Hexagon readjusts its forecasts downwards
HEXAGON Human Capital reported yesterday that it has been over-optimistic in its cash flow forecasts and that the group now expects its full-year earnings to be below market expectations.
Hexagon, which saw a stabilisation in its trading in recent months, announced that it was in default on previously arranged payments with the tax authorities as the agreements had been based on previous forecasts.
Executive chairman Rob Walker said: “Whilst we are confident of our ability to trade out of the current situation, the group is in default on previously agreed payments with HMRC.”
Hexagon also reported that the group would not be in a position to satisfy termination payments to former chief executive Jonathan Wright, who resigned in August, and former financial chief Carl Thompson, who left Hexagon in October.