Substantially ahead of expectations

18 September 2018

With PBT at the interims increasing by a factor of 6x to £1.1m and with the guidance for the full year that PBT will be ‘substantially ahead of current market expectations’ we are upgrading our adj.

 
Read the full coverage >>

 

 
 

 
 
Interim results, upgrades…

18 September 2018

The recruitment specialist has published a strong set of results for its first half period to end June, as indicated by the interim trading update in July. The group now signals that the full year “will be substantially ahead of current market expectations”.

Read the full coverage >>

 

 
 

 
 
At the beginning of an up cycle

1 August 2018

After a challenging period, due to over reliance on the Energy sector, we argue Hydrogen is at the start of an up-cycle as evidenced by the expectation of a 3yr CAGR in PBT of 52%, the return to a net cash position and a resumption in the dividend. This follows a transformational acquisition in 2017 of Argyll Scott which diversifies net fee exposure to new sectors, increases exposure to the faster growing economies of Asia and enables both revenue and cost synergies. 

 
Read the full coverage >>

 

 
 

 
 
Back to growth and dividends

11 April 2018

The specialist recruiter, undergoing a restructuring since the start of 2015, completed a significant acquisition in June 2017, with positive implications for future profitability and growth, in our view.


 
Read the full coverage  >>