9 Jan 2009 07:00
9 January 2009
Hydrogen Group plc
('the Group')
Pre-Close Trading Update
Hydrogen Group plc, the specialist professional recruitment business, is today issuing a trading update in respect of its financial year ended 31 December 2008.
As outlined at the time of our trading update on 28 October 2008, the uncertain macroeconomic environment resulted in more challenging trading conditions over 2008 for some of our brands, particularly across one of our core markets, financial services.
We have seen solid performances across IT, legal and engineering disciplines during the year and continue to expand our international operations where demand for high quality, specialist candidates remains robust.
We have continued to maintain tight cost controls and have taken action over quarter four to reduce the cost base of the business. We achieved better than expected cash generation over the second half of the year and maintain a strong balance sheet. In December we renewed our existing banking facilities for two years at a small premium to existing rates, in order to meet all likely working capital needs over that period.
The Board remains confident that the Group's pre exceptional profit before tax for the year ended 31 December 2008 will be in line with market expectations.
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 |