Interim manager and executive search firm Hexagon Human Capital has announced an increase in net fee income (NFI).

For the year to 31 March 31 2009, NFI increased by 15% to £22.5m (2008: £19.5m).

Over the year, Hexagon’s interim management business increased by 9%.

The company’s executive search business had a strong first half, which helped NFI to grow by 19% year on year. However, the business was hit by the downturn in permanent recruitment in the second half.

Robert Walker, chairman of Hexagon Human Capital, says: “Management focus during the year to 31 March, particularly in the second half, has been on cost control, cash generation and on reducing the group’s bank and other indebtedness rather than on acquisition, which was limited to a number of infill acquisitions to support the group’s international presence.”

Hexagon says that the new financial year has started slowly and it has announced annualised cost savings of £1.7m, and restructured £2.3m of debt.