As Recruiter.co.uk went to press, there were rumours that Hexagon was preparing to spin off financial headhunter Correlate Search (formerly Akamai and Alexander Mann).

Hexagon did not return Recruiter’s call. However, Carl Thompson, Hexagon’s chief financial officer, told eFinancialCareers.co.uk: “We’re looking at all our businesses in terms of profitability and return on investment, and are considering where to focus strategically in the future.”

Ian Jermin, an analyst at John East and Partners, told Recruiterthat given the company’s financial position “it probably needs to do something”. However, he added: “It’s the wrong time in the cycle to sell a search business, and Hexagon won’t get much for it.”