In a trading update, Hexagon Human Capital says it anticipates that net fee income (NFI) for the quarter ending  31 March 2009 will be below that for the same quarter in 2008.

The statement continues: “The majority of this shortfall arises from the group’s executive search businesses, whilst Hexagon’s senior interim management business, which accounts for  64% of group EBITA (earnings before interest tax and amortisation) remains robust, with NFI being broadly in line with the comparable quarter last year and enquiry rates remaining stable throughout the year.

“The directors believe this, coupled with the cost reduction initiatives implemented across the group, puts Hexagon in a strong position for the future.

 “Early indications of performance for the full year suggest that NFI will be in the region of £22m and EBITA and not less than £5.9m.

“Trading conditions in the second half of the financial year have been more difficult than in the first half.  However, through our market leading position in the senior interim management market and diligent cost management we have continued to convert NFI to EBITA at a premium level of 27% for the full year.”

The company expects to release its preliminary results for the year to 31 March 2009 during the week commencing 22 June 2009.

Jonathan Wright, chief executive of Hexagon Human Capital, says: “Given the challenging global economic environment, we are delighted with the group’s performance.  The economic outlook continues to look challenging in the short term but, given our strength in senior interim management and our diverse portfolio of international executive search businesses, we remain optimistic about the medium term.”