LONDON (Alliance News) - Shares in Hydrogen Group PLC jumped on Tuesday as the company said it swung to an interim profit on the back of increased revenue.
Shares in the specialist recruitment company were trading up 20% at 75.96 pence each.
For the six months to June 30, Hydrogen posted pretax profit of GBP1.1 million compared to a GBP611,000 loss a year prior. This was on the back of revenue up 21% to GBP68.6 million from GBP56.8 million.
Net fee income jumped 57% to GBP14.8 million from GBP9.4 million a year prior, mainly due to the acquisition of Argyll Scott Holdings Ltd in June 2017, which has now been successfully integrated, the company explained.
Chief Executive Officer Ian Temple said: "The key objectives of the business combination with Argyll Scott have been successfully achieved and we have established a scalable platform that enables us to look forward confidently to further sustainable long-term organic profit growth."
The company proposed an interim dividend of 0.5 pence per share. A year ago it did not pay any dividend.
Looking ahead, Hydrogen said it is well placed to make acquisitions for which it continues to consider potential targets.
"With the current levels of activity, the board is confident that the underlying profit and earnings per share for the full year will be substantially ahead of current market expectations," Temple added.
