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Hexagon Human Capital

  • BY: Andrew Hore |
  • POSTED: 03/11/2009 |

Hexagon Human Capital still has not finalised its new banking facilities.

The executive search and interim management provider announced the new facility with Barclays at the beginning of October but said that it was subject to contract. The discussions continued. Ed Watkinson, the interim head of finance, is conducting a reforecast of the company’s cash requirements.

The deal that was announced involved the conversion of Hexagon’s overdraft into a term loan. A further £500,000 was to be available from an invoice discounting facility. Hexagon’s total debt was £9.49m at the end of March 2009.

Hexagon is still cutting costs but the full effect will not be seen until the fourth quarter of the year to March 2011.

Hexagon says that its first half performance is in line with expectations but it is cautious about whether the trend will continue in the second half.

The search business has increased its number of assignments. There is also an increased need for interim managers during the current recession.

At 25p a share, up 1.5p on the day, Hexagon is valued at £5.52m.

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