Hydrogen rises on strong 2011

published 5 March 2012

Hydrogen, the specialist recruitment firm, has seen revenues and profits grow on the back of strong performances from its pharmaceuticals and oil and gas divisions.

Group revenue increased by 27% to £156.2m (2010: £123.4m) while net fee income (NFI) rose 8% to £29.8m, a record for Hydrogen.

The company says it achieved its objective of balancing the types of fees it receives, with contract placements representing 54% of NFI, and permanent 46%.

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Profits before tax for the full year were £3.7m, up 48% on the prior year.

Hydrogen had previously declared an interim dividend of 1.4p per share, today it has announced a final dividend of 2.9p per share (2010: 2.7p) bringing the total dividend for the year to 4.3p (2010: 4.1p).

The firm's target is to receive over 50% of its fee income from international operations by the end of 2012; in 2011, it managed 37%, with the second half of the year rising to 40%.

Hydrogen's Executive Chairman, Ian Temple said: "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. "

Shares in Hydrogen had risen 4.8% by 10:29. Over the last 12 months the stock has fallen 29.5%