Hydrogen Group’s restructure sees revenue drop £46m in 2015
Hydrogen Group PLC has reported a £46.6m drop revenue and a £9.6m drop in Net Fee Income (NFI) year-on-year which it attributed to restructuring and refocussing within the business.
As it released its final results for the year ended 31st December 2015 today, the Group confirmed revenue totalled £122.8m (2014: £169.4m) and full year NFI was 34% lower (33% on a like for like basis), at £18.6m (2014: £28.2m).
Adjusted EBITDA was £0.04m (2014: £3.15m). Loss before tax and after exceptional items for the year was £6.2m (2014: profit: £0.4m). Loss before tax and exceptional items was £0.7m (2014: profit: £2.4m).
Net cash at year end was £2.6m (2014: Net debt: £6.7m).
The Group also announced Richard Green has been appointed non-executive director.
Stephen Puckett, chairman, commented, "Hydrogen's plan for 2016 is to remain focused on sustainable, profitable business. Having invested and re-focused the business during 2015 we are beginning to see growth in our international contractor numbers which should provide a base for all of our international offices to be profitable in 2016.
“However, the Board sees opportunities for development and will continue to invest in areas where growth can be delivered at acceptable levels of profitability.
“Hydrogen has been through a difficult period of restructuring and cost reductions. The Group is now firmly focused on its core opportunities. The changes implemented are intended to ensure that the Board delivers on its key objectives of improving profitability, increasing cash generation and growing the Group's revenue."