Hydrogen rises on strong 2011

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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

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%

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.