17 Dec 2013 07:00
Hydrogen Group plc
Trading Update
The Board of Hydrogen Group plc ("Hydrogen" or the "Group", AIM: HYDG) provides the following update on trading and its expectations for the full year results to 31 December 2013.
The Group expects to report an increase in Net Fee Income ("NFI") for the year, reflecting a year on year improvement in productivity. The Group has also continued to enjoy strong growth in its Technical and Scientific practices and there are some recent signs of upturn in traditional UK financial services markets which augur well for 2014. However, actual NFI for November and the latest forecasts for NFI for December are both marginally lower than projected.
The Group has continued to invest in headcount during the second half of the year, with a 10% increase in sales headcount between June and December. The costs associated with this investment, together with some foreign exchange losses arising from the recent strength of Sterling, have also contributed to the reduction in profitability in the period.
As a consequence, the Board believes that profit before tax ("PBT") for the second half of the year will be lower than the first half by approximately £0.3m and, therefore, that PBT for the year to 31 December 2013 will be below market expectations.
Activity levels across the Group in the lead-up to the year-end remain strong. The Board remains confident in its strategy to grow the business, and believes that the investments made in 2013 leave it well placed to benefit from market opportunities in 2014.
17 December 2013
Enquiries:
Hydrogen Group plc | 020 7002 0000 |
Tim Smeaton, Chief Executive John Glover, Finance Director
| |
Hudson Sandler | 020 7796 4133 |
Kate Hoare | |
Shore Capital (NOMAD and Broker) |
020 7408 4090 |
Bidhi Bhoma Edward Mansfield |
Notes to Editors:
Hydrogen is a global specialist recruitment business with a turnover in excess of £160m. We build relationships by finding specialist candidates our clients have difficulty sourcing, placing professionals in more than 70 countries.
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/