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View All NewsCaldwell Partners revenue up 20%
The Caldwell Partners (TSX: CWL.TO), a Toronto-based executive search firm with operations in Canada, the US and Europe, reported revenue rose 20% year over year to C$14.8 million (US$11.9 million) in its fiscal third quarter ended May 31.
US revenue rose 14.6% from the third quarter of 2014 (2% excluding exchange rate fluctuations). An increase in the average number of search partners and higher average fees — partially offset by slightly lower search volumes during the current year — drove the increase, according to the company. Revenue from Canadian operations increased 28.6% in the third quarter, with higher fees more than offsetting the lower average number of search partners and slight decrease in search volumes.
DHR, a Chicago-based executive search firm, earlier this month purchased approximately 5% — an aggregate of 1,032,000 shares — of Caldwell’s stock and believes it is now Caldwell Partner’s third-largest shareholder.
| Q3 2015 (C$) | Q3 2014 (C$) | % growth | Q3 2015 (USD $000s) | ||
| Revenue | $14,813,614 | $12,358,955 | 19.9% | — | $11,893,703 |
| Net earnings | $767,646 | $638,722 | 20.2% | — | $616,335 |
Revenue by geography
| Q3 2015 (C$) | Q3 2014 (C$) | % growth | Q3 2015 (USD $000s) | ||
| U.S. | $10,398,684 | $9,077,825 | 14.6% | — | $8,348,999 |
| Canada | $4,218,050 | $3,281,130 | 28.6% | — | $3,386,630 |
| Europe | $196,880 | — | — | $158,073 |
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“We are very pleased with our team’s performance this past quarter,” said CEO John Wallace. “These results represent the ninth consecutive quarter of year-over-year growth for Caldwell Partners, and we believe it is a result of our single-minded focus on improving both the level of service we provide our clients, and the long-term value we deliver to our shareholders.”
Wallace continued: “We have built an incredible team of partners and support staff – each renowned in their space for the depth of their knowledge, the breadth of their experience and the level of care with which they treat our clients. We will continue to expand our partner teams and our physical footprint where it allows us to strengthen the services we are able to provide to our clients on a global basis.”
Share price and market cap
Shares in Caldwell Partners were unchanged today at C$1.79 and the company has a market cap of C$38.08 million, according to Yahoo!
Caldwell Partners also announced the addition of two executives from CTPartners, which recently ceased operations. Christopher Coe joined Caldwell Partners as senior partner in the life sciences and healthcare practice, recruiting senior executives for clients in the medical devices, diagnostics and tools industry in Europe. Coe most recently was co-practice lead at CTPartners and led that firm’s life sciences practice in Europe. Andrew Duncan also joined Caldwell as senior partner in the financial services practice, recruiting senior executives for clients in the banking and private equity industries in Europe. Duncan most recently co-led the global financial services and private equity practices at CTPartners.