The Caldwell Partners (TSX: CWL.TO), a Toronto-based executive search firm with operations in Canada, the US and Europe, reported revenue rose 27.5% year over year to C$15.1 million (US$11.2 million) in its fiscal second quarter ended Feb. 29.

Second-quarter professional fees rose 20.3% year over year, or 7.9% in constant currency, to C$14.3 million (US$10.6 million).

In the US, second-quarter professional fees rose 38.8%, 20.5% in constant currency, to $10.8 million (US $8.0 million) driven by an increase in the average number of partners and higher average fees from favorable exchange rates partially offset by lower search volumes during the current quarter.

Professional fees in Canada were pressured by economic conditions in Western Canada and fell 27.3% to $2.7 million (US$2.0 million) due to lower search volumes more than offsetting higher average fees per assignment.

Professional fees by geography

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“We saw absolute revenue growth of 27.5% in the past quarter, with 6.5% of that gain coming from an equity monetization from search services,” said CEO said John Wallace. “Including the equity monetization, on a constant currency basis our professional fees were up 14.0%. Our metrics per partner — while on solid footing — are off of last year’s record pace. We attribute this, in part, to the effects of our investment in the United Kingdom and softness in the Western Canadian market.”

Share price and market cap

Shares in Caldwell Partners rose 6.03% to C$1.23 in early afternoon trading today and the company has a market cap of C$24.76 million, according to Yahoo!