25 May 2012

Encouraging news from Hydrogen

10/01/2011 Ben Jaglom

Specialist recruitment firm Hydrogen group has unveiled a positive year end trading update in which it notes that  the ‘recovery in recruitment markets’ has continued throughout the year.

The City of London-headquartered concern announced that net fee income would ‘exceed £27 million’, a substantial improvement on the £17 million reported in 2009.

Chairman Ian Temple enthused that 2010 saw the AIM-quoted company deliver a ‘strong performance’ adding that it has made ‘excellent progress’ in its aims regarding international growth.

Hydrogen boasted that in the UK its contract business had delivered a ‘particularly good performance’ with a ‘significant increase in the number of contract placements’.

Furthermore its recently opened Australian and Singaporean offices were described as performing ‘well’, while net debt fell £1.1 million to £2 million, a figure described as ‘better than expectations’.

Following the update analyst Mark Paddon of finnCap did not change his forecasts, which had last been pre-tax profits of £2.4 million on turnover of £90.8 million for the year to December, with pre-tax profits forecast to rise £500,000 to £2.9 million on sales of £97 million for the year to December 2011.

Recommended by Growth Company Investor last months at 129.5p, shares have risen 5.75p this morning, 5.4% since our recommendation. Following the encouraging  update, we would advise holding on to any shares for the time being, with the full-year results expected in March.

Tags: Credit crunch, Full list, Profit warning

Sector: Support Services

Companies: Hydrogen

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