25 May 2012

Hydrogen floating ahead

09/01/2012 Ben Jaglom

Recruitment concern Hydrogen Group (HYDG) has reported strong growth in its oil & gas business amidst the 'global macroeconomic instability'.

In a trading update for the year to December the AIM-quoted outfit announced a 9 per cent increase in its net fee income to £30 million (2010: £27.6 million). In recruitment for oil & gas net fee income surged ahead from £3.9 million to £6.4 million while its pharmaceuticals operation grew by 140 per cent.

Contract placements grew from 46 per cent to 55 per cent, with Hydrogen remarking its contracts business was driven by the 'strong performance in technology' noting it had opened an office in Edinburgh to 'meet client demand in this sector'. Furthermore it opined on activity in financial services hiring, declaring it had 'slowed' and been replaced by the increasing popularity of contract as opposed to permanent positions.

Analysts at Shore Capital are forecasting pre-tax profits of £3.7m (EPS: 10.7p) for the year to December 2011.

Last recommended by Growth Company Investor at 127.5p last March the shares currently languish at 83.5p. With the global slump in hiring, Hydrogen is operating in a difficult market. Better value exists elsewhere in the sector, with the shares already down 35.5 per cent against our 2010 recommendation. Hold.

Tags: Oil & Gas business, Recruitment business, Support services

Sector: Support Services

Companies: Hydrogen

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