StockMarketWire.com - Recruitment company Hydrogen booked a 19% rise in first-half profit, as improved contract margins in the US helped offset a fall in revenue owing to UK market weakness.

Pre-tax profit for the six months through June rose to £1.45m, compared to a profit of £1.21m on-year.

The rise came even as revenue fell 7% to £64.1m, amid lower demand for contractors in the UK.

Hydrogen declared an interim dividend of 0.6p, up 20% on-year.

'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,' chief executive 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 US.'

'Our balance sheet remains strong, and the group continues to be well placed to make acquisitions and investigate potential targets.'

'The board remains confident that the full year outturn will be in line with current market expectations.'


At 1:25pm: [LON:HYDG] Hydrogen Group PLC share price was +9p at 57.5p



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