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Hydrogen Group Plc (HYDG:LSE), an international specialist professional recruitment business, today announces audited preliminary results for the year ended 31 December 2009.
Group revenues were down from 96.2 million Pounds in 2008 to 74.1 million Pounds in 2009. While UK revenues declined, rest of world revenues increased by 57%. Net fee income was down from 26.7 million Pounds in 2008 16.8 million Pounds in 2009. Profit before tax and exceptional items was down from 3.7 million Pounds in 2008 to 0.3 million Pounds in 2009.
Administration costs were reduced by -28% from 22.8 million Pounds in 2008 to 16.4 million Pounds in 2009. International operations contributed 22% of total group net fee income in 2009 compared to 12% in 2008.
Commenting on the results, Ian Temple, Executive Chairman, said "the Group has delivered a good performance during what has been an exceptionally challenging year for trading across global recruitment markets. Against this difficult backdrop we have continued to improve our operational efficiency and align our cost base to our trading environment, whilst maintaining flexibility in our business model to respond to demand in more robust markets and sectors. In the second half of the year we grew net fee income by 12% and returned to profitable growth."
"Since the year end we have continued to see signs of improvement in the UK, albeit against a low base in the prior year. We have also made further progress in exploiting international demand for specialist candidates and in January 2010 we were delighted to announce the opening of our Singapore office, our first in the Far East."
As of last trade Hydrogen's shares were unchanged at 89 Pence