The Caldwell Partners International Inc. (TSX: CWL), a Toronto-based executive search firm, reported revenue rose 24.2% in its fiscal third quarter ended May 31.

US professional fees rose 22.8% to C$13.5 million (US$10.4 million) in the third quarter; the increase was 28.9% excluding the effect of exchange rates. The company attributed the improvement to increases in the average number of partners, number of assignments per partner and average fee per assignment.

Canadian professional fees rose 10.0% in the third quarter to C$3.5 million (US$2.7 million); a higher average fee per assignment and a higher number of assignments per partner were partially offset by a lower average number of partners.

Professional fees in Europe rose to C$923,000 (US$712,450) in the third quarter from C$250,000 (US$192,971) in the year-ago period. A lower number of assignments per partner was more than offset by a higher average number of partners and a significantly higher average fee per assignment.

License fees from affiliations in Latin America and New Zealand for the use of the Caldwell Partners brand and intellectual property increased year over year to C$86,000 (US$66,382) from C$81,000.

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“This was an outstanding quarter, bringing the firm to a new high-water mark for revenue,” CEO John Wallace said. “Our search teams throughout our geographic regions drove strong growth in both search volume and the value of assignments, despite pressure from foreign currency rates.”

Share price and market cap

Shares in The Caldwell Partners rose 7.27% to C$1.18 as of 11:22 a.m. Eastern time. The company had a market cap of C$24.08 million.