FINANCIALS: Hydrogen sees net fee income rise

Global specialist recruiter Hydrogen Group has seen net fee income increase 4% year-on-year despite challenging conditions in Asia and continued Brexit uncertainty, according to unaudited results for the half-year ended 30 June 2019.

The results, released this morning, reveal NFI rose to £15.3m from £14.8m in H1 2018, with profit before tax up 19% to £1.4m from £1.2m over the same period. The group posted a decline in group revenue of 9% in constant currency to £64.1m from £68.6m in H1 2018.

NFI for EMEA – which includes the UK – was broadly flat at £8.6m  from £8.7m in H1 2018, while in Asia Pacific NFI fell 16% to £4.9m from £5.5m over the same period  amid challenging market conditions in Hong Kong and Singapore. 

However, US NFI grew 233% in constant currency to £1.9m from £500,000 in H1 2018, driven by the group’s life sciences and technology practices.

CEO Ian Temple commented: “The performance is a testament to both the operating model that we have developed and our agile business model that has allowed us to pivot investment into higher-growth markets, particularly in the US.”

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