Hydrogen reaps cash as profits top expectations

Hydrogen reported "strong" cash generation throughout the second half, driven both by profit growth and improved cash conversion resulting from a renewed focus on working capital management.

As a result, the AIM-listed firm wrapped up the year with a cash balance of £4.9m - a marked improvement on the £400,000 in debt it held at the same time a year earlier.

During the fourth quarter, Hydrogen opened two new offices in the US and relocated its existing Houston premises to a larger location as it continued to develop its US platform. It also announced plans to set up a new location in Charlotte, North Carolina later in the year.

Hydrogen said it had built a "scaleable platform to sustain future growth" and noted that it was currently exploring a number of acquisition opportunities that fit its criteria.

As of 0825 GMT, Hydrogen shares had shot up 12.07% to 65p.