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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