20 Jan 2015 07:00
20 January 2015
Hydrogen Group plc
("Hydrogen" or the "Group")
Year End Trading Update
Hydrogen (AIM: HYDG) today issues the following trading update in respect of the year to 31 December 2014.
As a result of cost reductions and a renewed focus on core business opportunities, profitability during the second half of 2014 improved significantly against the first half of the year and was in line with management projections. This was despite Net Fee Income in the second half of the year being somewhat lower than in the first half. Consequently, the Group expects full year profitability to be in line with market expectations.
Following the comprehensive review of the business undertaken earlier in the year, management expects to have delivered savings of approximately £4.0 million in administration costs for 2014, compared with 2013.
The Group expects to take an exceptional charge of £2.0 million related to the non-recurring costs of restructuring the business in 2014.
The Group sees some good opportunities for development of existing business in 2015.
Enquiries:
Hydrogen Group plc | 020 7002 0000 |
Ian Temple, Chairman Tim Smeaton, CEO John Glover, Finance Director
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Citigate Dewe Rogerson Michael Berkeley Caroline Merrell
Shore Capital (NOMAD and Broker) | 020 7282 2920
020 7468 7904 |
Bidhi Bhoma Edward Mansfield |
Notes to Editors:
Hydrogen is a global specialist recruitment business with an annual turnover of approximately £170m. We build relationships by finding specialist candidates our clients have difficulty sourcing, placing exceptional, hard to find professionals in countries across the world, on both a contract and permanent basis. Our joined-up practice teams combine international reach with local expertise and specialist knowledge, to provide visibility of world class candidates.
http://www.hydrogengroup.com