StockMarketWire.com - Specialist recruitment company Hydrogen posted a fall in first-half profit and said it planned to de-list from the AIM market after trading was hit by the Covid-19 pandemic.

Pre-tax profit for the six months through June dropped to £79k, down from £1.45m on-year, as revenue slumped 29% to £45.4m.

The company did not declare an interim dividend. Net cash at 30 June was 'strong' at £6.5m, up from £4.5m at the end of December.

Hydrogen said it was not of a scale to attract sufficient interest from institutional and other investors.

'Furthermore, the company has been unable to fully utilise its quotation on AIM to issue ordinary shares either as consideration or to raise fresh capital to execute acquisitions,' it added.

The company said a circular would be sent to shareholders on Tuesday detailing a proposed cancellation of its shares on AIM and a tender offer for around 56% of its shares at 40p each.


At 3:04pm: [LON:HYDG] Hydrogen Group PLC share price was +10.5p at 38.5p



Story provided by StockMarketWire.com