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Hydrogen Group

  • BY: Andrew Hore |
  • POSTED: 16/09/2014 |

Recruitment firm Hydrogen Group maintained its interim dividend despite a decline in net fee income.

In the six months to June 2014, net fee income fell from 15.9m to 14.6, partly down to the strengthening of the pound, while Hydrogen fell into loss after 1.49m of exceptional restructuring costs with a smaller amount to come in the second half. There would have been a small profit without these charges. The interim dividend is unchanged at 1.5p a share.

The brighter parts of the business are Singapore and the technical recruitment activities.

Net debt was 3.8m at the end of June 2014.

House broker Shore Capital believes the cost reductions achieved will help underlying full year pre-tax profit edge up from 2.4m to 2.5m. It even thinks that the total dividend could be edged up from 4.6p a share to 4.7p a share. That would provide a yield of 5.6%.

At 85.5p a share, Hydrogen is valued at 20.4m. The shares are trading on 11 times prospective 2014 earnings.

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