Hydrogen CFO to depart next year

RECRUITER HYDROGEN has announced that its chief financial officer is to leave the business after a year-and-a-half in post.

Colin Adams (pictured), who was appointed CFO in May 2015, told the board of his plan to resign to “pursue other interests”.

Chartered accountant Adams rebuilt the AIM listed company’s finance team and helped turn the business around after a challenging period “largely related to the dramatic fall in the price of oil”.

Adams will remain on the board until the company reports its annual results in March next year. The board said it hoped to have his successor in place by that time.

Hydrogen chairman Stephen Puckett said “I would like to thank Colin for his contribution in turning around Hydrogen. The business is performing in line with the board’s expectations and has a solid foundation for future profitable growth.”

Last month the group reported a 9% fall in group revenue to £59.4m in unaudited results for the six months to 30 June. Net fee income declined by 12% to £8.9m, however the group moved back into growth with a 6% NFI rise on the second half 2015 NFI of £8.5m, the company said.