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Hydrogen Group

  • BY: Andrew Hore |
  • POSTED: 05/03/2012 |

Recruitment firm Hydrogen Group has grown its profit on the back of new sectors.

Net fee income increased 8% to 29.8m in 2011, with all the growth coming from the technical and scientific division.  The newer oil and gas and pharma recruitment operations grew strongly.

Pre-tax profit jumped 48% to 3.71m. There were larger contributions from both divisions even though professional support services net fee income declined in the period. There was a cash inflow from operations of 2.53m. Net debt was 1.35m at the end of 2011.

Hydrogen increased its final dividend to 2.9p a share, making a total of 4.3p a share, up from 4.1p a share.

New offices have been opened in Hong Kong and Edinburgh as the business becomes increasingly international generating 37% of net fee income.

IT operations have been transferred to a third party supplier.

At 87.5p a share, Hydrogen is valued at 20.6m. Despite the strong performance the share price is nearly one-third lower than one year ago.

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