Hydrogen slumps after depressing trading statement

Shares in Hydrogen Group PLC (AIM: HYDG) tanked after the recruitment firm warned of a flat performance in the current year.

In a pre-close trading update for the first half to end-June 2009, it said trading remained challenging in the period and it is not expecting any improvement in the second half of the year.

Shares were trading down nearly 13 percent in late morning deals.

The outturn for the first half of the current year will be similar to that of the second half of 2008, with the group trading at broadly breakeven, it said.

However, cash generation has continued to be strong and it expects to end the year with a net cash balance.

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