At today’s AGM of specialist professional recruiter Hydrogen Group, Ian Temple, executive chairman made the following statement:

“As anticipated at the time of our preliminary results announcement on 10 March 2009, the uncertain macro-economic environment continues to result in challenging trading conditions across a number of our key markets. 

“However, the business efficiencies achieved in 2008 have been effective in creating a leaner structure and we remain focussed on tight cost control and debtor management. 

“We have traded at break-even in the first quarter of the year, traditionally our quietest quarter. The seasonal pick-up at the beginning of the second quarter has been muted, but encouraging given the current market environment and cash generation has continued to be good.

“We still believe that 2009 will be a challenging year. However, the strength of our management team and flexibility of our business model means we are well placed in the short term to weather the current economic climate and we continue to invest selectively in new sectors and markets, both in the UK and internationally to ensure the business is best positioned for growth in the medium term.”