15 Nov 2019 12:19
Hydrogen Group plc ("Hydrogen", the "Group")
Trading Update
Hydrogen Group, the global specialist recruitment group, provides the following update on trading for the year ending 31 December 2019.
As reported in the Group's Interim Report on 3 September 2019, the Group traded in line with expectations during Q3. Subsequently, trading conditions in two of the Group's key markets have deteriorated.
In the UK, demand levels have continued to be impacted by growing political uncertainty. This is now being exacerbated by the impact of the proposed changes to the IR35 legislation on clients' contract hiring plans.
In the Asia Pacific region, the public disorder and demonstrations in Hong Kong are now having a material impact on local activity levels.
As a result, the Board expects the Group's full year underlying profit before tax to be below current management expectations.
The Board continues to have confidence in the Group's future prospects and will provide a further update in the new year.
Enquiries:
Hydrogen Group plc 020 7090 7702
Ian Temple CEO
John Hunter, COO & CFO
Shore Capital (NOMAD and Joint Broker) 020 7408 4090
Edward Mansfield / James Thomas
Whitman Howard Limited (Joint Broker) 020 7659 1234
Hugh Rich
Notes to the editor
Hydrogen Group is a group of specialist recruitment and people solutions businesses with a proven global platform with clients' in over 50 countries. We deliver by building market leading niche specialist teams that develop a deep understanding of candidate and clients' needs and developing solutions.