Hydrogen annual profit falls 43%; scarps final dividend

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Specialist recruitment group Hydrogen booked a 43% fall in annual profit and said it wouldn't pay a final dividend due the Covid-19 crisis.

Pre-tax profit for the year through December declined to £1.7m, down from a restated £3.0m on-year. Revenue fell 11% to £121.3m.

'In common with many businesses, Hydrogen currently faces unprecedented uncertainty as a result of Covid-19,' chief executive Ian Temple said.

'Our balance sheet is strong and our stress testing shows that the business could withstand both a prolonged and material decline in revenue,' he added.

Temple said the company had faced a more challenging year in 2019, particularly in the fourth quarter in the UK and parts of Asia.

Still, he said he was confident a refinement of its model would see the business return to growth when the market conditions improved.

At 2:53pm: (LON:HYDG) Hydrogen Group PLC share price was -3.5p at 31.5p