|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.
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