Hydrogen Group release positive AGM statement and trading update
"We have seen increases in jobs and interviews this year across many areas of our business and the trend for the period has been one of steady improvement. That said, in some areas we have observed a delay in conversion to completed placements and we are yet to see an across-the-board uplift in Net Fee Income ("NFI"). It is therefore still too early to say with certainty when the different practices and regions will see sustained acceleration.
The Group has taken a number of actions to manage the cost base of the business in line with current levels of NFI, starting with restructuring at a senior level. The organisational structure is also being adjusted more generally to suit the current environment and to ensure that we can react more rapidly and efficiently where we see attractive opportunities.
The Board believes that the changes made during the period will more closely align costs with current levels of NFI, leading to improved likelihood of higher profits in the second half of the year. We remain confident that we are well positioned to capitalise on the investments made over the last few years."