Hexagon Human Capital Plc
1st Floor, 33 Cornhill
London EC3V 3ND
Tel  +44 (0)20 7337 1133 
Fax  +44 (0)20 7337 1128
Email  info@hexagonhc.com
Annual Report and Accounts 2007
www.hexagonhc.com Hexagon Human Capital Plc
Hexagon Human Capital Plc Annual Report and Accounts 2007 Contents
01	 2007	Highlights
02	 At	a	glance
04	 Chairman’s	statement
05	 Chief	Executive’s	statement
08	 Financial	review
10	 Board	of	directors
11	 Directors’	report
13	 Corporate	governance
14	 Statement	of	directors’	 responsibilities
15	 Independent	auditors’	report
16	 Consolidated	profit	and	loss	account
17	 Consolidated	statement	of	total	 recognised	gains	and	losses
17	 Consolidated	movement	in	 shareholders’	funds
18	 Consolidated	balance	sheet
19	 Company	balance	sheet
20	 Consolidated	cash	flow	statement
20	 Net	cash	from	operating	activities
21	 Notes	to	the	financial	statements
34	 Notice	of	Annual	General	Meeting
Hexagon was founded in the middle of 2004 with  
a strategy to become one of the UK’s leading providers  
of Senior Management talent. 
In the short time since then we have established ourselves  
as the number one provider of Senior Interim talent through  
the acquisition of BIE in December 2006 and through the 
acquisition of three specialist businesses and the establishment  
of a fourth we have developed a business that ranks in the  
top 15 UK Executive Search firms. Our multi-sector multi-branded 
approach has been successful in supplying board level and  
senior management talent to a broad client base including  
around 30% of the FTSE 100. Through our acquisition and 
investment strategy we are establishing ourselves as a creator  
of value for high performing management teams in the sector  
and the calibre of our management team will be a major driver  
of our success.
Bankers Barclays Bank plc
 1 Churchill Place
 London
 E14 5HP
Auditors Grant Thornton UK LLP
 Byron House
 Cambridge Business Park
 Cowley Road 
 Cambridge
 CB4 0WZ
Solicitors BPE Solicitors
 33 Bennetts Hill
 Birmingham
 B2 5SN
Brokers & Nomad Brewin Dolphin Securities Ltd
 12 Smithfield Street
 London 
 EC1A 9BD
Registrars Capita Registrars Ltd
 The Registry
 34 Beckenham Road
 Beckenham
 Kent
 BR3 4TU
Financial PR Redleaf Communications Ltd
 9-13 St Andrew Street
 London
 EC4A 3AF
Registered Office 1st Floor  
 33 Cornhill
 London
 EC3V 3ND 
Company Number 5663191
Company information and advisors Annual Report and Accounts 2007 Hexagon Human Capital Plc 01
4.4
EBITA
14.5
NFI
3.5
EBITA
12.7
NFI
FY 06 FY 07
FY07 NFI FY07 EBITA
42%
Interim
Exec
Search
61%
Interim
Exec
Search
Financial highlights Business highlights 
Reported for the 15 months to 31 March 2007 
• Net fee income (NFI) increased to £10.6m 
(year to 31 December 2005: £2.4m) 
•  Earnings before interest, tax, amortisation  
and IPO costs (EBITA) increased to £2.2m  
(year to 31 December 2005: £0.4m) 
•  Operating profit from continuing operations 
increased to £0.8m (year to 31 December  
2005: £0.3m) 
Unaudited proforma annualised for the year 
to 31 March 2007* 
•  NFI increased by 14% to £14.5m  
(2006: £12.7m) 
• EBITA up by 26% to £4.4m (2006: £3.5m) 
• EBITA conversion increased to 30%  
(2006: 28%) 
Cash/debt neutral at 31 March 2007 
AIM IPO completed February 2007 raising  
£10m gross 
•  The only quoted Human Capital Services 
company in the UK providing Senior 
Management talent through specialist market 
leading brands in Interim Executive 
Management and Executive Search 
Three acquisitions completed in the period 
• Euromedica Ltd, May 2006 
• Roberts & Corr Ltd, June 2006 
• BIE Interim Executive Ltd, December 2006 
Business Mix* Summary Net Fee Income & EBITA*
2007 Highlights
*  Figures for 2007 are based on unaudited proforma annualised results which reflect  
a full year’s contribution from acquisitions during the year derived from their 
management accounts. Comparative figures have been compiled on the same  
basis for the year to 31 March 2006. 02	 Hexagon Human Capital Plc Annual Report and Accounts 2007
Management
Consulting
Consumer and Retail
Industrial
Retail Financial Services
Professional and
Business Services
Media
Consumer
Financial Services
Pharmaceutical
Life Sciences
Biotechnology
UK’s No. 1 provider
of Senior Interim
Executives
Interim Executive
Management
Executive Search
Banking
Executive Search
A professional service provided to companies 
and organisations that need to attract, hire  
and develop individuals for key positions. Our  
search consultants work closely with clients  
to agree the job specification and then, working  
in tandem with our specialist research teams, 
identify, qualify and present the best candidates. 
Assignments are usually on a retained basis. 
Interim Executive Management
Interim Executive Management is one of the 
fastest growing sectors within the Human 
Capital Services industry. We provide senior 
level, experienced professionals on short to 
medium term (3–18 months) assignments. The 
purpose of these assignments, often working 
closely with the board of our client company, 
is usually to implement change or to manage 
specific projects.
At a glance
Group structure at 31 March 2007 Annual Report and Accounts 2007 Hexagon Human Capital Plc 03
Our businesses focus on the following sectors  
and service areas:
Management Consulting and Banking
Acumen is an Executive Search company specialising in the management consulting and banking  
sectors focused on financial services, public sector and technology consulting.
Acumen is a 70% owned subsidiary established by Hexagon in January 2005; key clients  
of Acumen include Ernst & Young, Deloitte and Deutsche Bank.
•
•
Consumer and Retail, Industrial, Retail Financial Services, Professional and Business Services
Oxygen works with clients in these specialist sectors with a primary focus on assignments  
in General Management; Human Resources; Finance; Sales & Marketing. It specialises in  
board and senior executive appointments in the £100,000 to £300,000 salary bracket.
Oxygen clients include Aviva, Associated British Foods, Centrica, Smiths Group 
and PwC.
•
•
Media and Consumer
Roberts & Corr specialises in International Board Level Search in the media, consumer,  
communications and technology markets, and is currently expanding into the financial  
services sector.
Roberts & Corr has a number of high profile clients including easyJet, AS Watson, 
Littlewoods and Channel 4 Television.
•
•
Pharmaceutical and Life Sciences
Euromedica is Europe’s leading provider of International Executive Search for pharmaceutical and  
life sciences companies, placing candidates into senior management and executive positions  
including board appointments.
Euromedica has long-standing client relationships with a number of the world’s leading 
pharmaceutical and life sciences companies and is regularly involved in delivering 
cross-border European assignments.
•
•
Interim Executive Management
BIE is the UK’s No.1 Interim Executive Management provider for senior-level roles. This ranking  
has been independently confirmed by Executive Grapevine for each of the last five years. 
BIE provides Interim Executive Management and Change Management executives  
to PLCs, private companies, Government, Not-For-Profit organisations, private  
equity and venture capital firms for assignments in the UK and overseas.
•
• 04	 Hexagon Human Capital Plc Annual Report and Accounts 2007
Robe Rt 	 walke R
n On-exe CUTIve CHAIRMAn
“ Growth will be achieved through the application of our  
buy and build model and the organic development  
of our portfolio of operations.”
acquisitions	 completed	 in	 the	 period     Net 
     acquisition
 Unaudited proforma* cost 
Acquisition Sector Specialism NFI  EBIT (goodwill)** 
BIE Interim Executive General Industry  £6.1m  £3.3m  £20.8m
 Management
Euromedica Executive Search Pharma and Life  £3.4m £0.5m £1.9m
  Sciences    
Roberts & Corr Executive Search  Media, Consumer and  £1.6m £0.8m £3.4m 
  Financial Services  
 
* Unaudited proforma results for the year to 31 March 2007.
** Subject to future EBIT performance. 
Chairman’s statement
Introduction	 I am pleased to present to shareholders the 
Group’s first results since the admission of 
Hexagon Human Capital Plc (Hexagon) to 
AIM in February this year. The 15 months
to 31 March 2007 was a period of significant 
progress for Hexagon with three acquisitions 
being completed in addition to the IPO. 
Hexagon’s businesses have performed 
strongly during the period with its portfolio
of businesses delivering quarter on  
quarter growth. 
Results	 Reported turnover for the period to 31 March 
2007 increased significantly from £2.4m to 
£10.9m through a combination of strong organic 
growth and the acquisitions of Euromedica Ltd, 
Roberts & Corr Ltd and BIE Interim Executive Ltd 
the UK’s leading provider of Senior Interim 
Executive Management. 
The Group’s operating profit before interest, 
amortisation of goodwill and IPO costs also 
increased significantly from £0.4m to £2.2m. 
More notably, on a unaudited proforma 
annualised basis, Net Fee Income increased  
by 14% to £14.5m (2006: £12.7m) and it  
was converted at 30% to operating profit,  
after central administration costs but before 
amortisation and IPO costs, of £4.4m  
(2006: £3.5m). 
The Group’s balance sheet at 31 March 2007 
was strong, with net current assets of £4.2m 
(2005: net current liabilities £0.9m). Net cash 
was £0.1m (2005: net debt £0.7m).
acquisitions	 During the period the acquisitions of 
Euromedica and Roberts & Corr have 
strengthened the Group’s portfolio of niche 
search consultancies. The acquisition of  
BIE, the market leading Interim Executive 
Management business, has significantly 
enhanced our revenue visibility.
a IM	IP o	
In February 2007, Hexagon’s shares were 
admitted to trading on AIM. At that time the 
Group raised £10m before expenses from a 
placing of new shares which will be applied
to deliver growth through acquisitions and 
organic initiatives. I would like to take this 
opportunity to welcome new shareholders
to the Company. 
Current	trading	 All the markets in which the Group operates 
continue to be buoyant and the new financial 
year has started strongly. We are particularly 
encouraged by the strength of the  
Interim Executive Management market  
which according to most observers is  
growing more quickly than the general  
human capital market. The Group’s portfolio 
of search consultancies which operate in  
a variety of sectors are benefiting from a 
number of new assignments and trading is  
in line with directors’ expectations. 
Dividend	 Given the one-off charges to profits in the 
period, the Board is unable to propose a 
dividend for the year ended 31 March 2007. 
In the future, as outlined in our AIM admission 
document, the dividend policy will be 
considered in parallel with re-investing profits 
to deliver future earnings growth. 
o utlook	 With its committed team of senior and 
experienced management, I believe Hexagon 
is well placed to continue its expansion and 
grow earnings by leveraging its leadership 
position in Interim Executive Management, 
enlarging the scope of its Executive Search 
operations, diversifying its revenue streams 
and broadening its geographical reach. The 
Board is actively pursuing several acquisitions 
that will enable the Group to move forward in 
all these respects. 
The Group has established a strong 
platform on which to deliver future growth 
and the Board is extremely confident of  
being able to report further progress during  
the year as the Group takes advantage of  
the strong market conditions and selective 
acquisition opportunities. 
Robert	w alker	 Chairman 
7 August 2007  Annual Report and Accounts 2007 Hexagon Human Capital Plc 05
Jo Nat Ha N	w RIGHt
CHIeF exe CUTIve
“This has been a pivotal period in the development of Hexagon, following four  
acquisitions, a start up business and the admission of the Company to AIM.  
With the pace of the Interim Executive Management market growing at a faster  
rate than the recruitment market we believe that we are well positioned to  
deliver strong growth both by attracting  further acquisitions and through the  
development of our existing businesses.”
Introduction	 Hexagon was founded in the middle of 2004 
with a strategy to become one of the UK’s 
leading providers of Senior Management 
talent. In the short time since then we have 
established ourselves as the No.1 provider  
of Senior Interim talent through the 
acquisition of BIE in December 2006 and 
through the acquisition of three specialist 
businesses and the establishment of a fourth 
we have developed a business that ranks in 
the top 15 UK Executive Search businesses. 
Our multi-sector multi-branded approach has 
been successful in supplying board level and 
senior management talent to a broad client 
base including around 30% of the FTSE 100. 
Through our acquisition and investment 
strategy we are established ourselves as  
an exciting partner for high performing 
management teams in the sector and the 
calibre of our management team will be 
a major driver of our success. 
This has been a pivotal period in the 
development of Hexagon, following four 
acquisitions and a start up, we brought the 
Group to AIM in February 2007. We are the 
only business of our type on AIM and we are 
the only quoted major Interim Executive 
Management business.
We have established a clear identity and 
culture, forging partnerships with the 
management of our businesses based  
on shared ownership and a common 
commitment to deliver customer and 
shareholder value in equal measure. Our 
objectives are clear and are embedded 
across our organisation: to become Europe’s 
leading provider of Senior Interim Executives 
and to build a top 10 European Executive 
Search business. 
business	review	 On a unaudited proforma annualised basis 
(including the results of all acquired businesses 
for the whole 12 month period), the Group 
achieved strong growth in both its Interim 
Executive Management and Executive Search 
divisions reaching NFI for the year of £14.5m 
compared to £12.7m in the previous year, 
growth of 14%. We maintained our ability for 
strong NFI to EBITA conversion delivering 
EBITA (before amortisation and IPO costs) of 
£4.4m, a margin of 30% on this unaudited 
proforma basis. At the operating level (before 
central costs) this translates to operating profit 
of £5.5m, a margin of 38%. 
In the year to 31 March 2007 our Interim 
Executive Management division grew NFI from 
£5.4m to £6.1m, an increase of 12% and EBITA 
from £2.5m to £3.3m, an increase of 34%. 
Similarly, in the year our Executive Search 
division grew NFI from £7.3m to £8.4m, an 
increase of 15% and grew EBITA from £1.8m 
to £2.2m, an increase of 22%. 
It is particularly pleasing to report very strong 
consultant productivity figures with an average 
of £550k of NFI per consultant across the Group 
broken down as £1.2m per consultant in our 
Interim Executive Management division and 
£430k in our Executive Search division. We 
believe that these figures are amongst the 
highest in the industry. 
BIE our senior level Interim Executive 
Management business has been ranked No. 1  
in the UK by Executive Grapevine for each of the 
last five years. Under the long term leadership 
of Martin Wood BIE has become one of the 
strongest brands in the industry. Demand for 
high quality senior interim executives remains 
strong and we maintain that this is the fastest 
growing part of the human capital market.  
We will retain our significant investment in 
advertising and marketing which will continue 
to drive opportunity and leading interim 
executives towards BIE. Since the start of the 
current financial year we have embarked on a 
recruitment campaign to increase the size  
of our consulting workforce. 
Chief executive’s statement
“Interim Executive Management 
will become an increasingly 
significant enabler for corporate 
change and development in the 
future. We see it as the fastest 
growing part of the human capital 
market with supplier fees growing 
from their current position of 
around £50m p.a. to over £100m 
p.a. in the next four years. As the 
market leader in the UK, Hexagon 
is well placed to increase its 
market share across Europe 
throughout this period.” 06	 Hexagon Human Capital Plc Annual Report and Accounts 2007
“Our objectives are clear and are embedded across our organisation;  
to become Europe’s leading provider of Senior Interim Executives  
and to build a top 10 European Executive Search business.”
“BIE has maintained its position as the No. 1 
provider of Senior Interim Executive Managers  
in the UK for each of the last five years. By 
becoming part of Hexagon we are now on a 
course to consolidate that position and lead 
the Interim Executive Management market 
across Europe.”
Ma Rt IN	w oo D
MAn Ag Ing d IReCTOR,
bIe In TeRIM exe CUTIve
“Acumen prides itself on innovation and its ability 
to source talent for clients from previously 
untapped sources. Hexagon’s support, not just 
in terms of finance, but as a key supporter of our 
strategy is fundamental to the success of our 
young company.”
MIke 	D ea Ne
MAn Ag Ing d IReCTOR,
ACUMen
Our strategy within Executive Search is to  
offer an alternative to the global single 
branded providers by developing a portfolio  
of specialist brands that offer clients in depth 
subject matter expertise in their sector. We 
believe that this strategy enables us to develop 
a broad client portfolio with little or no 
conflicts and allows us to attract top quality 
talent in each sector towards our Group. 
In 2006 we acquired Euromedica, the 
European market leader in pharmaceutical 
and life sciences, as well as Roberts & Corr, 
the media, consumer and financial services 
specialist. These companies join our other 
specialist businesses Oxygen, specialising  
in industry and commerce, and Acumen,  
a management consulting and banking 
specialist. Across our portfolio we transacted 
with over 140 clients including 20 of the FTSE 
100 and two of the world’s largest professional 
services firms. We were responsible for main 
board appointments into two FTSE 100 
companies as well as placing partners into 
two Big Four professional services clients. 
During the year we were able to attract high 
quality consultants from a number of our 
competitors and we anticipate our multi-
branded and empowered strategy will enable 
this to continue through the coming year. 
acquisitions	 In May 2006 we acquired the specialist 
pharmaceutical and life sciences Executive 
Search business Euromedica from the Carlisle 
Staffing Group for a net acquisition cost 
(goodwill) of £1.9m. Based on the generation 
of £0.5m EBIT p.a., the net acquisition cost 
represents an EBIT multiple of 3.8.
In June 2006 we acquired the specialist 
Executive Search firm Roberts & Corr for  
a net acquisition cost (goodwill) of £3.4m, 
subject to performance. Based on the 
generation of £0.8m EBIT p.a., the net 
acquisition cost represents an EBIT  
multiple of 4.3. 
In December 2006 we acquired BIE, the  
UK’s leading provider of Senior Interim 
Executives. This business was acquired for  
a net acquisition cost (goodwill) of £20.8m, 
subject to performance to June 2009. Based  
on the achievement of the target levels of 
EBIT performance over the earn-out period, 
the total consideration represents an EBIT  
multiple of 5.5. 
Performance	management	and	 	 staff	retention
We are continually working to find performance 
improvements across our businesses and to 
improve the efficiency of our administration 
and support services. The effect of these 
programmes is evident in our ability to maintain 
margins at their present premium levels. 
Our rapid emergence as a market leader in 
the provision of senior talent has created a 
strong employer brand and we continue to 
attract selected high quality fee earning talent 
from our competitors as well as from new 
entrants into our sector. As a Group we are 
increasing our investment in programmes 
designed to attract new talent and we have 
clear metrics in place to measure and control 
the effects of these programmes. Our 
empowered and success driven culture as 
well as the wide ownership of equity and 
options across the Group has lead to us 
having minimal attrition amongst our fee 
earning staff in the period. 
Chief executive’s statement continued Annual Report and Accounts 2007 Hexagon Human Capital Plc 07
“Our rapid emergence as a market leader in the provision of senior  
talent has created a strong employer brand and we continue  
to attract selected high quality fee earning talent from our 
competitors as well as from new entrants into our sector.”
“With the support of Hexagon, Oxygen has  
grown successfully in 2006/7 and is now firmly 
positioned as an established search partner to 
many blue-chip organisations. Our strengths 
continue to be the sector/functional expertise of 
our partners and our minimal off-limits issues.”
Ia N	 lloy D
MAn Ag Ing d IReCTOR,  
Oxygen exe CUTIve se ARCH
“We are out and out life sciences experts and 
that is why Hexagon’s strategy of developing  
an empowered group of specialist firms works  
so well for us. As a group, we get good breadth, 
good characteristics and create an environment 
where we can develop at our own pace.”
DR	P ete R	 woo Ds
MAn Ag Ing d IReCTOR,
eUROMed ICA
“Our account management programme has 
positioned us to deliver a number of very high 
profile assignments from the most exciting UK 
and international clients. Being part of Hexagon 
has enriched our offering, and enables us to 
meet a much broader spectrum of our clients’ 
recruitment needs.”
CINDy 	IR v INe
MAn Ag Ing d IReCTOR,
RObeRTs & CORR
The Board reviews a series of Key 
Performance Indicators (KPIs) monthly. 
These metrics are designed to provide  
a graphical overview of the operating 
performance (both financial and non-
financial) for each business of the Group.  
They include the following:
Update on actions agreed in each 
business plan.
NFI and EBIT performance vs budget  
(month and cumulative).
Movement in interim assignments
NFI per consultant vs budget.
Average assignment value vs budget.
New business won vs budget.
Through a detailed focus on these KPIs we 
are able to manage business performance 
and track trends that may alert management 
to potential future issues or opportunities.
As our Group matures, our management 
structure will evolve. We have formed an 
operating board that is working to ensure  
that we exploit every opportunity to create 
incremental business from our 263 strong 
customer base, as well as to develop 
succession plans for our current business 
leaders. 
Group	strategy	 Our five investments to date are being 
integrated into the Group. Our priority now 
is to leverage our market leadership in  
Senior Interim Executive Management 
by increasing the size and scope of our 
consulting workforce and by identifying 
selected acquisitions that will complement 
our current position. 
A fundamental component of our strategy 
has been the development of an integrated 
sales programme, presenting our clients with 
leadership talent solutions by offering both 
interim and permanent senior management.
•
•
•
•
•
•
I am pleased to report that since the 
acquisition of BIE in December 2006, we have 
created over £250k of incremental NFI in our 
Interim Executive Management business 
through opportunities sourced by our 
Executive Search businesses. 
In addition to the development of our Senior 
Interim offering we will continue to develop 
the scope of our Executive Search business 
so that we can more fully meet our clients‘ 
leadership talent needs. This programme will 
see the Group introduce new fee earning 
teams into additional sectors and specialisms 
as well as pursuing selected acquisitions, 
the acquisition of Archer Mathieson Ltd on
3 August 2007 being evidence of this strategy 
(see note 27 on page 33).
The past year has seen our multi-branded 
portfolio approach achieve strong growth  
but at the same time provide solid defensive 
capabilities to see out short term fluctuations 
in individual markets. The extension of this 
approach will further enhance these 
defensive characteristics. 
Our rapid progress over the last two years  
has seen the Group deliver solutions to an 
increasingly international client base. To gain 
further market share the Board has to give 
serious consideration to the development of 
its international capabilities. Our work in this 
area will follow the same principles as our 
UK investment work and we will only make 
investments in non-UK areas where we 
believe the value to shareholders will match 
or exceed the value being generated in 
the UK. 
Jonathan	w right	 Chief Executive Officer 
7 August 2007 08	 Hexagon Human Capital Plc Annual Report and Accounts 2007
“Our rapid expansion through a targeted acquisition and 
business development programme, has enabled the Group 
to achieve financial performance well ahead of the market.”
Ca Rl 	tH o MPso N	
CHIeF FIn An CIAl O FFICeR
	 year	 to	 March
  2006  2007  
Unaudited	 proforma	 results*	  £m  £m  Growth
NFI
Interim Management  5.4  6.1  12% 
Executive Search  7.3  8.4  15% 
total	 	 	 12.7	 14.5 	 	 	 14%
	 operating	 profit	 Interim Management  2.5  3.3  34% 
Executive Search  1.8  2.2   22% 
total	 	 	 4.3	 5.5 		 	 29%
Central costs (before allocations)**  (0.8)  (1.1)  
ebIta ***	 	 	 3.5	 4.4 	 	 	 26%	 accounting	convention	and	policies	 The financial statements for the period to 
31 March 2007 have been prepared under 
United Kingdom Accounting Standards. The 
interim results and the financial statements for 
the year to March 2008 will be prepared under 
International Financial Reporting Standards 
(IFRS), the impact of which is discussed below. 
On 23 March 2006 Hexagon acquired the entire 
issued share capital of Hexagon Human Capital 
(Services) Ltd (HHCS) and Hexagon Management 
Services Ltd (HMS) by way of a share for share 
exchange. The transaction qualifies as a group 
reconstruction within the meaning of FRS 6, 
and has been accounted for using the merger 
accounting method. Accordingly the financial 
information for the current and comparative 
period has been presented as if HHCS and HMS 
had been owned by Hexagon throughout the 
current and prior periods. HHCS and HMS 
previously prepared their financial statements  
for the year to 31 December. Hence, the 
comparatives presented in the consolidated 
accounts are those for the year ended 
31 December 2005 and the current period’s 
results are for the 15 months to 31 March 2007, 
which is now the Group’s year end.
Financial review
Unaudited	proforma	results	for	the	year	 to	31	March	2007	 Given the acquisition activity in this period 
and the change in the year end, it is useful  
to highlight the operating performance on  
an unaudited proforma basis for the year to 
31 March 2007. We will then be able to refer 
to these results in future years for 
comparative purposes. 
In the year to 31 March 2007 across existing 
and acquired businesses we succeeded in 
growing NFI by 14% to £14.5m and EBITA 
(before amortisation and IPO costs) by 26%  
to £4.4m, a conversion rate of over 30%. In 
the year our Search business grew NFI by 15% 
to £8.4m and our Interim business grew NFI 
by 12% to £6.1m. 
The costs of delivery grew by 6% to 
£8.9m largely as a result of recruitment of 
new consultants and increased commissions 
payable from the growing income. Central 
management and administration grew from 
£0.8m to £1.1m  an increase from 6% to 8% of 
NFI as we invested in our back office activities 
to support the growth of the Group. 
	 Reported	 	 	 	 Unaudited	 proforma*
 Dec 05  Mar 07 Mar 06 Mar 07
 12 mths  15 mths 12 mths 12 mths
bridge	 from	 reported	 to	 unaudited	 proforma	 figures £m £m £m £m
NFI	 Ongoing operations 2.4 4.0 3.1 3.5
Acquisitions  – 6.6 9.6 11.0
total	 2.4	 10.6	 12.7	 14.5
ebIta ***
Ongoing operations 0.4 1.1 0.7 0.7
Acquisitions – 1.1 2.8 3.7
total	 0.4	 2.2	 3.5	 4.4
* Unaudited proforma annualised results reflect a full year’s contribution from businesses acquired during the year.
** Assumes annualised plc costs of £0.1m. 
*** Earnings before interest, tax, amortisation and IPO costs.
We were also pleased to achieve growth in 
our ongoing operations on a reported and 
unaudited proforma basis as can be seen 
from the “bridging” table below. Annual Report and Accounts 2007 Hexagon Human Capital Plc 09
Reported	results	for	the	period	to 	 31	March	2007
NFI for the period increased significantly from 
£2.4m (year to December 2005) to £10.6m (15 
months to March 2007) through a combination 
of strong organic growth and the acquisitions 
of Euromedica, Roberts & Corr and BIE.
EBITA also increased significantly from 
£0.4m to £2.2m. EBITA is stated before 
the following charges: 
Amortisation of goodwill £766k 
Share of IPO costs  £577k
During this period we acquired Euromedica 
(May 2006), Roberts & Corr (June 2006)  
and BIE (December 2006). Our consolidated 
Group accounts include the following periods 
for our operating companies:
Company   Period reported
Year to 31 December 2005
Acumen  12 months
Oxygen  8 months
15  Months to 31 March 2007
Acumen  15 months
Oxygen  15 months
Euromedica  11 months
Roberts & Corr  10 months
BIE  4 months
Profit before tax, amortisation and IPO costs 
was increased from £0.3m (year to 31 December 
2005) to £1.5m (15 months to 31 March 2007) even 
after an increase in interest costs of £0.6m in the 
period. The interest costs include: 
Net cost of interest to the Group of £354k 
(2005: £57k), being the interest arising on 
the net debt in the Group during the year. 
It should be noted that in April 2007, we 
took out an interest rate swap to protect 
against the impact of any increases in 
interest rates. 
Finance charges on deferred consideration 
of £372k (2005: £77k).
The profit before tax, after increased 
amortisation and IPO costs of £1.2m, was 
reduced from £166k to £122k. The tax charge 
on profits from ordinary activities at £37k, 
assumes a notional tax rate of 30% but the 
tax charge is increased to £590k due to the 
impact of non-deductible charges including 
amortisation, IPO costs and finance charges 
relating to deferred consideration. 
•
•
•
•
International	Financial 	 Reporting	s tandards
The Group is required to prepare its reported 
financial statements under IFRS from the year 
ending 31 March 2008. Consequently, 
Hexagon will adopt IFRS in its consolidated 
financial statements from 1 April 2007, with 
the first reported results under IFRS being 
our interim statement later this year. 
We have reviewed the impact of adopting 
IFRS both on the Group’s financial statements 
and the methodologies used for recording 
financial and related information. 
The following areas that will have a material 
impact on the Group’s financial statements 
have been identified. This summary is not 
intended to be comprehensive. 
 Goodwill amortisation – under UK GAAP, 
the Group’s policy is to amortise 
capitalised goodwill resulting from 
acquisitions on a straight-line basis over 
its estimated useful economic life. On 
transition to IFRS, IFRS 1 “First-time 
Adoption of International Financial 
Reporting Standards” requires the Group 
to review the carrying value of capitalised 
goodwill for potential impairment. 
Furthermore, in accordance with IFRS 3 
“Business Combinations”, amortisation of 
goodwill will no longer be charged in the 
Group’s consolidated profit and loss 
account. Under IFRS, instead of an annual 
charge to the profit and loss account, an 
impairment review will be carried out at 
each balance sheet date, and this is 
required irrespective of there being an 
indicator of impairment in existence. If 
impairment is identified, a charge will 
result in the profit and loss account. 
Intangible assets arising on acquisitions – 
with the adoption of IFRS 3 and IAS 38 
“Intangible Assets”, separately identifiable 
intangible assets acquired as part of 
acquisitions from 1 January 2006 will be 
recognised at their fair value, separately  
from goodwill. 
Carl	t hompson	 Chief Financial Officer 
7 August 2007
•
•
In 2007, basic (loss)/earnings per share 
were (5.26)p (2005: (0.08)p) and were 12.83p 
(2005: 2.03p) after adjusting for amortisation, 
IPO costs and finance charges on deferred 
consideration. Adjusted fully diluted earnings 
per share (after tax but before amortisation 
of goodwill, IPO costs and finance charges 
on deferred consideration) were 12.48p 
(2005: 2.03p). 
Reported	balance	sheet 	 at	31	March	2007	 Intangible fixed assets, £28.2m, represent the 
cost of goodwill (net of amortisation charges) 
on acquisitions to date. This cost is being 
amortised over 20 years as per UK GAAP but 
under IFRS this policy will change in future 
financial statements. 
Intangible assets include £11.7m deferred 
consideration payments due over the next 
three years on the acquisitions to date,  
based on future EBIT performance and 
discounted to take into account the timing  
of payments. 
On admission to AIM in February 2007 we 
raised £10m which, after costs of IPO, will be 
used to reduce debt and service our working 
capital and the cash element of our deferred 
consideration requirements. At 31 March 
2007 we had total cash of £10.8m compared 
to total bank debt of £10.7m, therefore cash 
positive by £0.1m. 
After the IPO in February 2007, net current 
assets at 31 March 2007 increased to £4.2m 
(2005: £0.9m net current liabilities). Within net 
current assets, the consolidated outstanding 
gross receivables from clients totalled £3.3m, 
being 56 days sales outstanding which we 
feel is highly competitive in our markets.
Reported	cash	flow	 Cash generated in the period was £10.1m 
(2005: £0.7m), including a net £9.8 m 
(2005: £nil) from share issues. 
£10.5m of funds generated were spent 
on acquisitions (net of cash and treasury 
deposits acquired) (2005: £0.5m) and £0.1m 
(2005: £0.1m) on capital expenditure. Tax 
recovered was £0.4m (2005: paid £0.2m). 
Cash surpluses are invested in short term 
deposits at Barclays Bank Plc.  10	 Hexagon Human Capital Plc Annual Report and Accounts 2007
board of directors
Robert	w alker	(aged	50)
Non-executive	Chairman	 Robert has an excellent track record in the 
recruitment sector and a strong reputation 
within the City. He co-founded Walker-Hamill 
in London in 1989 and built it into an 
international recruitment business with an 
exceptional reputation for delivery amongst 
blue chip clients. He was specifically 
responsible for opening offices in Sydney  
and Melbourne. The business was sold to 
Marlborough International in 1998 for c.£18m. 
Subsequently Robert co-led the float of 
Imprint plc in 2001 – the first start-up 
recruitment company to float on AIM, 
debuting in May 2001 with a market 
capitalisation of £14m, which has now grown 
to £62m. Robert joined the Hexagon board  
in September 2006.
Robert acts as a non-executive director to 
Alan Mitchell Financial Recruitment Ltd, 
Leathwaite International Ltd and MRL 
Consulting Group Ltd.
Jonathan	w right	(aged	50)
Chief	e xecutive	 Jonathan has over 20 years experience of 
working in the human capital services sector. 
He co-founded TSI Group Limited, an 
executive search firm, in 1986 before working 
for 3i Group Plc investment companies 
between 1990 and 1993. He joined Alexander 
Mann Group Limited as Managing Director in 
1993 and was responsible for developing joint 
venture businesses in the UK, Netherlands 
and Hong Kong and acquisitions in UK, Italy 
and Spain. 
During Jonathan’s tenure, Alexander Mann 
grew its business from a turnover of £1.25m 
to £104m and pre-tax profits from £0.1m to 
£5.4m. During this time Alexander Mann’s 
business model was changed from that  
of a conventional recruitment services 
business into a leading recruitment process 
outsourcer. In 1999 Jonathan co-led the sale 
of a significant minority stake to a private 
equity house, Advent International, for £25m.
Jonathan is a non-executive director of Spring 
Group plc, an IT staffing company.
Carl	t hompson	(aged	44)
Chief	Financial	o fficer
Carl joined the Hexagon board in January 
2005 having spent the majority of his recent 
career in senior finance roles in the IT 
consultancy and services industry.
Carl qualified as a Chartered Accountant with 
Ernst & Young in 1986 and spent his early 
career in various roles with ICL Fujitsu, 
reaching the position of Finance Director for 
the European software and services 
business, which had a turnover of £500m 
across eight countries.
From 2000 to 2001 Carl was Finance Director 
of the quoted (now AIM) international 
electronics company Densitron plc where he 
completed a £14m rights issue for investment 
in production facilities in China.
From 2002 to 2004 Carl was with Mission 
Testing plc, an AIM quoted software testing 
consultancy. The business grew from £6m  
to £17m revenues in that period and was 
acquired by The Capita Group plc in 2003, at 
which point Carl moved from Finance Director 
to Managing Director.
 
Carl is a non-executive director of 
Experimentus Ltd., an IT consultancy.
swee	l ip	Quek	(aged	51)	 Non-executive	Director
Swee Lip Quek began his career with  
Price Waterhouse and subsequently with  
DC Gardner. Between 1990 and 1996 he was 
involved with strategic consultancy in Central 
Europe advising governments and large 
corporates. In 1996 he formed SynerGem, a 
specialist search business. Swee Lip holds an 
undergraduate, masters and doctorate 
degrees in Business Administration, 
information systems and business strategy 
and is also a fellow of the ACCA, CiMA and  
is a Chartered Tax Advisor. He remains CEO  
of SynerGem Europe Ltd and Chairman of 
DBAM Systems Ltd.
Peter	w atson	(aged	52)
Non-executive	Director
Peter initially qualified as a Chartered 
Accountant with Price Waterhouse in London 
before entering the City as a corporate 
stockbroker in 1984. He then spent the next 
18 years advising boards on IPOs, takeovers 
and defences, capital-raising and acquisitions 
before taking on a European management 
role with the US investment bank, Robert W. 
Baird, in London. Peter co-founded Watson 
Macneill, a recruitment firm dedicated to 
independent director search, in January 2003. 
Between October 2003 and October 2005, 
Peter served as a non-executive director on 
the board of domnick hunter group plc, 
latterly as chairman of the Audit Committee, 
until its recommended takeover by Parker 
Hannifin. Peter is a fellow of The Securities & 
Investment Institute. 
Peter is also a director of Robert W. Baird 
Limited and Watson Macneill Limited. Annual Report and Accounts 2007 Hexagon Human Capital Plc 11
The Directors present their first annual report on the affairs of the 
Group, together with the financial statements and auditors’ report, for 
the period from incorporation on 28 December 2005 to 31 March 2007 
(described as “15 months”). The Company was incorporated as Bcomp 
274 Limited, changed its name to Hexagon Human Capital Limited on 
11 April 2006 and to its current name on 5 February 2007. 
Principal activities
The principal activities of the Group comprise Interim Executive 
Management and Executive Search. 
The subsidiary undertakings affecting the profits or net assets of the 
Group in the period are listed in note 14 to the financial statements.
Business review
A business review is given in the Chief Executive’s statement on page 5.
Details of significant events since the balance sheet date are 
contained in note 27 to the financial statements.
During the period, share issues were made as follows:
In connection with the merger of the Company with Hexagon 
Human Capital (Services) Ltd and Hexagon Management Services 
Ltd, 150,000 Ordinary shares with a nominal value of £150,000, 
subsequently split into 8,550,000 1p Ordinary shares and 6,450,000 
1p Deferred shares.
In connection with the BIE and Roberts & Corr acquisitions, 
3,560,571 1p Ordinary shares with a nominal value of £35,606.
On listing on AIM, 6,060,606 1p Ordinary shares with a nominal 
value of £60,606.
Financial risk management objectives and policies 
The Group’s activities expose it to a number of financial risks including 
credit risk, cash flow risk and liquidity risk. The Group policy is not to 
use derivative financial instruments unless contractually obliged under 
the Group’s banking arrangements.
Credit risk
The Group’s principal financial assets are bank balances and cash, 
trade and other receivables.
The Group’s credit risk is primarily attributable to its trade receivables. 
The amounts presented in the balance sheet are net of allowances for 
doubtful receivables. An allowance for impairment is made where 
there is an identified loss event which, based on previous experience, 
is evidence of a reduction in the recoverability of the cash flows.
The credit risk on bank balances is limited because the counterparties 
are banks with high credit-ratings assigned by international credit-
rating agencies.
The Group has no significant concentration of credit risk, with 
exposure spread over a large number of counterparties and 
customers.
Cash flow risk
The Group’s activities expose it to some minor financial risks of 
changes in foreign currency exchange rates, specifically the Euro in 
relation to its subsidiary in France. There is largely a natural hedge of 
this risk as Euro based income is used to service Euro based costs. As 
our international operations expand the Group may look to the use of 
foreign exchange forward contracts to hedge these exposures. 
•
•
•
Directors’ report
FOR THE pERIOD EnDED 31 MARCH 2007
At the period end the bank balances, largely held in deposits, 
exceeded the bank debt thereby limiting the Group’s interest rate 
exposure to the margin between interest payable and interest 
receivable. After the period end, the Group took out an interest rate 
swap to fix the majority of the bank debt. 
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are 
available for ongoing operations and future developments, the Group 
uses a mixture of medium-term and short-term debt finance. At the 
period end, the debt was term loans from Barclays Bank plc and Bank 
of Scotland. These are fixed term loans with fixed repayment terms 
and, as mentioned above, future interest charges have been fixed on 
the majority of the debt. 
Dividends 
Given the one-off charges against profits in the period, the Board is 
unable to propose a dividend for the period ended 31 March 2007. In 
the future, as outlined in our AIM admission document, the dividend 
policy will be considered in parallel with re-investing profits to deliver 
future earnings growth.
Directors
The directors, who served throughout the period except as noted, 
were as follows:
Mr Jonathan Wright
Mr Carl Thompson
Dr Swee Lip Quek
Dr Fui Mee Quek (Resigned 9 February 2007)
Mr Robert Walker (Appointed 9 February 2007)
Mr peter Watson was appointed to the Company as a non-executive 
director on 5 June 2007.
Directors’ interests
The directors who held office at 31 March 2007 had the following 
interests in the shares and debentures of the Company (as recorded in 
the Register of Directors’ Interests and including those of the spouse 
or civil partner and children under 18):
  28 December
 2005 or 
 subsequent date 31 March
 of appointment 2007
n ame of director n umber n umber
Mr Jonathan Wright 
Ordinary shares – 2,190,409
Deferred shares – 1,225,000
Options on Ordinary shares – 91,200
Mr Carl Thompson 
Ordinary shares – 588,921
Deferred shares – 322,500
Options on Ordinary shares – 68,400
Dr Swee Lip Quek 
Ordinary shares – 6,512,487
Deferred shares – 4,902,000
Mr Robert Walker 
Ordinary shares – 21,818
Directors’ share options
During the period Messrs Wright and Thompson were granted and 
exercised options on 587,727 and 125,058 Ordinary shares respectively  
by the Trustees of the S L Quek Settlement and were granted options by 
the Company at 8.14p on a further 91,200 and 68,400 Ordinary shares 
respectively. Mr Thompson made a loan to the Company of £50,000 
that was converted to 36,363 Ordinary shares during the period. 12 Hexagon Human Capital Plc Annual Report and Accounts 2007
Directors’ report continued
Share options
Two tranches of share options were granted by the Company during 
the period to employees in September 2006 and February 2007. 
The inputs into the Black-Scholes option pricing model are as follows: 
 September February 
Date of grant 2006 2007
Share price at date of grant 10.175p 165p
Exercise price 8.140p 165p
Expected volatility 27% 27%
Expected life 3–5 years 5 years
Risk-free rate 4.739% 5.353%
Expected dividends 1% 1%
Supplier payment policy 
The Company’s policy, which is also applied by the Group, is to settle 
terms of payment with suppliers when agreeing the terms of each 
transaction, ensure that suppliers are made aware of the terms of 
payment and abide by the terms of payment. Trade creditors of the 
Group at 31 March 2007 were equivalent to 60 days’ purchases, based 
on the average daily amount invoiced by suppliers during the period.
Charitable and political contributions
During the period the Group made no charitable nor political 
contributions.
Major shareholders
As at 31 July 2007, the Company was aware of or had been notified 
under Chapter 5 of the Disclosure and Transparency Rules of the FSA 
of the following significant holdings of voting rights in its shares:
  % of share 
Ordinary shares of 5p each Ordinary shares capital
Octopus Investments Limited 2,104,241 11.5
Unicorn Asset Management Limited 1,018,182  5.6
Close Investments Limited 944,243 5.2
Brewin Dolphin Securities 900,383  4.9
AXA Framlington Investment Management 665,903 3.6
Auditors
Each of the persons who is a director at the date of approval of this 
report confirms that:
(1) so far as the director is aware, there is no relevant audit 
information of which the Company’s auditors are unaware; and
(2) the director has taken all the steps that he ought to have taken as 
a director in order to make himself aware of any relevant audit 
information and to establish that the Company’s auditors are 
aware of that information. 
 
This confirmation is given and should be interpreted in accordance 
with the provisions of s234ZA of the Companies Act 1985.
During the period, Grant Thornton UK LLp were appointed auditors to 
the Company. They have expressed their willingness to continue in 
office as auditors and a resolution to reappoint them will be proposed 
at the forthcoming Annual General Meeting. 
Annual General Meeting
The notice of the Annual General Meeting to be held on 12 September 
2007 is set out on page 34.
Approved by the Board and signed on its behalf by:
Carl Thompson
Director
7 August 2007
1st Floor, 33 Cornhill 
London, EC3V 3n D Annual Report and Accounts 2007 Hexagon Human Capital Plc 13
The Board is committed to ensuring corporate governance throughout 
the Group is appropriate to its size, structure and status as an AIM 
listed company.  Whilst the Group is not required under the AIM Rules 
for Companies to comply with the Combined Code on Corporate 
Governance 2003 (the Combined Code), the Board recognises the 
value of the Combined Code and has chosen to provide selected 
disclosures which it believes are necessary or valuable to readers.
Board of Directors 
The Board, which comprises two Executive Directors, a non-Executive 
Chairman, Robert Walker, and two non-Executive Directors, Dr Swee  
Lip Quek and peter Watson (from 5 June 2007), is responsible for 
establishing the strategic direction of the Group, monitoring the Group’s 
trading performance and appraising and executing development and 
acquisition opportunities. The Company holds at least nine Board 
meetings each year. 
Robert Walker and peter Watson are deemed to be independent  
n on-Executive Directors for the purposes of the Combined Code.
Board committees
The Group operates the following committees:
Audit Committee
The Board has established an Audit Committee, which consists of  
Dr Swee Lip Quek (Chairman), Robert Walker and peter Watson (from  
5 June 2007). peter Watson will succeed Dr Swee Lip Quek as 
Chairman of the Audit Committee at the conclusion of the forthcoming 
AGM. The Audit Committee is primarily responsible for ensuring that 
the financial performance of the Group is properly measured and 
reported on and will review any reports from the management and the 
auditors regarding the accounts and will consider draft interim and 
annual accounts. The Audit Committee will make recommendations 
concerning the application of the financial reporting and internal 
control principles, including reviewing the effectiveness of the Group’s 
financial reporting, internal control and risk management procedures 
and the scope, quality and results of the external audit. It will also 
make recommendations to the Board on the appointment of the 
auditors and the audit fee. The Committee will meet at least twice 
each year and invite the Chief Financial Officer and the Auditors to be 
present as appropriate.
Remuneration Committee
The Board has also established a Remuneration Committee made up 
of Robert Walker (Chairman), Swee Lip Quek and peter Watson (from  
5 June 2007). The Remuneration Committee is responsible for making 
recommendations to the Board on remuneration policy for the 
Executive Directors and the terms of their service contracts, with the 
aim of ensuring that their remuneration, including awards of share 
options, is based both on their own performance and that of the Group 
generally. The Remuneration Committee administers and establishes 
performance targets for the EMI share option plan and approves 
awards made under this plan and will administer any future incentive 
schemes. 
The Group has adopted a policy of regular reviews of option awards 
and the Remuneration Committee meets every six months to ensure 
the appropriate incentives are in place. In addition the Committee 
advises on the remuneration policy for the Group’s employees. In 
exercising this role, the terms of reference of the Remuneration 
Committee require it to comply with the Code of Best practice 
published in the Combined Code. The Remuneration Committee also 
has responsibility for making recommendations on the appointment of 
additional Directors to the Board. 
The Company has adopted a share dealing protocol for dealings in its 
Ordinary shares by Directors and senior employees which is 
appropriate for an AIM-quoted company. 
Maintenance of an effective system of internal control
The directors acknowledge their responsibilities for the Group’s 
internal control systems to provide them with reasonable (as opposed 
to absolute) assurance as regards effective financial control, 
operational management and compliance with applicable laws and 
regulations so as to prevent any material misstatement or loss. 
The mechanisms employed by the Board to review and sign off the 
overall effectiveness of its internal control environment include: 
Regular subsidiary board meetings, with the key issues being 
highlighted for consideration at regular plc board meetings.
Discussions with management on key risk areas in the business.
Audit Committee reports to the Board on the issues arising from 
external audits, control reviews and risk assessments. 
Key features of the internal financial control environment that has 
operated throughout the period include: 
– Annual “bottom up” budget setting with formal agreement from 
all business heads.
– Monthly financial reporting, for each subsidiary, of actual 
performance compared to budget and previous year.
– Consistent format for monthly reporting of financial and key 
performance information to ensure openness and granularity  
of reports.
– Continuous review of financial controls across the Group.
– Regular discussion with the heads of each business on 
business performance and progress versus budget.
– Routine reporting of legal, accounting and banking 
developments to the Board.
– Clear definition of the lines of responsibility and authorisation 
limits for the heads of all businesses.
Currently, the Group consists of five businesses, the largest of which 
has 18 staff. Controls are exercised on a day-to-day basis by local 
directors with regular overview from the Board. The audit of internal 
financial controls forms part of the responsibilities of group finance. 
 
•
•
•
•
Corporate governance 14 Hexagon Human Capital Plc Annual Report and Accounts 2007
The directors are responsible for preparing the Annual Report 
including the financial statements. The directors have chosen to 
prepare the financial statements for the Company and the Group in 
accordance with United Kingdom Generally Accepted Accounting 
practice (UK GAAp).
United Kingdom company law requires the directors to prepare such 
financial statements for each financial year which give a true and fair 
view, in accordance with UK GAAp, of the state of affairs of the 
Company and of the Group and of the profit or loss of the group for 
that period and comply with UK GAAp and the Companies Act 1985. In 
preparing those financial statements, the directors are required to:
(a) select suitable accounting policies and then apply them 
consistently;
(b) make judgements and estimates that are reasonable and prudent;
(c) state whether applicable accounting standards have been 
followed; and
(d) prepare the financial statements on the going concern basis unless 
it is inappropriate to presume that the Company will continue in 
business.
The directors are responsible for keeping proper accounting records 
which disclose with reasonable accuracy at any time the financial 
position of the Company and to enable them to ensure that the 
financial statements comply with the Companies Act 1985. They are 
also responsible for safeguarding the assets of the Company and 
hence for taking reasonable steps for the prevention and detection  
of fraud and other irregularities.
Statement of directors’ responsibilities Annual Report and Accounts 2007 Hexagon Human Capital Plc 15
We have audited the Group and parent company financial statements 
(the “financial statements”) of Hexagon Human Capital plc for the 
period from 28 December 2005 to 31 March 2007 which comprise the 
Consolidated profit and loss account, the Consolidated statement of 
total recognised gains and losses, the Consolidated movement in 
shareholders’ funds, the Consolidated and company balance sheets, 
the Consolidated cash flow statement and the related notes 1 to 27. 
These financial statements have been prepared under the accounting 
policies set out therein.
This report is made solely to the Company’s members, as a body, in 
accordance with section 235 of the Companies Act 1985. Our audit 
work has been undertaken so that we might state to the Company’s 
members those matters we are required to state to them in an 
auditors’ report and for no other purpose. To the fullest extent 
permitted by law, we do not accept or assume responsibility to anyone 
other than the Company and the Company’s members as a body, for 
our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
The directors’ responsibilities for preparing the Annual Report and the 
financial statements in accordance with applicable law and United 
Kingdom Accounting Standards (United Kingdom Generally Accepted 
Accounting practice) are set out in the statement of directors’ 
responsibilities.
Our responsibility is to audit the financial statements in accordance 
with relevant United Kingdom legal and regulatory requirements and 
International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements 
give a true and fair view and are properly prepared in accordance with 
the Companies Act 1985. We also report to you whether, in our opinion 
the information given in the directors’ report is consistent with the 
financial statements. The information given in the Directors’ Report 
includes that specific information presented in Chief Executive’s 
Statements that is cross-referenced from the Directors’ Report. In 
addition we report to you if, in our opinion, the company has not kept 
proper accounting records, if we have not received all the information 
and explanations we require for our audit, or if information specified 
by law regarding directors’ remuneration and other transactions is  
not disclosed.
We read other information contained in the Annual Report and 
consider whether it is consistent with the audited financial statements. 
The other information comprises only the 2007 Highlights, At a glance, 
Chairman’s statement, Chief Executive’s review, Financial Review and 
Directors’ Report. We consider the implications for our report if we 
become aware of any apparent misstatements or material 
inconsistencies with the financial statements. Our responsibility does 
not extend to any other information.
Independent auditors’ report 
TO THE MEMBERS OF HEXAGOn HUMAn CApITAL pLC
Basis of audit opinion
We conducted our audit in accordance with International Standards on 
Auditing (UK and Ireland) issued by the Auditing practices Board. An 
audit includes examination, on a test basis, of evidence relevant to the 
amounts and disclosures in the financial statements. It also includes 
an assessment of the significant estimates and judgments made by 
the directors in the preparation of the financial statements, and of 
whether the accounting policies are appropriate to the circumstances 
of the Company and the Group, consistently applied and adequately 
disclosed.
We planned and performed our audit so as to obtain all the 
information and explanations which we considered necessary in order 
to provide us with sufficient evidence to give reasonable assurance 
that the financial statements are free from material misstatement, 
whether caused by fraud or other irregularity or error. In forming our 
opinion we also evaluated the overall adequacy of the presentation of 
information in the financial statements.
Opinion
In our opinion:
the financial statements give a true and fair view, in accordance 
with United Kingdom Generally Accepted Accounting practice, of 
the state of the Group’s and the Company’s affairs as at 31 March 
2007 and of the Group’s loss for the period from 28 December 2005 
to 31 March 2007; 
the financial statements have been properly prepared in 
accordance with the Companies Act 1985; and
the Directors’ Report is consistent with the financial statements.
Grant Thornton UK LLP
Chartered Accountants and Registered Auditors
Cambridge
7 August 2007
•
•
• 16 Hexagon Human Capital Plc Annual Report and Accounts 2007
Consolidated profit and loss account
FOR THE pERIOD EnDED 31 MARCH 2007
      2007 2005
      (15 months) (Year)
     n otes £’000 £’000
Turnover    2,3
Ongoing operations      3,983 2,369
Acquisitions     6,944 –
Continuing operations     10,927 2,369
Cost of sales    2,3 (339) –
Net fee income    2,3 10,588 2,369
 Administrative expenses 
 Other than amortisation of goodwill and IpO costs     (8,397) (1,966)
 Amortisation of goodwill     (766) (103)
 Share of IpO costs     (577) –
 Total administrative expenses    3 (9,740) (2,069)
Operating profit and profit on ordinary activities before finance charges 
Ongoing operations     (207) 300
Acquisitions      1,055 –
Continuing operations    2,3 848 300
Interest payable and similar charges    4 (726) (134)
Profit on ordinary activities before taxation    5 122 166
Tax on profit on ordinary activities    8 (590) (159)
(Loss)/profit on ordinary activities after taxation     (468) 7
Minority interests    22 (31) (14)
Loss for the financial period    21 (499) (7)
Loss per share     
Basic (pence)    11 (5.26) (0.08)
Diluted (pence)    11 (5.26) (0.08)
The above results all relate to continuing operations.
The accompanying notes form an integral part of these financial statements. Annual Report and Accounts 2007 Hexagon Human Capital Plc 17
Consolidated statement of total recognised gains and losses
FOR THE pERIOD EnDED 31 MARCH 2007
      2007 2005
      (15 months) (Year)
      £’000 £’000
Loss for the period     (499) (7)
Currency translation differences on foreign currency     (1) –
Total recognised gains and losses relating to the period     (500) (7)
Consolidated movement in shareholders’ funds 
FOR THE pERIOD EnDED 31 MARCH 2007
      2007 2005
      (15 months) (Year)
      £’000 £’000
Loss for the financial period     (499) (7)
n ew shares issued     15,243 63
Share issue costs     (547) –
Foreign currency translation differences     (1) –
Charge in respect of share-based payments     5 –
n et addition to shareholders’ funds     14,201 56
Opening shareholders’ funds     (2) (58)
Closing shareholders’ funds     14,199 (2)
Opening shareholders’ funds arise from the application of the merger method to a Group reorganisation; see Accounting policies on page 21.
The accompanying notes form an integral part of these financial statements. 18 Hexagon Human Capital Plc Annual Report and Accounts 2007
Consolidated balance sheet
AT 31 MARCH 2007
      31 March 31 December
      2007 2005
     n otes £’000 £’000
Fixed assets 
Intangible assets – goodwill    12 28,247 3,000
Tangible assets    13 205 41
Other investments    14 3 –
     28,455 3,041
Current assets 
Debtors 
– due within one year    16 3,732 610
– due after one year    16 1,061 –
Cash at bank and in hand     10,786 796
     15,579 1,406
Creditors: amounts falling due within one year    17 (11,370) (2,298)
Net current assets/(liabilities)     4,209 (892)
Total assets less current liabilities     32,664 2,149
Creditors: amounts falling due after more than one year    18 (18,417) (2,134)
provisions for liabilities    19 – (1)
Net assets     14,247 14
Capital and reserves 
Called-up share capital    20 246 150
Share premium account    21 9,392 –
Other reserves    21 5,176 (37)
profit and loss account     21 (615) (115)
Shareholders’ funds/(deficit)     14,199 (2)
Minority interests     22 48 16
Total capital employed     14,247 14
The comparative balance sheet is reported as at 31 December 2005 under the merger method; see Accounting policies on page 21. The 
accompanying notes form an integral part of these financial statements.
The financial statements were approved by the Board of directors and authorised for issue on 7 August 2007. They were signed on its behalf by:
Carl Thompson 
Director
7 August 2007 Annual Report and Accounts 2007 Hexagon Human Capital Plc 19
Company balance sheet
AT 31 MARCH 2007
       2007
      n otes £’000
Fixed assets 
Investments     14 22,827
Current assets 
Debtors: due within one year     16 1,992
Cash at bank and in hand      9,415
      11,407
Creditors: amounts falling due within one year     17 (7,108)
Net current assets      4,299
Total assets less current liabilities      27,126
Creditors: amounts falling due after more than one year     18 (13,790)
Net assets      13,336
Capital and reserves 
Called-up share capital     20 246
Share premium account     21 9,392
Other reserves     21 5,208
profit and loss account      21 (1,510)
Shareholders’ funds      13,336
n o comparative numbers are shown as this is the first balance sheet reported by the Company. The accompanying notes form an integral part  
of the financial statements.
The financial statements were approved by the Board of directors and authorised for issue on 7 August 2007. They were signed on its behalf by:
Carl Thompson 
Director
7 August 2007 20 Hexagon Human Capital Plc Annual Report and Accounts 2007
Consolidated cash flow statement
FOR THE pERIOD EnDED 31 MARCH 2007
      2007 2005
      (15 months) (Year)
     n otes £’000 £’000
Net cash (outflow)/inflow from operating activities     (2,238) 19
Returns on investments and servicing of finance
n et interest payable     (354) (57)
Taxation
Corporation Tax recovered/(paid)     363 (184)
Capital expenditure and financial investment
payments to acquire tangible fixed assets     (147) (39)
Acquisitions
purchase of subsidiary undertakings – cash     (14,857) (2,002)
payment of deferred consideration     (1,005) –
n et cash acquired with subsidiary undertakings     694 1,477
Cash outflow before management of liquid resources and financing    (17,544) (786)
Management of liquid resources 
Cash from treasury deposit     4,750 –
Financing
Issue of ordinary share capital     10,337 63
Share issue costs     (547) –
Issue of shares of subsidiary undertaking to minority interests     1 2
Bank loans advanced (net)    23 9,344 1,320
Other loans advanced (net)    23 3,729 96
     22,864 1,481
Increase in cash in the period    23 10,070 695
Net cash from operating activities
FOR THE pERIOD EnDED 31 MARCH 2007
      2007 2005
      (15 months) (Year)
      £’000 £’000
Operating profit      848 300
Depreciation and amortisation     815 118
Share-based payments charge     5 –
Increase in debtors     (902) (338)
Decrease in creditors     (3,004) (61)
Net cash (outflow)/inflow from operating activities     (2,238) 19 Annual Report and Accounts 2007 Hexagon Human Capital Plc 21
Notes to the financial statements
FOR THE pERIOD EnDED 31 MARCH 2007
1. Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and applicable UK accounting standards (United Kingdom 
Generally Accepted Accounting practice). 
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and all subsidiary undertakings. The financial 
statements of all Group companies are adjusted, where necessary, to ensure the use of consistent accounting policies. 
During the period the Group acquired Hexagon Human Capital (Services) Limited and Hexagon Management Services Limited via a share for 
share exchange. For the purpose of preparing the consolidated accounts, these transactions are considered to be a group reconstruction. 
Accordingly, the merger method of consolidation has been applied. 
The financial statements have been prepared on the assumption that the Group, in its form following these acquisitions, has always been in 
existence and that there has been no change in the Group’s structure in respect of these specific acquisitions during the period. The 
consolidated profit and loss, therefore, includes the results of these companies for the whole of the period, with comparative figures for the year 
ended 31 December 2005, being those for these companies as if the Group existed for that year.
Subsequent acquisitions have been accounted for under the acquisition method. The results of companies acquired are included in the Group 
profit and loss account from the date that control passes.
Where shares are issued as part of the acquisition consideration and at least 90% of the equity of the target company is acquired, merger relief is 
applied. The effect is to take any premium arising on the issue of the shares to other reserves.
A separate profit and loss account for the parent company is not presented with the Group financial statements as permitted by section 230 of 
the Companies Act 1985. 
Turnover
Turnover is the revenue arising from the provision of services. It is stated at the fair value of the consideration receivable, net of value added tax, 
rebates and discounts. Specifically, turnover for interim assignments is recognised on a month to month basis over the period that the services 
are provided to clients. Turnover from permanent placements, which is generally based on a percentage of the candidate’s remuneration 
package is recognised on completion of defined stages of work. 
Intangible assets – goodwill
purchased goodwill arising on acquisitions is the difference between the fair value of the purchase consideration and the fair value of the 
Group’s share of the identifiable assets and liabilities of the acquired business at the date of acquisition. positive goodwill is capitalised and 
classified as an asset on the balance sheet and amortised over its estimated useful life up to a maximum of 20 years. Goodwill is reviewed for 
impairment at the end of the first full financial year following each acquisition and subsequently when necessary if circumstances indicate that 
its carrying value may not be recoverable.
Tangible fixed assets and depreciation 
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. 
Depreciation is calculated to write down the cost of tangible fixed assets by equal annual instalments over their estimated useful economic lives. 
The periods generally applicable are: 
Leasehold properties period of lease
plant and machinery, fixtures and fittings Two to five years
Fixed asset investments
Investments are reported at cost less provisions for impairment.
Operating lease agreements
Leases where substantially all of the risks and rewards of ownership are not transferred to the Group/Company are treated as operating leases. 
Rentals under operating leases are charged against profits on a straight-line basis over the period of the lease.
Operating lease incentives are recognised, on a straight-line basis, as a reduction of the rental expense over the shorter of the lease term and 
the period to the first rent review where market rentals will be payable. 22 Hexagon Human Capital Plc Annual Report and Accounts 2007
1. Accounting policies (continued)
Current tax
The current tax charge is based on the profit for the period and is measured at the amounts expected to be paid based on the tax rates and laws 
enacted or substantively enacted by the balance sheet date. Current and deferred tax is recognised in the profit and loss account for the period 
except to the extent that it is attributable to a gain or loss that is or has been recognised directly in the statement of total recognised gains and 
losses.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions 
or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following 
exceptions:
– deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable 
taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, 
based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Retirement benefits – defined contribution pension schemes
The pension costs charged against operating profits are the contributions payable to various company schemes in respect of the accounting 
period. The Group accounts for its contributions to the company pension schemes as defined contribution schemes.
Deferred consideration
Deferred consideration relating to acquisitions is provided for based on the directors’ estimate of the likely final payments that will be made, 
discounted to present value. The discount is reversed through the profit and loss account as a finance charge until the payments are made.
Foreign currencies 
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in 
foreign currencies are translated at the rates of exchange ruling at the balance sheet date. 
Foreign exchange gains and losses are credited or charged to the profit and loss account as they arise.
The financial statements of foreign subsidiaries are translated at the closing exchange rate at the balance sheet date. The exchange differences 
arising from the retranslation of the opening net investment in subsidiaries are taken directly to reserves through the statement of total 
recognised gains and losses.
Equity-settled share-based payments 
All goods and services received in exchange for the grant of any share-based payments are measured at their fair values. Where employees are 
rewarded using share-based payments, the fair values of employees’ services are determined indirectly by reference to the fair value of the 
instrument granted to the employee. This fair value is appraised at the grant date and excludes the impact of non-market vesting conditions (for 
example, profitability and sales growth targets).
All equity-settled share-based payments are ultimately recognised as an expense in the profit and loss account with a corresponding credit to 
other reserves.
If vesting periods or other non-market vesting conditions apply, the expense is allocated over the vesting period, based on the best available 
estimate of the number of share options expected to vest. Estimates are revised subsequently if there is any indication that the number of share 
options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognised in the current period. n o 
adjustment is made to any expense recognised in prior periods if share options that have vested are not exercised.
Upon exercise of share options, the proceeds received net of attributable transaction costs are credited to share capital, and where appropriate, 
share premium.
Cash and liquid resources
For the purpose of the cash flow statement, cash comprises cash in hand and deposits repayable on demand, less overdrafts payable on 
demand.
Notes to the financial statements continued
FOR THE pERIOD EnDED 31 MARCH 2007 Annual Report and Accounts 2007 Hexagon Human Capital Plc 23
2 Segment information
 Interim Management Executive Search Group
  2007 2005 2007 2005 2007 2005
  (15 months) (Year) (15 months) (Year) (15 months) (Year)
Classes of business:  £’000 £’000 £’000 £’000 £’000 £’000
Turnover 2,438 – 8,489 2,369 10,927 2,369
Cost of sales (339) – – – (339) –
Net fee income 2,099 – 8,489 2,369 10,588 2,369
Segment profit 862 – 1,329 403 2,191 403
Amortisation of goodwill     (766) (103)
IpO Costs     (577) –
Operating profit     848 300
Interest payable and similar charges     (726) (134)
Profit on ordinary activities before taxation     122 166
Segment net assets 17,445 – 7,514 2,637 24,959 2,637
Unallocated net assets     (10,712) (2,623)
Net assets     14,247 14
Unallocated net assets consist of net debt and cash in hand, deferred consideration, taxation and corporate net assets.
      2007 2005
      (15 months) (Year)
Turnover by destination:      £’000 £’000
United Kingdom     8,964 2,369
Europe     1,551 –
Rest of the World     412 –
Turnover     10,927 2,369
All material businesses of the group are based in the United Kingdom. The results of acquisitions during the period are shown in n ote 15 below.
3 Ongoing operations and acquisitions
     Ongoing 
The analyses presented above include the following amounts    operations Acquisitions Group
in respect of ongoing operations and acquisitions:     £’000 £’000 £’000
Turnover    3,983 6,944 10,927
Cost of sales    – (339) (339)
n et fee income    3,983 6,605 10,588
Administrative expenses    (4,190) (5,550) (9,740)
Operating profit    (207) 1,055 848
The company incurred costs related to the IpO on the Alternative Investment Market (AIM) in February 2007 amounting to £1,124k. Of this, £547k 
has been credited to Share premium as relating to the new shares issued and the remainder of £577k has been treated as a one-off cost in 
arriving at operating profit. Acquisition administrative expenses include the costs of the new holding company.
 
4 Interest payable and similar charges
      2007 2005
      (15 months) (Year)
      £’000 £’000
Interest payable on bank loans and overdrafts     421 104
Interest payable on other loans     37 –
Deferred consideration     372 77
Less: investment income, interest receivable     (104) (47)
     726 134
Deferred consideration relating to acquisitions has been discounted at a rate of 7.57%, the rate applicable to the Group’s bank borrowings. 24 Hexagon Human Capital Plc Annual Report and Accounts 2007
5 Profit on ordinary activities before taxation
      2007 2005
      (15 months) (Year)
Profit on ordinary activities before taxation is stated after charging/crediting:    £’000 £’000
Depreciation of tangible fixed assets – owned     49 15
Amortisation of goodwill     766 103
Operating lease rentals:
 Land and buildings     418 138
 Other     40 –
Auditors’ fees:
 Audit of the financial statements     35 9
 Other fees to auditors:
  Tax compliance     10 –
  Due diligence on acquisitions     108 –
  Reporting Accountants and advisory services for AIM admission     202 –
6 Staff costs
      2007 2005
      (15 months) (Year)
The average monthly number of employees of the Group (including directors) was:    Number n umber
Directors     4 –
Fee earning employees     25 6
Administration and research     25 4
     54 10
      2007 2005
Aggregate remuneration comprised:      £’000 £’000
Wages and salaries     5,135 1,235
Social security costs     687 154
Other pension costs     184 20
     6,006 1,409
7 Directors’ remuneration and transactions
       2007
       (15 months)
Directors’ remuneration       £’000
Emoluments       625
Company contributions to money purchase schemes       26
      651
The number of directors who:       Number
Are members of a money purchase pension scheme      2
Exercised options over shares in the Company      2
Had awards receivable in the form of shares under a long term incentive scheme     2
The highest paid director’s emoluments for the period were £347,603 and the Company contributed £3,125 to a money purchase pension 
scheme on his behalf.
The total gain on options exercised by directors during the period included in emoluments was £45,498 (highest paid director: £37,532). Messrs 
Wright and Thompson have outstanding options over 91,200 and 68,400 1p Ordinary shares at an option price of 8.14p respectively.
 
Notes to the financial statements continued
FOR THE pERIOD EnDED 31 MARCH 2007 Annual Report and Accounts 2007 Hexagon Human Capital Plc 25
8 Tax on profit on ordinary activities 
      2007 2005
      (15 months) (Year)
The tax charge comprises:      £’000 £’000
Current tax
UK Corporation Tax     585 (12)
Deferred tax
Origination and reversal of timing differences     5 171
Total tax on profit on ordinary activities     590 159
      2007 2005
The differences between the total current tax shown above and the amount calculated    (15 months) (Year)
by applying the standard rate of UK Corporation Tax to the profit before tax are as follows:   £’000 £’000
Group profit on ordinary activities before tax     122 166
Tax on group profit on ordinary activities at standard UK Corporation 
Tax rate of 30%     37 50
Effects of:
Expenses not deductible for tax purposes     237 30
Other timing differences     12 (146)
Utilisation of tax losses     (43) –
Finance charges on deferred consideration     112 23
Amortisation of goodwill     230 31
Group current tax charge for period      585 (12)
9 Profit attributable to the parent company
The parent company’s loss for the financial period was £1,510k. As permitted by section 230 of the Companies Act 1985, no separate profit and 
loss account is presented in respect of the parent company.
 
10 Equity-settled share option scheme
The Company has a share option scheme for all employees of the Group. Options are exercisable at a price equal to the average quoted market 
price of the Company’s shares on the date of grant. The vesting period is three to five years and is subject to performance conditions related to 
the individuals’ performance and that of the company that they work for. If the options remain unexercised after a period of 10 years from the 
date of grant the options expire. Options are forfeited if the employee leaves the Group before the options vest.
Options were granted by the Company in respect of 1,083,000 Ordinary shares during the period, 855,000 at an exercise price of 8.14p and 
228,000 at an exercise price of 165p. All of these options were outstanding at 31 March 2007 and are exercisable between February 2010 and 
February 2017. In addition, options over 712,785 1p Ordinary shares at an exercise price of 0.01p per share were granted by the Trustees of the  
S L Quek settlement. These were exercised in the period.
   Date of grant
      September February 
The inputs into the Black-Scholes option pricing model are as follows:      2006 2007
Share price     10.175p  165p
Exercise price     8.140p 165p
Expected volatility     27% 27%
Expected life     3–5 years 5 years
Risk-free rate     4.739% 5.353%
Expected dividends     1% 1%
Expected volatility was forecast by management. The expected life used in the model is based on management’s best estimate, for the effects 
of non-transferability, exercise restrictions, and behavioural considerations. The Group recognised total expenses of £5k in the period  
(2005: nil). 26 Hexagon Human Capital Plc Annual Report and Accounts 2007
11 (Loss)/earnings per share 
      2007 2005
      (15 months) (Year)
      £’000 £’000
Loss for the financial period     (499) (7)
Add back:
Share of IpO costs     577 –
Amortisation of goodwill     766 103
Finance charges on deferred consideration     372 77
Adjusted profit for the period     1,216 173
      Number n umber
Weighted average number of shares used for basic and adjusted (loss)/earnings per share   9,482,449 8,524,446
Dilutive effect of share plans     266,478 –
     9,748,927 8,524,446
      Pence pence
Basic loss per share     (5.26) (0.08)
Diluted loss per share     (5.26) (0.08)
Adjusted basic earnings per share*     12.83 2.03
Adjusted diluted earnings per share*     12.48 2.03
* Adjusted earnings per share are before the effect of the share of IpO costs, amortisation of goodwill and finance charges on deferred consideration.
 
12 Intangible fixed assets – goodwill
     Cost Amortisation n et book value
Group     £’000 £’000 £’000
Cost
At 1 January 2006    3,103 (103) 3,000
Additions    26,013 – 26,013
Charge for the period    – (766) (766)
At 31 March 2007    29,116 (869) 28,247
13 Tangible fixed assets
     Cost Depreciation n et book value
Group     £’000 £’000 £’000
Leasehold properties, plant machinery, fixtures and fittings
At 1 January 2006    57 (16) 41
Additions    147 – 147
Acquisitions    84 – 84
Disposals    (29) 11 (18)
Charge for the period    – (49) (49)
At 31 March 2007    259 (54) 205
n et book value of leasehold properties at 31 March 2007 was £8k (2005: nil).
14 Fixed asset investments
 Group Company
     2007 2005 2007
     £’000 £’000 £’000
Subsidiary undertakings    – – 22,827
Other investments and loans    3 – –
    3 – 22,827
Notes to the financial statements continued
FOR THE pERIOD EnDED 31 MARCH 2007 Annual Report and Accounts 2007 Hexagon Human Capital Plc 27
14 Fixed asset investments (continued)
Group investments
The parent company and the Group had investments 
in the following subsidiary undertakings:  Country of incorporation principal activity Holding* %
Acusearch Limited t/as Acumen Search UK Search * 70
BIE Interim Executive Limited UK Interim * 100
Euromedica Limited UK Search  100
Euromedica Sarl France Search  100
Oxygen Executive Search Limited UK Search  100
Roberts & Corr Limited UK Search * 100
Hexagon Human Capital AG Switzerland Search * 100
Hexagon Human Capital (Services) Limited UK Management Company * 100
Hexagon Management Services Limited UK Management Company * 100
Hexagon EM Limited UK Management Company * 100
* Directly held by the parent company.
 
15 Acquisitions
The Group acquired the following businesses during the period: 
    BIE Interim  Roberts &  
    Executive Ltd Euromedica Ltd Corr Ltd
Date of acquisition    14 Dec 2006 18 May 2006 16 June 2006
Holding    100% 100% 100% Total
    £’000 £’000 £’000 £’000
Net assets on acquisition  
Fixed assets  
Tangible   38 37 9 84
Investments   – 3 – 3
Current assets  
Debtors   2,123 797 819 3,739
Deposits   4,750 – – 4,750
Cash at bank and in hand   390 233 71 694
Total assets   7,301 1,070 899 9,270
Creditors  
Trade creditors   (214) (148) (5) (367)
Accruals   (8,562) (333) (94) (8,989)
Other creditors   (177) (388) (167) (732)
Total liabilities   (8,953) (869) (266) (10,088)
Net (liabilities)/assets   (1,652) 201 633 (818)
Goodwill   20,773 1,873 3,368 26,014
Total consideration   19,121 2,074 4,001 25,196
Satisfied by:  
Cash   11,337 1,400 1,242 13,979
Shares issued   782 – 300 1,082
Deferred consideration   6,282 550 2,425 9,257
Costs   720 124 34 878
   19,121 2,074 4,001 25,196
n o adjustments were made to the book value of businesses acquired. 
The amount of BIE deferred consideration is variable subject to that company’s performance in the three years to 30 June 2009, capped at 
£12.8m. It was provided for on a discounted basis in creditors at the directors’ estimate of the final payments that will be made from September 
2007 to September 2009.
The amount of the Euromedica deferred consideration was variable subject to performance conditions that have been determined since the 
period end, fixing the amount due at £550k. It was provided for in creditors at 31 March 2007 and paid in May 2007.
 
The amount of Roberts & Corr deferred consideration is variable subject to that company’s performance in the years to 31 March 2009. It was 
provided for on a discounted basis in creditors at the directors’ estimate of the final payments of £2,550k from May 2007 to May 2009.
Deferred consideration in respect of the Oxygen acquisition made in the prior year is variable subject to that company’s performance  
in the years to 31 March 2009 was provided on a discounted basis in creditors at the directors’ estimate of the final payments of £1,059k  
(2005: £1,843k) that will be made from June 2007 to June 2009.
Deferred consideration will be settled in a mixture of cash, loan notes and Ordinary shares. 28 Hexagon Human Capital Plc Annual Report and Accounts 2007
15 Acquisitions (continued)
The financial performance of the acquired businesses is summarised below:
    BIE Interim  Roberts &  
    Executive Ltd Euromedica Ltd Corr Ltd Total
a) Post acquisition:    £’000 £’000 £’000 £’000
i) Profit and loss account  
Turnover   2,438 3,124 1,382 6,944
Cost of sales   (339) – – (339)
n et fee income   2,099 3,124 1,382 6,605
Administrative expenses   (899) (2,772) (720) (4,391)
Operating profit   1,200 352 662 2,214
Interest receivable/ (payable) and similar charges   25 – 40 65
Profit before taxation   1,225 352 702 2,279
ii) Cash flow  
n et cash (outflow)/inflow from operating activities   (5,328) 83 94 (5,151)
Returns on investments and servicing of finance   25 – 40 65
Taxation received/(paid)   649 (105) (75) 469
Capital expenditure   – (17) (1) (18)
     BIE Interim  Roberts &
     Executive Ltd Euromedica Ltd Corr Ltd
     1 Jul 2006 1 Apr 2006 1 Apr 2006
     to to to
     14 Dec 2006 18 May 2006 16 Jun 2006
b) In their current financial periods, prior to acquisition:     £’000 £’000 £’000
Turnover    3,036 270 193
Cost of sales    (493) – –
n et fee income    2,543 270 193
Administrative expenses*    (4,901) (220) (100)
Operating (loss)/profit    (2,358) 50 93
Interest receivable    70 – 4
(Loss)/profit before taxation    (2,288) 50 97
     BIE Interim  Roberts &
     Executive Ltd Euromedica Ltd Corr Ltd
     Year ended Year ended  Year ended
     30 Jun 2006 31 Mar 2006 31 Mar 2006
c) In their previous financial years:     £’000 £’000 £’000
Turnover    7,404 3,395 848
Cost of sales    (2,068) – –
n et fee income    5,336 3,395 848
Administrative expenses*    (8,151) (2,893) (585)
Operating (loss)/profit    (2,815) 502 263
Interest receivable    107 – 34
(Loss)/profit before taxation    (2,708) 502 297
*Includes exceptional staff bonuses due under BIE’s phantom Share Option Scheme: in the current period, prior to acquisition, £3,779k and in the previous financial year, £5,150k.
Notes to the financial statements continued
FOR THE pERIOD EnDED 31 MARCH 2007 Annual Report and Accounts 2007 Hexagon Human Capital Plc 29
16 Debtors
 Group Company
     31 March 31 December 31 March
     2007 2005 2007
     £’000 £’000 £’000
Amounts falling due within one year 
Trade debtors    3,246 449 –
Amounts owed by Group undertakings    – – 1,748
Other debtors and prepayments    486 161 244
    3,732 610 1,992
Amounts falling due after more than one year 
Deferred tax    1,061 – –
17 Creditors: amounts falling due within one year
 Group Company
     31 March 31 December 31 March
     2007 2005 2007
     £’000 £’000 £’000
Bank loans and overdrafts    2,355 320 1,720
Trade creditors    866 50 398
Deferred consideration on acquisitions    2,780 885 2,049
Amounts owed to Group undertakings    – – 2,679
Corporation tax    930 79 –
Other taxation and social security    932 179 –
Other creditors    1,017 398 –
Accruals and deferred income    2,490 387 262
    11,370 2,298 7,108
 
18 Creditors: amounts falling due after more than one year
 Group Company
     31 March 31 December 31 March
     2007 2005 2007
     £’000 £’000 £’000
Bank loans    8,309 1,080 6,880
Other loans    – 96 –
Deferred consideration    7,687 958 6,910
Other creditors    2,421 – –
    18,417 2,134 13,790
 Group Company
     31 March 31 December 31 March
     2007 2005 2007
Borrowings are repayable as follows:     £’000 £’000 £’000
Bank loans 
Between one and two years    2,355 320 1,720
Between two and five years    5,954 760 5,160
    8,309 1,080 6,880
On demand or within one year    2,355 320 1,720
    10,664 1,400 8,600 30 Hexagon Human Capital Plc Annual Report and Accounts 2007
18 Creditors: amounts falling due after more than one year (continued)
   31 March 31 December
   2007 2005
 Terms Interest rate £’000 £’000
Barclays Bank plc (Company loan) Repayable in semi-annual instalments  
 to December 2011 LIBOR +2% 8,600 –
Bank of Scotland loans  Repayable in quarterly instalments  
 to May 2010 Base rate +2.25% 1,024 1,400
 Repayable in quarterly instalments  
 to May 2010 Base rate +2.5% 1,040 –
   10,664 1,400
19 Provisions for liabilities 
  
Deferred taxation – Group       £’000
At 1 January 2006      1
Charged to profit and loss account      5
Acquisition of subsidiary undertakings      (1,067)
At 31 March 2007, asset included in debtors      (1,061)
      31 March 31 December
      2007 2005
Deferred tax is provided as follows:      £’000 £’000
Accelerated capital allowances     (15) 1
Other timing differences     (1,046) –
Deferred tax (asset)/liability     (1,061) 1
Losses carried forward of £52,000 are not accounted for as they are not expected to be recoverable in the foreseeable future.
 
20 Share capital
 
      31 March 31 December
      2007 2005
      £’000 £’000
Authorised:
350,000 £1 Ordinary shares     – 350
33,550,000 1p Ordinary shares     336 –
6,450,000 1p Deferred shares     64 –
     400 350
Allotted, called-up and fully-paid:
150,000 £1 Ordinary shares     – 150
18,171,177 1p Ordinary shares     182 –
6,450,000 1p Deferred shares     64 –
     246 150
During the period the company allotted: 
In connection with the merger of Hexagon Human Capital (Services) Ltd and Hexagon Management Services Ltd, 150,000 Ordinary shares 
with a nominal value of £150,000, subsequently split into 8,550,000 1p Ordinary shares and 6,450,000 1p Deferred shares.
In connection with the BIE and Roberts & Corr acquisitions, 3,560,571 1p Ordinary shares with a nominal value of £35,606 including 
conversion of loans of £3,825k granted to facilitate acquisitions.
On listing on AIM, 6,060,606 1p Ordinary shares with a nominal value of £60,606.
Options have been granted to directors and Group employees during the period under the EMI and unapproved share option schemes to 
subscribe for 1,083,000 1p Ordinary shares, see n ote 10.
Deferred shares carry no voting nor dividend rights. On winding-up of the Company, Deferred shareholders would only be entitled to return of 
the amount paid-up once the Ordinary shareholders have been repaid together with a premium of £10k per Ordinary share.
•
•
•
Notes to the financial statements continued
FOR THE pERIOD EnDED 31 MARCH 2007 Annual Report and Accounts 2007 Hexagon Human Capital Plc 31
21 Reserves 
     Share
     premium Other profit and
     account reserves loss account
Group     £’000 £’000 £’000
At 1 January 2006    – (37) (115)
Share issues    9,939 5,208 –
Expenses of equity share issues    (547) – –
Currency translation difference on foreign currency net investments   – – (1)
Loss for the financial period    – – (499)
Movement on share-based payments reserve    – 5 –
At 31 March 2007    9,392 5,176 (615)
Other reserves comprise a merger relief reserve of £5,208k (2005: nil), a negative merger reserve of £37k (2005: £37k) and a share-based 
payments reserve of £5k (2005: nil). 
     Share Merger
     premium relief profit and
     account reserve loss account
Company     £’000 £’000 £’000
Share issues    9,939 5,208 –
Expenses of equity share issues    (547) – –
profit for the financial period    – – (1,510)
At 31 March 2007    9,392 5,208 (1,510)
Under merger relief given in the Companies Act 1985, a share premium is not recorded on shares issued in respect of the Roberts & Corr and BIE 
acquisitions. A merger relief reserve was credited with the difference between the nominal value of the shares issued and the fair value 
acquired.
22 Minority interests 
       £’000
At 1 January 2006      16
profit on ordinary activities after taxation      31
Increase in minority share      1
At 31 March 2007      48
23 Analysis and reconciliation of net (debt)/cash in hand 
      Conversion
    1 January  of loans to 31 March
    2006 Cash flow equity 2007
    £’000 £’000 £’000 £’000
Cash in hand and at bank   796 9,990 – 10,786
Overdrafts   (80) 80 – –
   716 10,070 – 10,786
Bank loans   (1,320) (9,344) – (10,664)
Other loans   (96) (3,729) 3,825 –
   (1,416) (13,073) 3,825 (10,664)
n et (debt)/cash in hand   (700) (3,003) 3,825 122 32 Hexagon Human Capital Plc Annual Report and Accounts 2007
24 Financial commitments
 31 March 2007 31 December 2005
    Land and  Land and
    buildings Other Buildings Other
Annual commitments under non-cancellable operating leases are as follows:  £’000 £’000 £’000 £’000
Group 
Expiry date 
– between two and five years   294 8 54 –
– after five years   61 – – –
   355 8 54 –
Company 
Expiry date 
– between two and five years   91 – – –
Leases of land and buildings are typically subject to rent reviews at specified intervals and provide for the lessee to pay all insurance, 
maintenance and repair costs.
25 Financial instruments 
 Floating rate borrowings
      31 March  31 December
      2007 2005
The interest rate exposure of the Group is as follows:      £’000 £’000
Sterling denominated bank loans     10,664 1,400
Further details of the bank loans are given in n ote 18.
      31 March  31 December
      2007 2005
The financial assets of the Group are as follows:      £’000 £’000
Sterling denominated cash and deposits     10,786 796
Deposits are instant access and earn interest at variable and fixed rates linked to LIBOR.
The Group has no undrawn committed bank borrowing facilities. There is no difference between the book values and the fair values of the 
Group’s financial instruments.
Treasury policy
Interest rate and liquidity risk
The Group monitors its short-term and medium-term cash flow requirements on a regular basis.
The Group’s trading businesses are cash generative and day-to-day cash requirements and scheduled borrowing repayments are funded from 
those operations and excess cash requirements are placed on deposit.
During the financial period, none of the floating rate interest payable or receivable was hedged. As part of a contractual requirement, the 
majority of the Group’s bank loans were fixed by means of a swap since the period end. 
Credit risk
The Group has no significant concentrations of credit risk. The Group has implemented policies that require appropriate credit checks on 
potential customers and other counterparties before transactions commence.
Foreign exchange risk
The Group’s operations outside the UK are not material, with a minor exposure to the Euro in relation to its French subsidiary.
Short-term debtors, creditors and deferred consideration have been excluded for the purposes of the disclosures required by FRS 13.
The Group does not trade in derivative financial instruments.
Notes to the financial statements continued
FOR THE pERIOD EnDED 31 MARCH 2007 Annual Report and Accounts 2007 Hexagon Human Capital Plc 33
26 Related party transactions
Interest of £17,159 was paid on loans to companies controlled by Dr Quek and his family. The maximum balance of loans outstanding was 
£1,213,055, of which £1m was lent to assist with the BIE acquisition. On admission, £1m was converted into 606,060 1p Ordinary shares and the 
remaining balance repaid in cash.
A loan of £50k was granted by Carl Thompson to assist with the BIE acquisition. This loan was converted to 30,303 1p Ordinary shares on 
admission. Interest of £803 was paid to him.
27 Post balance sheet events
On 3 August 2007 the Group completed the acquisition of Archer Mathieson Limited, a UK provider of interim management and executive 
recruitment for a total consideration of up to £17.5m. Of the total consideration, £6.6m will be payable on completion followed by payments of up 
to £4.3m based on the profits of the company for the 12 months to December 2007. The balance of £6.6m will be deferred and fall due for 
payment over the period to December 2010, in a mixture of cash and a maximum of 50% in Hexagon shares at the Group’s discretion, subject to 
the achievement of certain performance targets.
Ranked as the UK’s n o. 1 provider of interim management outside London by Executive Grapevine 2007, Archer Mathieson provides executive 
recruitment and interim management in the specialist fields of finance, IT and human resources. Clients range from entrepreneurial SMEs to
FTSE 250 and Fortune 500 companies across a variety of industry sectors and include Microsoft, Serco and Shire pharmaceutical.
For the 12 months ended 31 December 2006, Archer Mathieson reported net fee income of £3.9m, profit before interest and tax of £1.2m 
(normalised) and net assets of £1.4m.
On 31 July 2007 the Group repaid loans of £1.9m from cash reserves to Bank of Scotland and has agreed additional facilities of £3m with
Barclays Bank plc. 34	 Hexagon Human Capital Plc Annual Report and Accounts 2007
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held on 12 September 2007 at the office of the Company,  
1st Floor, 33 Cornhill, London EC3V 3ND at 10am for the following purposes:
1. To receive and adopt the Company’s financial statements for the period ended 31 March 2007.
2.  To re-elect as a Director of the Company, Mr Rob Walker, who having been appointed by the Board of Directors since the last Annual General 
Meeting retires in accordance with the Articles of Association of the Company. 
3.  To re-elect as a Director of the Company, Mr Peter Watson, who having been appointed by the Board of Directors since the last Annual 
General Meeting retires in accordance with the Articles of Association of the Company. 
4. To re-elect Mr Carl Thompson, who retires by rotation, as a Director of the Company.
5. To reappoint Grant Thornton UK LLP as auditors of the Company and authorise the directors to fix their remuneration.
6.  To propose the following ordinary resolution: That the Directors be and are hereby generally and unconditionally authorised for the purposes 
of Section 80 of the Companies Act 1985 (the Act) to exercise all powers of the Company to allot relevant securities (as defined in Section 80 
(2) of the Act) up to an aggregate nominal amount of £103,788 to such persons upon such conditions as the Directors may determine, such 
authority to expire at the conclusion of the next Annual General Meeting of the Company save that the Company may before such expiry 
make an offer or agreement which would or might require relevant securities to be allotted in pursuance of such an offer or agreement as  
if the authority conferred hereby had not expired.
 
7.  To propose the following special resolution: That the Directors be and are hereby empowered pursuant to Section 95 of the Companies Act 
1985 (the Act) to allot equity securities (as defined in Section 94 of the Act) for cash pursuant to the authority conferred by resolution 8 above 
as if Section 89 (1) of the Act did not apply to such allotment provided that this power shall be limited to:
 (a)  the allotment of equity securities in connection with a rights issue and so that for this purpose “rights issue” means an offer of equity 
securities open for acceptance for a period fixed by the Directors to holders of equity securities on the register on a fixed record date in 
proportion to their respective holdings of such securities or in accordance with the rights attached thereto but subject to such exclusions 
or other arrangements as the Directors may deem necessary or expedient to deal with fractional entitlements or legal or practical 
problems under the laws of any overseas territory or requirements of any recognised regulatory authority or stock exchange in any country 
or any matter whatever, and
 (b)  the allotment (other than within the authority conferred in sub paragraph (a) above) of equity securities for cash up to an aggregate nominal 
amount of £15,000,and shall expire at the conclusion of the next Annual General Meeting of the Company when the general authority under 
Resolution 7 shall expire, save that the Company may before such expiry make an offer or agreement which would or might require equity 
securities to be allotted in pursuance of such an offer or agreement as if the authority conferred hereby had not expired.
By order of the Board
Carl	Thompson
Chief Financial Officer
Notes:
1.  A member of the Company entitled to attend and vote at the above-mentioned meeting is entitled to appoint another person as his proxy to attend and to vote in his stead. A 
proxy need not be a member of the Company. 
2.  To be effective, forms of proxy must be lodged at the Company’s registered office, 1st Floor, 33 Cornhill, London, EC3V 3ND not later than 10am on 10 September 2007. 
Lodgement of a form of proxy will not prevent a member from attending and voting in person.  Annual Report and Accounts 2007 Hexagon Human Capital Plc 35
Notes 36 Hexagon Human Capital Plc Annual Report and Accounts 2007
Notes Contents
01	 2007	Highlights
02	 At	a	glance
04	 Chairman’s	statement
05	 Chief	Executive’s	statement
08	 Financial	review
10	 Board	of	directors
11	 Directors’	report
13	 Corporate	governance
14	 Statement	of	directors’	 responsibilities
15	 Independent	auditors’	report
16	 Consolidated	profit	and	loss	account
17	 Consolidated	statement	of	total	 recognised	gains	and	losses
17	 Consolidated	movement	in	 shareholders’	funds
18	 Consolidated	balance	sheet
19	 Company	balance	sheet
20	 Consolidated	cash	flow	statement
20	 Net	cash	from	operating	activities
21	 Notes	to	the	financial	statements
34	 Notice	of	Annual	General	Meeting
Hexagon was founded in the middle of 2004 with  
a strategy to become one of the UK’s leading providers  
of Senior Management talent. 
In the short time since then we have established ourselves  
as the number one provider of Senior Interim talent through  
the acquisition of BIE in December 2006 and through the 
acquisition of three specialist businesses and the establishment  
of a fourth we have developed a business that ranks in the  
top 15 UK Executive Search firms. Our multi-sector multi-branded 
approach has been successful in supplying board level and  
senior management talent to a broad client base including  
around 30% of the FTSE 100. Through our acquisition and 
investment strategy we are establishing ourselves as a creator  
of value for high performing management teams in the sector  
and the calibre of our management team will be a major driver  
of our success.
Bankers Barclays Bank plc
 1 Churchill Place
 London
 E14 5HP
Auditors Grant Thornton UK LLP
 Byron House
 Cambridge Business Park
 Cowley Road 
 Cambridge
 CB4 0WZ
Solicitors BPE Solicitors
 33 Bennetts Hill
 Birmingham
 B2 5SN
Brokers & Nomad Brewin Dolphin Securities Ltd
 12 Smithfield Street
 London 
 EC1A 9BD
Registrars Capita Registrars Ltd
 The Registry
 34 Beckenham Road
 Beckenham
 Kent
 BR3 4TU
Financial PR Redleaf Communications Ltd
 9-13 St Andrew Street
 London
 EC4A 3AF
Registered Office 1st Floor  
 33 Cornhill
 London
 EC3V 3ND 
Company Number 5663191
Company information and advisors Hexagon Human Capital Plc
1st Floor, 33 Cornhill
London EC3V 3ND
Tel  +44 (0)20 7337 1133 
Fax  +44 (0)20 7337 1128
Email  info@hexagonhc.com
Annual Report and Accounts 2007
www.hexagonhc.com Hexagon Human Capital Plc
Hexagon Human Capital Plc Annual Report and Accounts 2007