LONDON (Alliance News) - Hydrogen Group PLC Monday said pretax profits declined amid mixed market conditions, with strong growth in in its oil-and-gas and life-sciences practices being offset by a significant slow-down in Australia and continued market weakness in the UK for financial services.
In the half year ended June 30, the group increased its net fee income by 1.9% to GBP15.9 million from GBP15.6 million. It had a pretax profit of GBP1.3 million, down from GBP1.8 million. Revenues increased to GBP91.0 million from GBP82.0 million.
The recruitment company said its investments in staff also had reduced its profitability for the period, but that it believed these investments would increase profitability in the mid- to long-term.
Hydrogen said that its priority for the second half of the financial year would be to increase headcount in markets demonstrating growth and maximising its returns on investments. Market conditions remain unchanged from the first half, Hydrogen said, and it expected to meet expectations for the full year.
Hydrogen's shares were trading down 2.8% at 96.25 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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