Hydrogen Group, the global specialist recruitment group, is pleased to provide the following pre-close trading update and notice of preliminary results for the year ended 31 December 2018.
The Group continued to trade robustly though the latter part of 2018 with all regions maintaining growth. As a result, the Board is delighted to report that underlying profit for 2018 will be ahead of current market expectations.
In the fourth quarter of 2018 the Group opened two new offices in the USA, in San Diego and Austin, as well as relocating its existing Houston office to larger premises. The Group is continuing to develop its US platform, and as a result the Board is now pleased to announce the opening of a fourth office in the region in Charlotte, North Carolina. Together, these offices will provide a foundation for continued sustainable growth in the region.
Cash generation throughout H2 2018 was strong, driven both by profit growth and improved cash conversion resulting from a focus on working capital management. As a result, the board is pleased to report that year end net cash was £4.9 million (31 December 2017 net debt of £0.4 million).
As reported in the interim results on 18 September 2018, the Group has built a scaleable platform to sustain future growth, which can be supplemented by selective acquisitions that meet the Board’s strict criteria relating to financial, operational, strategic and cultural fit. Supported by the Group’s continued strong trading performance strengthening the balance sheet, the Board is currently actively exploring a number of acquisition opportunities that it believes may meet these criteria.
Hydrogen Group will announce its preliminary results for the year ended 31 December 2018 on 2 April 2019.