harvey Nash GmbH
Hoferstrasse 9
71636 Ludwigsburg
Germany
Tel: 49 7141 94500
Fax: 49 7141 945020
Brussels
Harvey Nash NV
Westpoint Parkway
t’Hofveld 6c
B-1702 Groot-Bijgaarden
Belgium
Tel: 32 2 463 1430
Fax: 32 2 463 3277
Paris
Harvey Nash SA
8 Avenue Kleber
75116 Paris
France
Tel: 33 1 406 76600
Fax: 33 1 406 76619
Utrecht
Harvey Nash BV
7th Floor Tower B
Corner Plaza
Planetenbaan 25
3606 Maarssen
The Netherlands
Tel: 31 346 581070
Fax: 31 346 581080
Zurich
Harvey Nash AG
Zeughausstrasse 51
Postfach
CH-8026 Zurich
Switzerland
Tel: 41 1 296 88 44
Fax: 41 1 296 88 55
Asia
Hong Kong*
Unit B, 9/F
Entertainment Building
30 Queens Road Central
Hong Kong
Tel: 852 2521 3366
Fax: 852 2810 7211
Hanoi
Harvey Nash plc
HITC Building
Xuan Thuy Road
Cau Giay District
Hanoi
Vietnam
Tel: 84 4 834 2050
Fax: 84 4 833 3834
* Affiliated offices
Web address
www.harveynash.com
International Offices Harvey Nash Group plc
Annual Report 2005
Harvey Nash Group plc Annual Report 2005
Harvey Nash Group plc
13 Bruton Street, London W1J 6QA Telephone: 020 7333 0033
www.harveynash.com