Hudson Global Inc. (NASD: HSON) reported first-quarter revenue rose 10.7% in constant currency — the increase was 15.9% on a reported basis at the New York-based recruitment process outsourcing provider. Revenue growth was boosted by growth in Asia Pacific, but impacted by the loss of a global contract in 2017 in the Americas and Europe.

Net income improved to $10.7 million from a loss of $1.3 million in the year-ago quarter, but included income from discontinued operations of $13.6 million related to the sale of its recruitment and talent management businesses.

Hudson on March 31 completed the sales of its recruitment and talent management operations in Europe and Asia Pacific to strategic buyers in three transactions. Hudson Global intends to focus on its growing, global RPO business going forward. 

The divested businesses are treated as discontinued operations, therefore the chart below is focused on the continuing operations of the RPO business for all periods presented. 

Revenue by geography

Hudson appointed board chairman Jeffrey Eberwein as CEO last month after former top exec Stephen Nolan resigned. 

Quote

“We are pleased to have completed our recent divestitures and are focused squarely on the recruitment process outsourcing (RPO) business,” Eberwein said.  “After a busy first month in this new role, I look forward to continuing to work closely with our global leaders, developing strong client relationships, driving growth in our RPO business, improving our cost structure and delivering improved performance going forward.”

Share price and market cap

Shares in Hudson rose 1.67% to $1.83 as of 11:05 a.m. Eastern time today. The company had a market cap of $57.02 million.