The Caldwell Partners (TSX: CWL.TO), a Toronto-based executive search firm with operations in Canada, the US and Europe, reported revenue fell 2.2% year over year to C$13.7 million (US$10.2 million) in its fiscal first quarter ended Nov. 30.

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“The Caldwell Partners team delivered a strong performance in the first quarter,” said CEO John Wallace. “The cost alignment initiatives that we undertook last year are having their positive intended effect, as evidenced by the marked increase in operating profit this quarter.  We remain committed to being an annuity-based firm that, in normal markets, will deliver an operating profit that will allow us to reward our shareholders through a sustainable dividend, to continue to organically grow the company's revenues, and to maintain a cash position that will underpin the firm. We look forward to continued profitability as the year unfolds.”

Wallace continued, “Moving forward, we are focusing on recruitment in the coming year, as we look to grow the firm by adding breadth and depth to further strengthen our team in certain industries and geographies, further enhancing our capabilities to serve our clients on a global basis.”

Share price and market cap

Shares in Caldwell Partners rose 11.11% to C$1.20 in early afternoon trading today and the company has a market cap of C$24.16 million, according to Yahoo.