2 Jul 2009 07:00
2 July 2009
Hydrogen Group plc
PRE CLOSE TRADING UPDATE
Hydrogen Group plc ("the Group" or "the Company"), the specialist professional recruitment business is issuing a pre close trading update following completion of the half year ended 30 June 2009.
The trading environment has continued to be challenging throughout the first six months of the year. The business efficiencies achieved in 2008 have been effective in creating a leaner structure and we have focussed on those sectors and geographies where demand has proved more robust. Nevertheless the outturn for this period will be similar to that of the second half of 2008, with the Group trading at broadly breakeven.
Given the ongoing general economic uncertainty, which is having a material effect on our markets, we now anticipate that the current trading conditions will prevail for the remainder of the year. In view of this climate, management does not expect any significant improvement in the Company's performance in 2009. Cash generation, however, has continued to be strong and we have further improved our control of costs and debtor management, with the result that we expect to end the year with a net cash balance.
We will continue to invest selectively in new markets and geographies to enable us to emerge from the current downturn in a stronger position. The Board remains confident that the strength of our management team and flexibility of our business model will ensure the business is strongly positioned for growth in the medium term.
Enquiries:
| Hydrogen Group plc | 020 7240 2500 |
| Ian Temple, Executive Chairman Tim Smeaton, Chief Executive | |
| Hudson Sandler | 020 7796 4133 |
| Kate Hough | |
| Oriel Securities (NOMAD) | 020 7710 7600 |
| Natalie Fortescue / Emma Ormond |