LONDON (Alliance News) - Recruitment firm Hydrogen Group PLC Thursday said it has experienced delays in conversions to completed job placements and is yet to see an overall uplift in net fee income despite increases in jobs and interviews across many areas of its business.
Chairman Ian Temple told the company's annual general meeting that the trend for this year so far has been one of steady improvement but in some areas it has, "observed a delay in conversion to completed placements," and it is "yet to see an across-the-board uplift in net fee income".
As such, Temple said that it is too early to say exactly when its different practices and regions will see sustained improvements.
The company said it has taken a number of actions to manage the cost base of its business in line with current levels of fee income, starting with restructuring at a senior level. It said that changes made during the year so far should more closely align costs with its fee income which should lead to higher profits in the second half of the year.
"We remain confident that we are well positioned to capitalise on the investments made over the last few years," Temple said.
In March, Hydrogen Group reported a fall in profit for 2013 as it increased its headcount and faced problems in Australia, where it saw a 19% decline in net fee income during the period.
Hydrogen Group shares were down 3.5% to 97.00 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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