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Geographic diversity providing stability for Hydrogen Group

By Josh White

Date: Monday 15 Jul 2019

Geographic diversity providing stability for Hydrogen Group

(Sharecast News) - Specialist recruitment company Hydrogen Group updated the market on its trading for the six months ended 30 June on Monday, reporting that it had continued to trade in line with its expectations.
The AIM-traded firm said its net fee income for the period totalled more than £15m, while its balance sheet remained "strong", with net cash at 30 June amounting to £3.4m.

As it noted at its annual general meeting on 23 May, the group's performance in the year-to-date had been impacted by weaker trading conditions in certain of its Asia-Pacific businesses, and by Brexit-related uncertainty dampening demand in the UK.

Conversely, it said its US operations had continued to trade strongly.

"This geographic diversity of global operations is enabling the group to continue to grow and gives management confidence in its prospects for 2019 and beyond," the board said in its statement.

"The board is continuing to review acquisition opportunities, applying the strict assessment criteria that it has developed relating to strategic, financial, operational, and cultural fit."

Hydrogen said it would provide a further update at the time of its interim results on 17 September.

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