Reading, Berks – 08 March 2001 Harrier Group plc (AIM: HRR), a leading provider of secure e-business solutions, announced today record revenues for the year ending 31 December 2000. Turnover was up 105% to £11,163,749 (1999: £5,437,201), the increase is partially attributed to the inclusion of Zeuros Limited, which was acquired with effect from 12 May 2000. In the six months since the interim results, the gross margin of the business has increased significantly from 40% to 44%, as a result of Harrier’s service related business.
“I am delighted with the progress that we have made over the past twelve months, a period of considerable change in the IT industry,” comments Bob Morton, Chairman. “With the Group in a position of strength for the immediate and long term future and current trading in line with expectation, we look forward to the future with confidence.”
Harrier has invested considerably in resources and facilities to support the increasing customer facing requirements of the company. A dedicated training centre has been established in Reading, a primary managed services centre in Hook, Hampshire and a new facility is to be opened during March in Leeds. Reflecting these investments the operating loss before exceptional severance costs and goodwill amortisation was £526,708 (1999: £61,638 profit).
The integration of the acquired businesses of ReNet and Zeuros into a single operating company, Harrier Zeuros, has been completed which, along with the implementation of more automated internal processes and systems has enabled significant cost savings. Levels of non-revenue earning staff have been reduced and replaced by revenue-earning professionals to fulfil customer contract requirements. The number of staff employed by the company at 31 December was 79 (1999: 43) with excellent staff retention throughout the year.
In November, David Cheesman was appointed to lead the executive Board, as Chief Executive Officer. Managing Director, Terry Radford resigned in late November, following a period of sustained ill health. The Board wishes Terry a swift recovery, every success in the future and thanks him for his commitment, support and service to the growth of the Group during his four years in office.
David Cheesman CEO of Harrier Group said, “Throughout 2001 we will continue to grow and consolidate our service offerings by placing increased emphasis on our security consultancy, in the form of business risk analysis and management, security policy assistance and IT security audit services. In addition to our enterprise storage, data contingency and corporate communication solutions which complement our core business activities.”
Harrier has further developed the model of the company with a primary focus on professional and secure managed services, as well as working with third party organisations to provide services that is outside its field of expertise or geographic coverage. Additionally the company has retained its status of being a leading solutions provider for leading security technology partners RSA Security and AXENT (now Symantec), as well as being one of ten Cisco Advanced Security Partners.
Notes to Editors
About Harrier Group plc
Harrier Group plc (AIM: HRR), is the only UK listed e-security integration company and has been providing major corporations with comprehensive network, security and advanced data protection and management solutions for over a decade.
Operating under the name, Harrier Zeuros Ltd, Harrier offers an independent approach to technology led solutions enabling its customers to leverage further productivity from their networks and the data stored within them. The company’s extensive range of Managed Services also provide Harrier’s customers with an effective way to secure and protect their business critical data without the enormous overheads of setting up and maintaining a suitable system.
Harrier Group clients include: Prudential, Vodafone, CSC Computer Sciences, Friends Provident Life and GKN Westland Helicopters.
For further information please visit http://www.harrier.com
Harrier Group plc
Tel: 0118 931 9310
Marylebone Media Relations
Tel: 0118 975 5188
Copies of this announcement will be available at Harrier's office (Pacific
House, Imperial Way, Reading, Berkshire, RG2 0TD) for collection for a
period of 14 days from the date of the announcement.
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