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Anyone want to buy a financial services recruitment firm?

2 July 2009

Sarah Butcher

Hiring may have resumed at a senior level, but it's not much consolation to financial services recruiters who've spent the past 18 months struggling for survival. In the absence of a widespread return to recruitment, many are now opting for consolidation.

In the past few weeks, Korn Ferry has betrothed itself to Whitehead Mann, and Hanover Search & Selection has done the deed with Napier Scott.

Future spin offs may yet include Correlate Executive Search (formerly Akamai and Alexander Mann) after its new owner Hexagon Human Capital reported a loss of £5.5m after tax in the last financial year.

However, Hexagon CFO Carl Thompson said there are no plans to spin off Correlate and that the company is looking strategically at all its businesses as it positions itself for the future.   

Thompson also pointed out that Hexagon's loss was due to a one off impairment charge of £7m.

 

 

 

 

 

 

Comments (14)

  • interesting article

    brian 02 Jul 2009

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  • the S3 group (huxley, computer futures, pathway, orgtel etc.) is also up for sale. Adecco showed some interest then pulled out.

    Marvin Hagler 02 Jul 2009

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  • check your facts Sarah - the annual report you've posted a link to states that Hexagon made a profit of £5.9m (EBITA).  you've revealed that your own report is grossly inaccurate.
    sloppy work

    Me 02 Jul 2009

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  • I would politely recommend you read the results again - Total net debt and deferred consideration REDUCED by £5.5m (29%) to £13.7m (2008: £19.2m)

    DanE 02 Jul 2009

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  • Correlate Search actually made a profit last year!!!!!!

    Whatever 02 Jul 2009

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  • @Me. I've checked the facts, and the Hexagon report shows a loss after taxation of £5.6m after tax, following a profit of £1.87m the previous year. It also shows that the executive search business made a loss of £1.5m before interest and tax, following a profit of £1.4m the previous year.

    However, as the text now points out, Hexagon's loss was largely due to  £7m of impairment charges, of which £2.8m were attributed to the executive search business.

    Sarah, Editor, eFinancialCareers 02 Jul 2009

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  • Me so retard - learn to read a P&L - Net loss of £5,567k - As far as i can see Sarah never said operating loss

    And what's with the attitude?

    Douche 02 Jul 2009

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  • so professional....NOT! readers correct the article writers..

    Sarah you are the weakest link!! TARRA

    kolabrou 02 Jul 2009

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  • How much longer can the Hexagon shareholders continue to prop it up?

    Veritas 02 Jul 2009

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  • @Kolabrou - thank you for the analogy with teatime television. If you read the comments again, you may note that the P&L figures given in the article were correct initially. However, I've added some extra information at the request of the parties concerned.

    Sarah, Editor, eFinancialCareers 02 Jul 2009

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