15th Nov 2019 14:01
(Alliance News) - Hydrogen Group PLC said Friday it expects underlying pretax profit for 2019 to be below expectations, as trading conditions have deteriorated in two of the company's key markets.
Hydrogen Group shares were down 30% in London at 38.00 pence each on Friday afternoon.
The recruitment company said the group traded in line with expectations during the first quarter of 2019. However, trading conditions have deteriorated in two of company's key markets.
Hydrogen Group said in the UK demand levels have continued to be impacted by growing political uncertainty.
"This is now being exacerbated by the impact of the proposed changes to the IR35 legislation on clients' contract hiring plans," the company said.
Meanwhile in the Asia Pacific region, the public disorder and demonstrations in Hong Kong are now having a material impact on local activity levels.
"As a result, the board expects the group's full year underlying profit before tax to be below current management expectations," Hydrogen said.
By Loreta Juodagalvyte; [email protected]
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