Hydrogen Group plc has announced its preliminary results
Hydrogen Group plc has announced its preliminary results for the year ended 31 December 2010
The Board of Hydrogen Group Plc ("Hydrogen" or "the Group"), the international specialist recruitment group, is pleased to announce its audited preliminary results for the twelve months ended 31 December 2010.
Group revenue increased by 67% to 123.4m (2009: 74.1m)
Group net fee income ("NFI") increased by 64% to 27.6m (2009: 16.8m)
Profit before tax was 2.5m (2009: 0.3m before exceptional costs)
Basic earnings per share increased to 8.0p (2009: (22.3p), before exceptional costs 2.4p)
International NFI increased by 138% to 8.8m (2009: 3.7m) and now represents 32% of Group NFI (2009: 22%)
Days of sales outstanding (DSOs) reduced by 4 days to 25 days (2009: 29 days)
Proposed final dividend of 2.7p maintaining the total dividend for the year at 4.1p (2009: 4.1p)
NFI from permanent placements increased by 83% to 14.8m (2009: 8.1m)
Contractors working for clients increased by 93% to 1,233 (December 2009: 640)
Sydney office NFI grew by 150% to 3.0m (2009: 1.2m)
First Asian office opened in Singapore and performed strongly generating NFI of 1.6m
Engineering, our newest sector, grew NFI by 160% to 3.9m (2009: 1.5m)
Headcount increased by 31% to 329 (31 December 2009: 252)
Commenting, Ian Temple, Executive Chairman of Hydrogen Group plc said:
"We are pleased that the actions taken in 2010's improving market have enabled us to return to the growth levels experienced prior to the downturn. We have made excellent progress with our international expansion with strong performances from both our Australian and newly opened Singapore offices during the year.
Whilst visibility in the global recruitment markets remains limited we have seen a growth in confidence during 2010 and expect this to continue in 2011. We continue to invest in opportunities for potential growth and taking all available indicators into consideration, we remain well placed for the forthcoming year.