UK recruitment firm Hydrogen Group (HYDG: AIM) reported revenue yesterday for the full year ending 31 December 2016 of £116.2 million, a decrease of 5.9% compared to £123.6 million during the same period last year.

According to the group, the business had a decline in NFI which was caused largely by the decline in NFI from the Energy sector of GBP 1.6 million. This sector has been in decline since the oil price dropped but is now showing signs of stabilisation. The referendum decision for the UK to withdraw from the EU also affected the volume of transactions in the UK business during the year. However, the group benefited from the consequent decline in the value of sterling with 43% of NFI earned in overseas currency. Operating Profit also fell due to the decline in the Energy Business.

Revenue by recruitment classification was as follows:

"2016 was a solid performance given the challenges faced from the continued decline in the Energy market and the UK's decision to leave the EU holding back activity in the UK,” Stephen Puckett, Chairman, said. “The business now has a firm foundation, the Energy market is showing early signs of stabilisation and we remain focused on building a growing, profitable business."

Puckett said, “Hydrogen's plan for the year ahead is to focus on growing and developing its niche businesses on their journeys from incubator, to fast growth through to market leading businesses. This will be achieved by backing high performing individuals and by taking advantage of our global digital marketing platform. Whilst mindful of the uncertainty in the UK, the Group is well placed to continue to invest in both our international and UK businesses and to explore new investment opportunities.”

In trading today, Hydrogen Group traded at £36.33, up 3.81% on the day and 12.45% below its 52-week high of £41.50, set on 8 June 2016. Based on its current share price the company has a market value of £8.38 million.