Tue, 17 Dec 2013Recruitment group Hydrogen says profit before tax for 2013 is likely to be “below market expectations” because of the cost of increasing its internal workforce, alongside the recent strength of the UK pound.

The company says it enjoyed “strong growth” in its technical and scientific practices and has seen “some recent signs of upturn” in UK financial services in a trading statement available online ahead of full year results for the year to 31 December.

But it adds that a 10% sales headcount rise between June and December has cost the group, as have “some foreign exchange losses arising from the recent strength of [British pound] sterling”.

The statement concludes: “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.”

• Yesterday also saw staffing group Impellam forecast lower profits, but due to very different issues.