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Hydrogen Group plc (HYDG:LSE), the specialist professional recruitment business, has today issued a trading update for the six months ended 30 June 2010. The group said "the improving trends in our markets, highlighted at the time of our last trading update on 30 April 2010, have continued. We have seen further strengthening in the UK financial services markets and in our international markets, as well as early signs of improvement across most areas of our permanent business."
"As a result of these trends, trading for the six months ended 30 June 2010 was ahead of the Board's expectations. Group Net Fee Income (NFI) for the period was significantly ahead of the same period for the prior year. NFI from our international operations increased to approximately 35% of Group NFI against 19% for the same period in the prior year. The Singapore office, which opened in January, has performed well and ahead of expectations."
"Strong revenue growth in the period has resulted in an increase in working capital. The group expects to be broadly cash neutral at the end of the period, compared to a net cash position of 3.1 million Pounds at the end of December 2009."
"This continued improvement in our trading environment is very encouraging. However, we remain cautiously optimistic in our outlook for the remainder of 2010 in the light of the ongoing general economic uncertainty, which continues to affect some of our markets."
Ian Temple, Executive Chairman, commented "Given the backdrop of a very tough trading environment last year, we are encouraged with the performance for the first half of the year. Having successfully opened two offices outside of the UK and taken our International NFI to over a third of the business, we are continuing to seek further international opportunities. The investment we are making in 2010 should deliver further benefit in future years."