The Caldwell Partners (TSX: CWL), a Toronto-based executive search firm with operations in Canada and the U.S., reported revenue rose 34.0 percent year over year to C$12.4 million (US$11.4 million) in its fiscal third quarter ended May 31.

U.S. revenue rose 48 percent from the third quarter of 2013 (35 percent excluding exchange rate fluctuations) to C$9.1 million (US$8.4 million). Increased search volumes and average fees, offset by fewer average partners during the current year, drove the increase, according to the company.

Revenue from Canadian operations increased 10 percent to C$3.3 million (US$3.0 million) in the third quarter.

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“With our partners operating at historically high productivity levels, continued growth in the business will come from significant investments in high quality partners and support teams in the areas and geographies that are important to our clients,” said CEO John N. Wallace.

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Share price and market cap

Shares in Caldwell Partners rose 8.06 percent in early afternoon trading to $1.34, according to Google Finance. Caldwell Partners has a market cap of $28.14 million.