News blog

Hydrogen Group

  • BY: Andrew Hore |
  • POSTED: 17/12/2013 |

House broker Shore Capital has downgraded its profit forecast for recruitment firm Hydrogen.

The 2013 forecast has been cut from 2.8m to 2.3m, while the 2014 figure has been reduced from 3.5m to 2.7m.  the current 2013 earnings per share fore cast of 7p a share is more than one-quarter down on the forecast six months ago.

There has been a 10% increase in headcount but revenues will be flat. There are signs of an upturn in financial services demand. Technical and scientific recruitment is growing strongly.

At 106.5p a share, down 12p, Hydrogen is valued at 25.2m. The total dividend should be unchanged at 4.5p a share, giving a yield of 4.2%.

The shares are trading on 15 times 2013 prospective earnings, falling to 13 in 2014.

Net debt is expected to rise from 2.8m to 4m by the end of 2013, thanks to the move to a new head office in London.

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