The Caldwell Partners (TSX: CWL), a Toronto-based executive search firm with operations in Canada and the U.S., reported revenue rose 39.4 percent year over year to C$10.3 million (US$9.8 million) in its fiscal first quarter ended Nov. 30.

U.S. revenue rose 46 percent from the first quarter of 2013 (39 percent excluding exchange rate fluctuations) to C$6.5 million (US$6.2 million). Increased search volumes, partially offset by fewer average partners during the current year, drove the increase, according to the company.

Revenue from Canadian operations increased 29 percent to C$3.8 million in the first quarter. Higher average fees on consistent search volumes and number of partners generated the increase, the company said.

“We are encouraged by the strengthening booking activity and trend over the last half year, and pleased with the solid start to the fiscal year,” said CEO John N. Wallace. “While we still expect some volatility from quarter to quarter based on our size, we remain confident regarding the long-term prospects for executive search. We will continue to seek out and make calculated investments in the firm to grow it in terms of both revenue and sustainable profitability, focusing on improving our overall market and industry sector presence with targeted, strategic additions to the team when and where it makes financial sense.”

Caldwell Partners reported first-quarter net earnings of C$393,132 (US$371,082) compared with a net loss of C$56,021 in the first quarter of last year.