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View All NewsCaldwell Partners revenue up 16%
The Caldwell Partners (TSX: CWL.TO), a Toronto-based executive search firm, reported revenue rose 16.4% year over year to C$15.4 million (US$11.7 million) in its fiscal fourth quarter ended Aug. 31. The Caldwell Partners has operations in Canada, the US and Europe. In July, the company formed a strategic alliance with CPGROUP LATAM Ltd., expanding its footprint in Latin America.
Professional fees in the US rose 14% from the fourth quarter of 2014 (down 4% excluding exchange rate fluctuations). An increase in the average number of partners and higher average fees per assignment from exchange rate movements — offset by lower search volumes during the current year — drove the increase.
Fourth-quarter professional fees in Canada rose 11%, with significantly higher average fees per assignment more than offsetting a lower average number of partners and decrease in number of assignments.
For the full fiscal year, revenue rose 20.9% year over year to C$54.5 million (US$41.3 million).
Caldwell in September bought back the 5.4% of its shares held by Chicago-based executive search firm DHR International Inc., which had made overtures to acquire Caldwell earlier this year.
| Q4 2015 (C$ 000s) | Q4 2014 (C$ 000s) | % growth | Q4 2015 (USD $000s) | ||
| Revenue | $15,404 | $13,231 | 16.4% | — | $11,663 |
| Net earnings | $650 | $892 | -27.1% | — | $492 |
Professional fees by geography
| Q4 2015 (C$ 000s) | Q4 2014 (C$ 000s) | % growth | Q4 2015 (USD $000s) | ||
| US | $10,794 | $9,503 | 13.6% | — | $8,173 |
| Canada | $4,145 | $3,728 | 11.2% | — | $3,138 |
| Europe | $426 | — | — | $323 |
Full fiscal-year results
| FY 2015 (C$ 000s) | FY 2014 (C$ 000s) | % growth | FY 2015 (USD $000s) | ||
| Revenue | $54,527 | $45,086 | 20.9% | — | $41,286 |
| Net earnings | $1,976 | $1,967 | 0.5% | — | $1,496 |
Quote
“2015 was an exceptional year for Caldwell Partners,” said CEO John Wallace. “We began the year with the acquisition of Hawksmoor search, establishing our footprint in the United Kingdom and Europe, welcomed five new partners to our firm over the course of the year, and ended it having entered into an affiliation agreement with the 16 partners and 7 offices of CPGroup Latam, catapulting us into position as one of the top search providers in Latin America. This expansion further solidified our ability to conduct international and cross-border searches for our clients.”
Share price and market cap
Shares in Caldwell Partners fell 4.11% to C$1.40 in early afternoon trading today and the company has a market cap of C$28.18 million, according to Yahoo!