3rd Sep 2019 11:12
(Alliance News) - Shares in specialist recruitment firm Hydrogen Group PLC surged Tuesday after it hiked its interim dividend following "strong" profit growth despite challenging markets.
Shares in Hydrogen were 11% higher at 53.70 pence in London on Tuesday.
For the six months ended June, pretax profit widened 17% to GBP1.4 million from GBP1.2 million the year prior. This was despite revenue falling 6.6% to GBP64.1 million from GBP68.6 million the year before.
"I am delighted to be able to report continued strong earnings growth despite the group experiencing more challenging market conditions in a number of Asian markets, and the impact of Brexit related uncertainty on demand levels for certain skill sets in the UK," Hydrogen Chief Executive Officer Ian Temple said.
"The performance is a testament to both the operating model that we have developed and our agile business model that has allowed us to pivot investment into higher growth markets, particularly in the USA," Temple added.
Hydrogen proposed a 0.6 pence per share interim dividend, up 20% from 0.5p the year before. Net cash grew to GBP3.4 million from GBP1.3 million the year prior.
"Our balance sheet remains strong, and the group continues to be well placed to make acquisitions and investigate potential targets," Temple continued. "The board remains confident that the full year outturn will be in line with current market expectations."
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