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Specialist recruiter Hydrogen Group (HYDG:LSE) expects to meet market expectations for the 2012 financial year despite seeing deteriorating trading conditions after the summer period, the firm reported on Monday.
Net fee income (NFI) is set to see a +5% organic increase to £31.4 million, driven by a rise in permanent placements. The firm has also seen profits rise from international markets where NFI increased to more than 40%, compared to 36% in 2011.
But cost control remains a key focus, the firm said.
“The Group traded in line with expectations up to late summer but experienced a period of weak activity in the latter part of quarter three, a time when traditionally trading has been strong. We have seen a recovery in quarter four and a return to more typical levels of activity,” said executive chairman, Ian Temple.
“Despite this short term volatility, the Group has continued to develop its strategy of growing the business through identifying and developing its presence in markets and geographies that offer growth opportunities for the long term.”
In early trading this morning, the company’s share price dropped by -0.6% to 83.00 pence, down -1.8% from a year ago and +18.6% above the 52-week low of 70.00 pence seen in February 2012. The firm has a market value of £19.66 million.
Hydrogen operates across major staffing markets in Europe, Asia, Australia and the Americas. The staffing firm is ranked among the 40-largest staffing companies in the UK, according to Staffing Industry Analysts.