Hydrogen’s share prices perked up by 13.6% in just one day after a reassuring statement issued at its AGM. That said, at 50p, its value is only a quarter of its 52-week high.

HCL jumped to 152.25p, a new 52-week high. Empresaria shares gained more than 33% over the two-week period.

After announcing a 28% rise in after tax profits to £6.9m on the back of revenue up 32% at £420m, Harvey Nash was another recruiter whose share price showed impressive gains.

Chief executive Albert Ellis told Recruiter that the key had been the company’s focus on outsourcing. “The chief information officer is under pressure from the board to deliver more for less; the only way he can do that is to outsource offshore parts of his business,” he explains.

So could shares in the sector have finally turned the corner? “The stock market is convinced that the worst is over; that’s why prices have reacted positively,” said Ellis. However, he is more downbeat about the prospects for the sector. “I would say you are going to see more and more [financial] comparators that are down 20%, 30%, 40% on last year. The results will be pretty grim. You will see this the whole of this year.”

He continued: “I think it will be early next year, the first or second quarter, before we see any improvement. I don’t want to be too depressing but I think it will be 12 long, hard months.”