Hydrogen Group: Six Month Trading Ahead Of Board's Views

LONDON (Dow Jones)--Hydrogen Group PLC (HYDG.LN), a specialist professional recruitment business, said Thursday the improving trends in its markets, have continued and trading for the six months ended June 30 was ahead of the Board's expectations. MAIN FACTS: -Seen further strengthening in the U.K. financial services markets and in its international markets, as well early signs of improvement across most areas of its permanent business. -Group Net Fee Income, or NFI, for the period was significantly ahead of the same period for the prior year. -NFI from the company's international operations increased to 35% of Group NFI against 19% for the same period in the prior year. -The Singapore office, which opened in January, has performed well and ahead of expectations. -Strong revenue growth in the period has resulted in an increase in working capital, however, the group expects to be broadly cash neutral at the end of the period, compared to a net cash position of GBP3.1 million at the end of December 2009. -Remains cautiously optimistic in outlook for the remainder of 2010 in the light of the ongoing general economic uncertainty, which continues to affect some of the company's markets. -Shares closed Wednesday at 124.5 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com (END) Dow Jones Newswires July 01, 2010 02:59 ET (06:59 GMT)