FINANCIALS: Hydrogen growth to continue with more acquisitions

Global specialist recruitment group Hydrogen Group has seen net fee income climb 34% year-on-year, according to results for the year ended 31 December 2018.

The results, released this morning, reveal NFI of £30.5m, with revenue up from £125.9m to £135.7m. The group also revealed it now has net cash of £4.9m, compared with a net debt of £400k in 2017.

Across its operations, NFI rose from £14.8m to £17.6m in Europe, from £7.1m to £11m in Asia-Pacific and from £900k to £1.9m in the US.

The group attributed its increase in NFI partly due to the contribution of the May 2017 acquisition of Argyll Scott and partly to strong underlying growth.

But in elaborating further on the group’s performance, CEO Ian Temple said: “I am delighted to be reporting strong growth in NFI on both a reported and a proforma basis, in each of the EMEA, APAC and US regions, which, together with improving conversion rates, has driven a transformation of the group’s profitability and net cash position.

“We look forward confidently to continued growth this year. Furthermore, the group is now in a strong position to accelerate this growth through selective acquisition and is actively pursuing opportunities.”

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