Interim Results

    Interim Results
             



Interim Results
25 September 2007

POSITIVE BUSINESS DEVELOPMENT AND CONTINUED GROUP EXPANSION

Hat Pin plc, the international human resources group operating
through market-leading brands Akamai Financial, Executive Access,
Saxton Bampfylde and The Talent Business, today announces results for
the six months to 30 June 2007.

Interim Highlights

  * Revenue up 65% to £10.25m;
  * Normalised[1] operating profit up 72% to £1.42m;
  * Normalised[1] eps up 29% to 3.43p;
  * Two new offices opened: Japan (Akamai), Singapore (The Talent
    Business);
  * Saxton Bampfylde expanded with hiring of KPMG executive
    resourcing team;
  * The Talent Business created as new branding for Kendall Tarrant
    Worldwide.

Q3 Developments

  * £6.9m acquisition of Executive Access (India) Pvt. Ltd. on 26
    July 2007;
  * Opened office in Dubai (Akamai) on 5 September 2007;
  * On track for full year expectations.


[1] Normalised results are used so as to provide a better indication
of the financial performance of the business.  Normalised operating
profit and eps are calculated by adding back amortisation of
intangible assets and exceptional items (and related tax).

Commenting on the half year results and the Group's outlook, Angela
Campbell-Noë, Chief Executive of Hat Pin plc, said:

"In the first six months Hat Pin has continued to develop in line
with our stated strategy and the turn-of-the year momentum has been
maintained.

The second half of the year will see initial revenue figures from our
newly-opened Akamai offices, Executive Access and the expanded Saxton
Bampfylde team, as well as our continued investment in The Talent
Business."


                                Ends

For further information, please contact:
Hat Pin
plc
[phone]
Angela Campbell-Noë, Chief Executive
Paul Billett, Finance Director

Hogarth Partnership
Limited                                               [phone]
9477
Julian Walker


NOTES TO EDITORS

Hat Pin plc (www.hatpin.co.uk)
Hat Pin primarily operates in the provision of human resource. The
Group currently operates globally through its four subsidiary brands
- - the wholly-owned Akamai Financial, Executive Access and The Talent
Business, and the 70%-owned Saxton Bampfylde:


  * Akamai Financial (www.akamaifinancial.com) is a specialist
    international executive search firm concentrating in the
    financial services and financial markets arena, with leading
    positions in London, Hong Kong, Singapore, Tokyo and Dubai.
  * Executive Access (www.executiveaccess.co.in) is a leading
    executive search firm in India, operating across the financial
    services, technology, corporate, academia and not-for-profit
    sectors in India and has a well-established, blue chip client
    base and operational diversity.
  * Saxton Bampfylde (www.saxbam.com) is a premium brand in the
    executive search industry both in the private sector - where it
    has an extensive track record in boardroom and senior management
    appointments - and in the public and not-for-profit sectors - as
    a leading adviser on senior appointments in higher education,
    central government, charities and the arts.
  * The Talent Business (www.thetalentbusiness.com) is the leading
    global specialist in marketing communications talent.  Formerly
    known as Kendall Tarrant Worldwide, The Talent Business has
    offices in London, New York, San Francisco, Hong Kong, Shanghai
    and Singapore.

Chief Executive's Review

I am pleased to report that in the first half of the year the Group
has continued to develop in line with our stated strategy and the
turn-of-the year momentum has been maintained, with encouraging
forward order books and high levels of activity.

For the six month period ended 30 June, we have achieved a normalised
operating profit of £1.42m, up 72% (June 2006: £0.82m), on increased
turnover, up 65% to £10.25m (June 2006: £6.21m).  Normalised earnings
per share have risen by 29% to 3.43p (2006: 2.65p).

Specific activity across our three operational brands is as follows:

Akamai Financial Markets

Akamai made a strong start to the year and had a very good first
half, particularly across the Asia markets. The Group has continued
to build Akamai's Asia-Pacific franchise and its deep-rooted
relationships in the region, with Hong Kong's trading performance
being among the highlights.

The Singapore office, which we opened in October 2006, is fully
operational and a number of the research team relocated to this
lower-cost operating environment from Hong Kong.  Japan is also a key
market for Akamai.  The Tokyo office was officially opened on 2 July,
just after the period end, and we are delighted to have recruited a
very high calibre team of Japanese nationals.  In early September
Akamai was granted its licence to open an office in Dubai.

Operations in London had a satisfactory first half, augmented by the
hiring of new consultants to extend our offering in asset management
and fixed income, amongst other areas.  The continued attraction of
top talent is especially pleasing and although there was a partial
delay in securing some of the appointments, reflecting the
competitive market and our desire to recruit only top-flight
consultants, their impact on our progress has been promising.

Saxton Bampfylde Hever

Saxton Bampfylde had an especially good first six months in its
not-for-profit business, with education being a particular
highlight.  Important new clients have been won in both the
commercial and non-commercial sectors and SBH has continued to focus
on higher margin work.

In early July, after the period end, SBH hired KPMG's executive
resourcing team, which included seven fee-generating consultants, as
part of its strategic plan to increase consultant numbers and further
develop its scope of activities - in this case in the not-for-profit
and public sectors.

The Talent Business

The Talent Business was successfully launched in June as a result of
the global re-branding and restructuring of Kendall Tarrant
Worldwide.

A large number of top quality consultants have been recruited,
targeted expansion in the US has begun with a significantly enhanced
New York presence and the tactically significant new office in
Singapore has been opened.  This has all been in line with the
Group's decision to use the current year to invest in the development
of the new structure, with a view to leveraging its leading market
position in future years.

Acquisition of Executive Access

After the period end, on 26 July 2007, Hat Pin announced the £6.9m
acquisition of Executive Access (India) Pvt. Ltd., a leading
executive search firm in India.  Executive Access operates across the
financial services, technology, corporate, academia and
not-for-profit sectors.

In addition to providing access to the exciting talent pool in the
vibrant, burgeoning Indian economy, the acquisition delivers further
diversification of Group revenues and is expected to be earnings
enhancing in first full year of ownership.

Executive Access has a strong and committed management team, a
well-established, blue chip client base and an operational diversity
that will fully complement existing Group businesses.

Business performance since acquisition is in line with expectations
and Group integration has been effected smoothly.

Financial

These results are the first the Company has prepared under
International Financial Reporting Standards.  The only material
adjustment required under IFRS is in relation to goodwill arising on
acquisitions, which is no longer amortised on a time basis and
instead is subject to an annual impairment review.  A reconciliation
showing the effect on the figures is shown in note 5.  Since the only
impact to the income statement is in respect of the amortisation of
intangible assets, normalised results are not affected.

The proportion of the Group's results generated by non-UK operations
has increased since the same period last year.  Overseas turnover was
responsible for 32% of the total (June 2006: 19%) and overseas
operating profit accounted for 49% of the total (June 2006: 30%).

In a period of much investment in our businesses, operating margins
have nevertheless increased, with the margin for the first half at
13.8%, up from 13.2% last year.

Dividend

In line with our dividend policy, no interim dividend is proposed.

Current Trading & Outlook

Trading in the second half of the year will see initial revenue
figures from the newly-opened Akamai offices in Tokyo and Dubai,
Executive Access and the new consultants within Saxton Bampfylde.

We will continue to increase our investment in The Talent Business,
building on the positive client and candidate response to the
re-branding and restructuring.  We are optimistic that the financial
benefits will begin to be felt towards the latter part of the year.

Additionally, the Board continues actively to pursue acquisition
opportunities that it believes will both complement the existing
business portfolio and further diversify Group dependence on any one
business sector or geographic region.

It is anticipated that in 2007 the benefits of management's strategic
diversification of Group revenue streams will become clearly
demonstrated, as Hat Pin remains on track to meet trading
expectations for the current year.

Consolidated income statement
for the six months ended 30 June 2007
____________________________________________________________________________________

                                Six months   Six months Year ended 31
                                     ended        ended      December
                              30 June 2007 30 June 2006          2006
                               (unaudited)  (unaudited)
In £'000                                     (restated)    (restated)
                         Note

Revenue                             10,246        6,209        14,531

Administrative                     (9,221)      (5,459)      (13,079)
expenses

Normalised                           1,417          822         2,056
operating profit[1]
Amortisation of                      (392)         (72)         (301)
intangible assets
Exceptional items                        -            -         (303)

Operating                            1,025          750         1,452
profit

Finance                                  9           19            67
income

Finance                              (120)         (73)         (171)
expense

Profit before                          914          696         1,348
taxation

Income tax                           (249)        (257)         (460)
expense

Profit for the                         665          439           888
period

Minority                              (75)         (90)         (179)
interests

Profit attributable to                 590          349           709
equity holders of the
parent

Basic earnings per share  2           2.41         2.31         3.97p

Diluted earnings per      2           2.37         2.21         3.85p
share


[1]Normalised operating profit is used so as to provide a better
indication of the financial performance of the business.  Normalised
operating profit is calculated by adding back amortisation of
intangible assets and exceptional items.

All amounts relate to continuing activities.

Consolidated balance sheet
as at 30 June 2007
______________________________________________________________________

                                      30 June     30 June 31 December
                                         2007        2006        2006
                                  (unaudited) (unaudited)
In £'000                                       (restated)  (restated)

Non-current assets
Intangible assets                      12,976       5,909      13,367
Property, plant and equipment             938         465         735
Deferred tax                              174         105          80
                                       14,088       6,479      14,182
Current assets
Trade and other receivables             6,155       3,006       5,111
Cash at bank                              899       1,766       2,004
                                        7,054       4,772       7,115
Total assets                           21,142      11,251      21,297

Current liabilities
Trade and other payables              (3,844)     (2,926)     (5,400)
Current tax liability                 (1,012)       (406)       (633)
Bank loans and overdrafts             (2,163)       (500)     (1,340)
                                      (7,019)     (3,832)     (7,373)

Non-current liabilities
Other payables                          (433)       (587)       (433)
Deferred tax                            (351)           -       (494)
Bank loans                            (1,333)     (1,500)     (1,667)
                                      (2,117)     (2,087)     (2,594)
Total liabilities                     (9,136)     (5,919)     (9,967)

Net assets                             12,006       5,332      11,330

Capital and reserves
Share capital                             614         385         600
Share premium account                   8,583       3,348       8,425
Merger reserve                            488           -         370
Capital redemption reserve                  3           3           3
Translation differences                 (261)        (63)        (74)
Profit and loss account                 2,250       1,339       1,769
Own shares held by the Employee          (24)        (41)        (41)
Benefit Trust
Amount attributable to                 11,653       4,971      11,052
shareholders of the parent
Minority interests                        353         361         278
Total equity                           12,006       5,332      11,330

Consolidated statement of changes in equity
for the six months ended 30 June 2007
______________________________________________________________________

               Attributable to equity holders of the
                              parent

                               Ca-
                              pital
                               re-                 Em-
                              demp-         Re-   ploy-         Mi-
                        Mer-  tion  Trans- tain-   ee           no-   To-
            Share Share  ger   re-  lation   ed   bene-        rity   tal
             ca-  pre-   re-  ser-  diffe-  ear-   fit   To-   inte- equi-
            pital mium  serve  ve   rences nings  trust  tal   rest    ty
In £'000

At 1
January
2006          375 3,130           3         1,066  (41)  4,533   271  4,804
Translation
differences                           (63)                (63)         (63)
Net expense
recognised
directly in
equity                                (63)                (63)         (63)
Equity
share
option
expense                                        93           93           93
Profit for
the
period                                ____    349          349    90    439
Total re-
cognised
in-
come for
the
period                                (63)    442          379    90    469
Issue of
shares         10   218                                    228          228
Dividend
paid          ___ _____           _   ____  (169) _____  (169)  ____  (169)
At 30 June
2006          385 3,348           3   (63)  1,339  (41)  4,971   361  5,332
Translation
differences                           (11)                (11)         (11)
Net expense
recognised
directly in
equity                                (11)                (11)         (11)
Equity
share
option
expense                                        70           70           70
Profit for
the
period                                ____    360          360    89    449
Total
recognised
income for
the
period                                (11)    430          419    89    508
Minority
interest
dividend                                                       (172)  (172)
Issue of
new
shares        215 5,077   370     _  _____ ______  ____  5,662  ____  5,662
At 31
December
2006          600 8,425   370     3   (74)  1,769  (41) 11,052   278 11,330
Translation
differences                          (187)               (187)        (187)
Deferred
tax
on share
option
charges                                        74           74           74
EBT gains
on
share
options
exercised                            _____     39           39           39
Net
(expense)/
income
recog-
nised
directly
in equity                            (187)    113         (74)         (74)
Equity
share
option
expense                                        89           89           89
Profit for
the
period                               _____    590          590    75    665
Total
recog-
nised
income for
the
period                               (187)    792          605    75    680
Issue of
new
shares         14   158   118                              290          290
EBT share
options
exercised                                            17     17           17
Dividend
paid          ___ _____   ___     _   ____  (311)  ____  (311)  ____  (311)
At 30 June
2007          614 8,583   488     3  (261)  2,250  (24) 11,653   353 12,006


Consolidated cash flow statement
for the six months ended 30 June 2007
______________________________________________________________________

In £'000                Six months ended Six months ended  Year ended
                            30 June 2007     30 June 2006 31 December
                             (unaudited)      (unaudited)        2006

Operating activities
Net cash flow from                   262              788         365
operations

Income tax paid                     (92)             (40)       (285)
Cash flow from                       170              748          80
operating activities

Investing activities
Purchase of tangible               (362)             (47)       (398)
fixed assets
Purchase of                      (1,205)            (718)     (5,853)
subsidiaries (net of
cash acquired)
Interest received                     19               19          67
Cash flow from                   (1,548)            (746)     (6,184)
investing activities

Financing activities
Bank borrowings                        -                -       1,000
Repayment of existing              (333)                -       (166)
loans
Change in borrowings               (333)                -         834
Issue costs of bank                    -                -        (18)
loans
Share placing                          -                -       5,500
Costs of share                         -                -       (275)
placing
Issue of share                       200               48         282
capital
Interest expense                    (72)             (73)       (177)
Equity dividends paid              (311)            (169)       (169)
Minority interest                   (34)                -           -
dividends paid
Cash flow from                     (550)            (194)       5,977
financing activities

Change in cash                   (1,928)            (192)       (127)

Cash and cash                      1,831            1,958       1,958
equivalents brought
forward
Cash and cash                       (97)            1,766       1,831
equivalents carried
forward



1.  The results for each half year are unaudited.  This interim
statement does not constitute full accounts as defined by s240 of the
Companies Act 1985.  The comparative figures for the year ended 31
December 2006 are derived from the Group's financial statements for
that year which have been delivered to the Registrar of Companies.
The auditors have reported on those financial statements; their
report was unqualified, did not include references to any matters to
which the auditors drew attention by way of emphasis without
qualifying their report and did not contain a statement under s237(2)
or (3) of the Companies Act 1985.

2.  The calculation of basic earnings per share for the first half of
2007 has been based upon 24,479,132 shares, being the weighted
average number of shares in issue during the period (30 June 2006:
15,078,481).  For diluted earnings per share, the weighted average
number of shares in issue is adjusted to assume conversion of all
dilutive potential shares - the adjusted number of shares for the
period was 24,920,939 (30 June 2006: 15,813,243).

3.  The EBT Share Reserve comprises 163,000 shares (30 June 2006:
273,000) in Hat Pin plc held by the Faverwise Limited Employee
Benefit Trust.  All of those shares were under option at 30 June 2007
(30 June 2006: 259,745).  The market value of the shares held by the
trust that had yet to unconditionally vest as at 30 June 2007 was
£127,000 (30 June 2006: £213,000).

4.  On 2 August 2007 the Company completed the acquisition of 100% of
Executive Access (India) Pvt Ltd for maximum consideration totalling
£6.9 million.  Of that amount, £6.5 million was payable on
completion, with £5.6 million paid in cash and £0.9m paid in Hat Pin
equity.  The balance of £0.4 million is payable in cash contingent on
the profitability of Executive Access between the date of acquisition
and 31 December 2008.

5. For the year ended 31 December 2007, the Group has adopted
International Financial Reporting Standards (including IFRIC
interpretations) issued by the International Accounting Standards
Board (IASB) and adopted by the European Union (IFRS). The Group's
transition date to IFRS is 1 January 2006 and comparative financial
information, previously presented under UK GAAP, has been restated
accordingly.

Under IFRS 1, the Group has elected to take advantage of the
following exemptions on transition to IFRS:

  * Business Combinations:  The Group has chosen to apply IFRS 3
    'Business Combinations' prospectively from the date of transition
    and not to restate historic business combinations.
  * Foreign Exchange:  IAS 21 'The Effects of Changes in Foreign
    Exchange Rates' requires that cumulative foreign exchange
    movements created on the translation of foreign entities should
    be disclosed within a separate reserve within shareholders'
    funds. On disposal of a foreign entity, the cumulative foreign
    exchange gains or losses associated with the entity should be
    recycled through the income statement as part of the gain or loss
    on disposal. The Group has taken advantage of the exemption under
    IFRS 1 whereby cumulative exchange differences are deemed to be
    zero at the date of transition to IFRS. Therefore, the gain or
    loss on any subsequent disposals will therefore exclude any
    cumulative foreign exchange gains or losses prior to the date of
    transition to IFRS.
  * Property, plant and equipment:  The Group has elected to
    recognise all property, plant and equipment (PPE) at its
    historical UK GAAP carrying value and not to measure items of PPE
    at fair value on transition to IFRS.


The results for the six months ended 30 June 2007 have been prepared
on the basis of the accounting policies that will be included in the
2007 annual report.

The Group's equity presented under UK GAAP can be reconciled to the
Group's equity presented under IFRS as follows:

£'000                                                     At       At
                                                30 June 2006       31
                                                 (unaudited) December
                                                                 2006
Equity as                                              5,174   10,501
reported under
UK GAAP

Goodwill                                                 208    1,039
amortisation
Intangible                                              (72)    (301)
asset
amortisation
Deferred tax                                              22       91
Equity reported                                        5,332   11,330
under IFRS


The adoption of IFRS had no impact on equity reported under UK GAAP
as 1 January 2006.  The Group's profit for the period presented under
UK GAAP can be reconciled to the Group's profit presented under IFRS
as follows:

£'000                                                Six months
                                                       ended 30     Year
                                                      June 2006 ended 31
                                                    (unaudited) December
                                                                    2006
Profit/(loss) as reported under UK                          191    (120)
GAAP
Goodwill amortisation                                       208    1,039
Intangible asset amortisation                              (72)    (301)
Deferred tax                                                 22       91
Profit reported under IFRS                                  349      709


Under UK GAAP, goodwill is amortised over its estimated useful
economic life.  Under IFRS, goodwill is not amortised and instead is
subject to an annual impairment test.  This has resulted in the
reversal of £1,039,000 of goodwill amortisation at 31 December 2006
and £208,000 at 30 June 2006.

Under IFRS, on acquisition the identifiable intangible assets of the
acquiree must be separately recognised.  Under UK GAAP, such assets
have to be separable from the acquiree's business before they can be
recognised in a business combination.  The Group has identified a
number of identifiable intangible assets on acquisitions that
occurred after the Group's transition to IFRS on 1 January 2006 that
meet the criteria for separate recognition under IFRS.  The Group has
elected not to revisit business combinations prior to the transition
date.  Initial recognition of the intangible assets does not affect
equity as the corresponding entry is to goodwill.  Subsequently,
amortisation of the intangible assets over their useful economic
lives has resulted in an amortisation charge of £301,000 in the year
ended 31 December 2006 and £72,000 in the period ended 30 June 2006.

Under IFRS, deferred tax is calculated based on temporary
differences.  On the recognition of the intangible assets above, a
temporary difference arises on which a deferred tax liability is
provided.  On initial recognition, there is no impact to equity as
the corresponding entry is to goodwill.  Subsequently, the deferred
tax liability is recognised in the income statement in proportion to
the amortisation charge resulting in a deferred tax credit of £91,000
in the year ended 31 December 2006 and £22,000 for the period ended
30 June 2006.

6.  The interim report will be sent to all shareholders shortly and
will be available to the public on the Company's website
(www.hatpin.co.uk) and from the Company's registered office at Drury
House, 34-43 Russell Street, London, WC2B 5HA.

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