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Hydrogen Group plc Preliminary results for the year ended 31 December 2011

Hydrogen Group plc Preliminary results for the year ended 31 December 2011

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 2011. 

Financial Highlights

&sect Group revenue increased by 27% to &pound156.2m (2010: &pound123.4m)

&sect Group net fee income ("NFI") increased by 8% to &pound29.8m (2010: &pound27.6m)

&sect Profit before tax up 48% to &pound3.7m (2010: &pound2.5m)

&sect Diluted EPS increased to 10.24p per share (2010: 7.54p)

&sect International NFI increased by 25% to &pound11.0m (2010: &pound8.8m), representing 37% of Group NFI (2010: 32%)

&sect Proposed final dividend of 2.9p increasing the total dividend for the year by 5% to 4.3p (2010: 4.1p)

Operational Highlights

&sect NFI from contract placements increased by 28% to &pound16.2 (2010: &pound12.7m)

&sect NFI from Technical and Scientific business increased by 76% to &pound8.6m and now represents 29% of NFI (2010:18%)

&sect New offices opened in Hong Kong and Edinburgh

&sect Candidates placed in more than 50 countries (2010: 40)

&sect Headcount increased by 10% to 362 (31 December 2010: 329)

Commenting, Ian Temple, Executive Chairman of Hydrogen Group plc, said:

"Against a backdrop of uncertain market conditions in 2011 we continued to make good progress against our strategy, demonstrating our ability to identify and deliver growth in new sectors and geographies. Our Oil & Gas and Pharmaceuticals practices, established in 2008 and 2010 respectively, performed exceptionally well and together contributed nearly 30% of Group NFI. The year saw continued success in our overseas expansion with International NFI rising by 25% over the period. 

This development has been further supported by increased headcount and continued investment in the IT infrastructure of the business in order to serve better our clients' increasingly global needs and deliver long-term growth, whilst maintaining a tight control on costs and continuing to deliver growth in profitability."


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