AGM Statement
November 03 2009 - 5:34AM
UK Regulatory
TIDMHHC
RNS Number : 8497B
Hexagon Human Capital PLC
03 November 2009
3 November 2009
Hexagon Human Capital plc
AGM Trading Update
At the Company's Annual General Meeting to be held today at 10.30am, Rob Walker,
Executive Chairman of Hexagon Human Capital plc, a leading provider of senior
interim managers and a leading executive search company, will say:
The overall performance of the Group in the first half of 2009 is in line with
the Board's expectations; however it is too early to assess whether this trend
will continue throughout the second half of the financial year. The Board
continues to implement its cost reduction initiatives but the benefit of the
savings will not be felt until the final quarter of the current financial year,
and it will not be until the year ending 31 March 2011 that the full benefit is
felt.
The search businesses have seen an increase in the number of retained
assignments but it is too early to predict whether this will continue throughout
the second half of the year.
Euromedica has been ranked by Executive Grapevine "No. 1 Executive Search Firm
in Healthcare and Life Sciences", for the third successive year.
The interim businesses have also seen increased activity towards the end of the
second quarter, as companies continue to hire experienced, "seasoned"
professionals to help guide them through the current recession.
The Board remains in discussion with the Group's bankers in order to finalise
new facilities appropriate for current and expected trading. A detailed
reforecast of the Group's cash requirements is being undertaken by Ed Watkinson,
Interim Head of Finance.
Hexagon's strategy is to capitalise on the strength of the Group's brands. The
Board believes that through the continued implementation of this strategy the
Group will be well positioned to benefit from an upturn in trading when it
occurs.
Ends
Enquires to:
Hexagon Human Capital plc Tel: 020 7337 1133
Rob Walker, Executive Chairman
Brewin Dolphin Investment Banking (NOMAD) Tel: 0845 213 4730
Matt Davis/ Adam Rudd
This information is provided by RNS
The company news service from the London Stock Exchange
END
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