17 Jul 2018 07:00
Hydrogen Group plc ("Hydrogen", the "Group")
Trading Update, Appointment of Joint Corporate Broker
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 2018.
As noted at the Group's Annual General Meeting on 25 May 2018 the Group's performance in the year to date has been encouraging. Net fee income for the period totalled more than £14.5m. The Group's balance sheet has continued to strengthen with net cash at 30 June amounting to £1.3m.
Trading has been robust across the Group underpinned particularly by the performance of our Legal and Business Transformation practices in EMEA, and by our operations in Singapore and Thailand in APAC.
As a result, we are pleased to confirm that the Group has continued to trade well, and the Board remains confident of its growth prospects for the current financial year and beyond.
We have continued to invest in our people and have made two significant additions to our global leadership team in the USA and Australia giving us confidence that we should be able to deliver significant growth in these markets moving forward.
The Board believes that following the successful acquisition and integration of Argyll Scott, the Group has established a scalable platform for organic growth that can be supplemented by selective acquisitions to accelerate the Group's development. The Board has developed strict criteria that it will apply to any potential acquisition relating to the strategic, financial, operational, and cultural fit.
At the time of our final results for the year ended 31 December 2017 we announced our plan to resume the payment of a dividend. The dividend was duly paid on 5 July 2018. The Board now intends to implement a progressive dividend policy and will review future dividends in light of the performance of the business.
Appointment of Joint Corporate Broker
The Board is pleased to announce that it has appointed Whitman Howard with immediate effect as joint Corporate Broker alongside Shore Capital.
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 18 September 2018.
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 Editors:
Hydrogen Group's mission is to empower people's careers whilst powering businesses by providing their key people from a proven global platform with clients' in over 50 countries. We deliver by building market leading specialist teams that develop a deep understanding of candidate and clients' needs and developing solutions.
http://www.hydrogengroup.com