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View All NewsHeidrick exec search revenue rises in Americas, Asia Pacific
Executive search firm Heidrick & Struggles International Inc. (NASD: HSII) reported net revenue rose 3.6% in the first quarter to $115.2 million. Executive search and leadership consulting revenue rose 12.0% in the Americas and 10.1% in Asia Pacific, but fell 25.0% in Europe. In constant currency, executive search and leadership consulting revenue rose 16.5% in Asia Pacific and fell 13.5% in Europe. Revenue in the Chicago-based company’s culture-shaping division rose 24.6%, reflecting a higher volume of client work.
| (US$ thousands) | Q1 2015 | Q1 2014 | % growth |
| Net revenue | $115,153 | $111,121 | 3.6% |
| Reimbursements | $3,326 | $4,411 | -24.6% |
| Total revenue | $118,479 | $115,532 | 2.6% |
| Net income/loss | $3,426 | -$744 | -- |
Quote
“Revenue growth and an increase in profitability underscore a solid first quarter for the firm globally,” said President and CEO Tracy R. Wolstencroft. “We are pleased with the improved results in our Americas and Asia Pacific regions, and in our culture shaping business. Europe experienced a slower than anticipated start to 2015, in addition to being impacted by foreign currency exchange rates.”
Revenue by segment and geography
| (US$ thousands) | Q1 2015 | Q1 2014 | % growth |
| Executive search and leadership consulting | |||
| Americas | $64,475 | $57,586 | 12.0% |
| Europe | $19,658 | $26,224 | -25.0% |
| Asia Pacific | $22,904 | $20,795 | 10.1% |
| Total executive search and leadership consulting | $107,037 | $104,605 | 2.3% |
| Culture shaping | $8,116 | $6,516 | 24.6% |
Guidance
Heidrick forecasts second-quarter consolidated net revenue of between $127 million and $137 million.
Share price and market cap
Shares in Heidrick rose 8.00% in early afternoon trading to $24.98 and the company had a market cap of approximately $457.62 million, according to Yahoo!