Overview

Hydrogen is a specialist recruitment business with a turnover of over £150m. We build relationships by finding specialist candidates our clients have difficulty sourcing, placing professionals in over 50 countries. Our joined up practice teams combine international reach with local expertise and specialist knowledge, to provide visibility of world class candidates.

2011 was a very successful year for us, against fairly difficult market conditions. The global recovery in recruitment markets seen in the first half of 2010 was halted by uncertainty surrounding the debt crisis in Europe. Despite the macro economic headwind, we posted new records for revenue of £156.2m, a 27% increase on last year (2010: £123.4m). We posted gross profit of £29.8m up 8% (2010: £27.6m) and profit before tax of £3.7m up 48% (2010: £2.5m). For the second successive year we posted record net fee income from contract, up 28% to £16.2m (2010: £12.7m), driven by the success of our Business Transformation practice in the UK.

We are continuing to focus on our global practices and grow in new sectors. Almost 30% of our NFI in 2011 was delivered from our Technical and Scientific practices, Oil & Gas and Pharmaceuticals, which have only existed since 2008 and 2010 respectively. We have continued to make the business more international with 37% of Group NFI for 2011 generated outside of the UK, and at the year end 47% of our client facing employees serviced overseas markets. Year end headcount increased by 10% from 2010, with increases focused on high growth markets, predominately outside of the UK.

Hydrogen Group plc was incorporated in England & Wales.

The Ordinary Shares of the Company have not been nor will they be registered under the United States Securities Act of 1933, as amended ("Securities Act"), or under the securities laws of any state of the United States or under the applicable securities laws of Australia, the Republic of South Africa, the Republic of Ireland, Japan or Canada. Accordingly, subject to certain exceptions, the Ordinary Shares may not, directly or indirectly, be offered, sold, transferred, taken up or delivered, directly or indirectly, in the United States, Australia, the Republic of South Africa, the Republic of Ireland, Japan or Canada or for the benefit of any US person (as defined in Regulation S under the Securities Act).