Daily News
View All NewsHudson Global Q4 revenue up 2.3%, reports rebound in activity
Recruitment process outsourcing provider Hudson Global Inc. (NASDAQ: HSON) reported fourth-quarter revenue rose 2.3% in constant currency. The Old Greenwich, Connecticut-based company also reported a rebound in activity levels.
“2020 was a uniquely challenging year for our clients and our business due to the impacts of the Covid-19 pandemic,” CEO Jeff Eberwein said. “However, we have begun to see activity levels rebound, especially in the life sciences and technology sectors, and we believe we are well positioned to return to growth alongside our clients in 2021.”
The Americas segment benefited from an acquisition while a large MSP contracted boosted Asia-Pacific revenue.
| (US$ thousands) | Q4 2020 | Q4 2019 | % change | % constant currency |
| Revenue | $27,331 | $25,448 | 7.4% | 2.3% |
| Gross margin | 41.3% | 43.7% | ||
| Net income | $1,197 | $1,483 | -19.3% |
The company noted that while there has been improvement from the depths of the Covid-19, demand remains below pre-pandemic levels. It also cited positive momentum at certain clients amid the rapidly evolving landscape.
Revenue by geography
| (US$ thousands) | Q4 2020 | Q4 2019 | % change | % constant currency |
| Hudson Americas | $3,538 | $2,933 | 20.6% | 20.5% |
| Hudson Asia Pacific | $19,972 | $17,869 | 11.8% | 5.2% |
| Hudson Europe | $3,821 | $4,646 | -17.8% | -20.4% |
Hudson Global noted that the Americas segment benefited from the acquisition of Coit Group. It also reported that Asia Pacific revenue benefited from a significant MSP contract in Australia that began in the second quarter of 2019.
Full-year results
| (US$ thousands) | 2020 | 2019 | % change | % constant currency |
| Revenue | $101,448 | $93,811 | 8.1% | 7.6% |
| Gross margin | 38.5% | 46.4% | ||
| Net loss/income | ($1,243) | ($955) | nm |
Share price and market cap
Shares in Hudson Global were up 10.48% to $16.02 as of 12:18 p.m. Eastern time; they were 3.26% below their 52-week high, according to FT.com The company had a market cap of $38.9 million.