27 Oct 2008 07:00
27 October 2008
Hydrogen Group plc
('the Group')
Trading Update
Hydrogen Group plc, the specialist professional recruitment business, is today issuing an update on trading for the year ending 31 December 2008.
At the time of its interim results on the 21 August 2008, the Company stated that "the more uncertain macroeconomic environment has resulted in trading conditions for some of our brands becoming more challenging in the UK and this trend has continued into the second half of the year."
As has been widely documented, since that time there has been further deterioration in the trading environment across one of our core markets, financial services. In light of the current lack of visibility and an expectation of deteriorating trading the Board now anticipates that although the Group will make profit in the second half of 2008 pre tax profits for the year to 31st December 2008 will be significantly below current market expectations
The Group continues to invest to increase its exposure to growth markets and has expanded its international operations where demand for high quality specialist candidates in regions such as Australia, the Far East, Middle East and Continental Europe remains strong. Cost control continues to be a key focus for management and the business remains cash generative with a strong balance sheet.
Whilst this is a disappointing outcome the board remains confident that the company has a strong and flexible business model closely aligned to the long term structural growth drivers for professional recruitment.
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 |
| David Arch |