Source - SMW
Hydrogen Group's net fee income fell by 12% to £8.9m in the six months to the end of June.

But the group has moved back into growth with a 6% (3% on a constant currency basis) increase in NFI on the second half of 2015 of £8.5m which is due primarily to:

-     31% growth in EMEA Life Science to £1.7m (H2 2015: £1.3m)

-      8% growth in EMEA Business Transformation to £2.6m (H2 2015: £2.4m)

-      Asia NFI up 18% to £1.3m (H2 2015: £1.1m).

-      Contract NFI margin increased to 9.6% (H2 2015: 9.3%)

-     EMEA Legal Practice held back in the lead up to the EU Referendum with NFI down 12.5% to £1.4m (H2 2015: £1.6m)

-      EMEA Energy NFI down 25% to £0.6m (H2 2015: £0.8m)

-      US Business building a Life Science contract base with NFI up to £0.2m (H2 2015 £0.1m)

Other highlights:

- Administration costs, which are predominantly based in sterling, were down 15% to £8.7m (H1 2015: £10.2m) and 6% down on H2 2015 administration costs of £9.0m

-    Selective hiring to support growth. Headcount increasing 6% to 210 (31 December 2015: 199)

-    Operating profit of £0.3m (H1 2015: Operating loss before exceptional items £0.1m)

-    Net cash position of £1.0m at 30 June 2016 (31 December 2015: £2.6m and 30 June 2015: £0.1m)

Chief executive Ian Temple said: "The first half of 2016 has seen a stabilisation of the business and a move back into NFI growth compared to H2 2015.  We have started hiring in the areas where we have identified sustainable growth opportunities.

"We are implementing a new vision for the business focusing resource on building market leading niche businesses. The roll out will continue into Q3 but is already generating results." 

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