FINANCIALS: Hydrogen sees strong trading performance

Specialist professional recruiter Hydrogen Group has seen net fee income increase 57% year-on-year, according to unaudited results for the half year to 30 June 2018.

The results, released today, reveal NFI increased to £14.8m from £9.4m due to the group’s May 2017 acquisition of Argyll Scott and strong underlying growth across the group.

Group revenue for the period also increased 21% to £68.6m from £56.8m last year, while the group reported net cash of £1.3m, compared with a £400k of net debt as of the end of last year.

Commenting on the group’s performance, Hydrogen Group CEO Ian Temple said: “I am pleased to be able to report a strong trading performance in the first six months of the year, with NFI on a pro-forma basis up 10% on the first six months of 2017. 

“The key objectives of the business combination with Argyll Scott have been successfully achieved and we have established a scalable platform that enables us to look forward confidently to further sustainable long-term organic profit growth. 

“Furthermore, with a strong balance sheet, the group is well placed to make acquisitions and will continue to investigate potential targets. With the current levels of activity, the Board is confident that the underlying profit and EPS for the full year will be substantially ahead of current market expectations.”

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