Hydrogen Group is looking to open one or two international offices a year, as it continues to focus on international expansion, according to its executive chairman.

Speaking after the release of its results for the half of 2010, which saw international net fee income (NFI) increase by 213%, Ian Temple told Recruiter: “I think there are more opportunities internationally fundamentally, and out business model travels well, better than we had dared to hope, actually.”

International NFI now represents 35% of group NFI compared to 19% in 2009. He said that Hong Kong, the Middle East and Germany were markets with particular growth potential.

Temple said the plan was to build up a number of offices with sufficient critical mass to offer staff opportunities for career progression. 

“We are going through the transition from being a UK business into a global business. Last year we made placements in 40 countries, and this is a trend we expect to see continuing.”

Key figures from Hydrogen Group results for the six months ending 30 June 2010

• Group NFI increased by 67% to £13.2m (2009: £7.9m)
• Adjusted profit before tax of £1.1m (2009: £0.0m)
• International NFI grew by 213% to £4.7m (2009: £1.5m) and now represents 35% of the group’s NFI (2009: 19%)