Hydrogen Group issues year end trading update
As a result of cost reductions and a renewed focus on core business opportunities, profitability during the second half of 2014 improved significantly against the first half of the year and was in line with management projections. This was despite Net Fee Income in the second half of the year being somewhat lower than in the first half. Consequently, the Group expects full year profitability to be in line with market expectations.
Following the comprehensive review of the business undertaken earlier in the year, management expects to have delivered savings of approximately £4.0 million in administration costs for 2014, compared with 2013.
The Group expects to take an exceptional charge of £2.0 million related to the non-recurring costs of restructuring the business in 2014.
The Group sees some good opportunities for development of existing business in 2015.