Interim management and executive search firm Hexagon Human Capital has encountered ‘difficult’ trading conditions in its interim results for the six months to 30 September 2009.

The group reported net fee income of £7.8m for the period, down from £12.6m on the same period last year, while earnings before interest, taxation, amortisation and other non recurring operating costs (EBITA) was £0.9m, from £3.5m on the six months to 30 September 2008.

Last month Hexagon announced that it is in discussion with HMRC with a view to agreeing a new payment schedule with respect to certain tax arrears. The company confirms that it remains in discussion with HMRC and hopes to agree a new schedule this month. 

At this time Hexagon said that it was not in a position to satisfy certain lump sum termination amounts payable to Jonathan Wright, former CEO, and Carl Thompson, former CFO. Hexagon now confirms that it has reached agreement with Wright and has an agreement in principle with Thompson which the board anticipates formalising imminently.

Chairman Robert Walker says: “As outlined in the trading update released on 2 December, trading for the first half of the financial year has been difficult and that on the balance of probability the company will be behind the current market expectations for the year to 31 March 2010. However, I am pleased to report that trading has stabilised in the three-month period September to November 2009 and I am optimistic that this will continue for the remainder of the financial year.”