15 Jul 2019 07:00
Hydrogen Group plc ("Hydrogen", the "Group")
Trading Update
and
Notice of Interim results
Hydrogen Group, the global specialist recruitment group, is pleased to provide the following update on trading for the six months ended 30 June 2019.
The Group has continued to trade in line with management's expectations. Net fee income for the period totalled more than £15m. The Group's balance sheet remains strong with net cash at 30 June amounting to £3.4m.
As noted at the Annual General Meeting on 23 May 2019, the Group's performance in the year to date has been impacted by weaker trading conditions in certain of its APAC businesses and by Brexit related uncertainty dampening demand in the UK. Conversely, the Group's US operations continue to trade strongly. This geographic diversity of global operations is enabling the Group to continue to grow and gives management confidence in its prospects for 2019 and beyond.
The Board is continuing to review acquisition opportunities, applying the strict assessment criteria that it has developed relating to strategic, financial, operational, and cultural fit.
Notice of results
The Board looks forward to providing a further update at the time of the Interim Results, which will be announced on Tuesday 17 September 2019.
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