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Hydrogen sees fee weakness, Imprint offer lapses

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Date: Thursday 01 May 2008

LONDON (ShareCast) - Current economic conditions have caused some weakness in net fee income at Hydrogen Group, the recruitment outfit admitted today, as its offer for rival Imprint lapsed.

Profitability for the year to date has been in line with forecasts, it added, while cost control has been “firm”. The company is looking forward to the traditionally strong second quarter of the year.

“We will continue to apply strict financial discipline in assessing future acquisition opportunities, as and when they arise,” said executive chairman Ian Temple.

“We are well placed to address current market conditions through our diversified business model and our focus on mid level professional recruitment.”

The group’s 110p a share cash offer for Imprint lapsed today as a recommendation of its bid was withdrawn last month after Irish finance recruitment company Premier offered 115p a share.

Hydrogen will not make any contractual offer to acquire the share capital of Imprint for 12 months, unless otherwise approved in writing by Imprint, it said Thursday.

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