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Hexagon readjusts its forecasts downwards

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