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Hydrogen Group plc Mixed Markets

Hydrogen Group plc – Mixed Markets

Financial Highlights

Net fee income (“NFI”) increased by 2% to &pound15.9m (1H 2012: &pound15.6m)

Contract NFI increased by 6% to &pound8.5m (1H 2012: &pound8.0m)

Profit before tax of &pound1.3m (1H 2012: &pound1.9m) impacted by increased investment in people and offices

Basic EPS 4.26p (1H 2012: 6.13p)

Cash generation from operating activities of &pound2.8m (1H 2012: (&pound0.9m)), reducing net debt at the period end to &pound0.7m (31 December 2012: &pound2.8m)

Interim dividend maintained at 1.5p per share (2012: 1.5p)

Operating Highlights

International NFI increased by 11% to &pound7.0m (1H 2012: &pound6.3m)

NFI from Technical & Scientific practices increased by 21% to &pound7.0m (1H 2012: &pound5.8m) – representing 44% of Group NFI (1H 2012: 37%)

Hydrogen’s first US office opened in Houston a new office was also established in Stavanger, Norway to take advantage of strength in the oil and gas markets

Strong cash collection trade receivables measured as days of sale outstanding (DSOs) maintained at year-end level of 21 days (1H 2012: 23 days)

Commenting, Ian Temple, Chairman of Hydrogen Group plc said: “Hydrogen has increased its net fee income during a period of mixed global market conditions. We have continued to invest in our business during the period, taking the opportunity to advance a number of senior hires and opening two new offices, in Houston, USA and Stavanger, in Norway. Whilst the cost of these investments has reduced profitability in the short term, the investments have significantly increased the Group’s future operational capacity and enhanced its potential for growth.

In the second half of the financial year, we will continue to focus on harnessing the growth opportunities in our markets, selectively adding headcount whilst maintaining productivity improvements and maximising the return from investments made by the Group over the last few years.”


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