Net revenue rose at Heidrick & Struggles International Inc. (NASD: HSII) in the second quarter ended 30 June 2018 by 20.3%, or 18.4% in constant currency. 

The US-based company said revenue growth was driven by strong results in Executive Search. The group’s consulting segment saw a decline in net revenue

Net Revenue by segment and geography was as follows.

Within the Executive Search, all regions showed growth. The Global Technology & Services, Financial Services, Consumer Markets and Industrial practices were key drivers of growth with billings up 52%, 30%, 31% and 19% respectively, compared to the 2017 second quarter.

In Heidrick Consulting, the group reported a decline of 6.3%, which the group stated largely reflects the impact of new revenue recognition accounting on enterprise license agreements. With the integration of Leadership Consulting and Culture Shaping complete in early 2018, the company returned to strategic hiring and there were 31 Heidrick Consulting Partners at 30 June 2018, compared to 28 at March 31, 2018.

The company also announced results for the six months ended 30 June 2018 with net revenue of $343.1 million, an increase of 17.4%, or 14.6% in constant currency, when compared to the first six months of 2017.

Looking ahead, the company is forecasting 2018 third quarter consolidated net revenue of between $170.0 million and $180.0 million. This forecast is based on the average currency rates in June 2018 and reflects, among other factors, management’s assumptions for the anticipated volume of new Executive Search confirmations, Heidrick Consulting assignments, the current backlog, consultant productivity, consultant retention, and the seasonality of its business.

Krishnan Rajagopalan, Heidrick & Struggles’ President and CEO, commented, “Our outlook for the market demand for executive search and leadership advisory services continues to be positive, and we are well positioned to create shareholder value by executing on our 2018 initiatives. We will continue to identify and deliver the very best leaders to our clients around the world using our proprietary suite of assessment tools, and then help unlock the power of those leaders, and the teams and organizations they work in, to fast track their success.”

In trading yesterday Heidrick & Struggles International shares closed at $34.20, down 1.16% on the day and 13.93% below its 52-week high of $39.73, set on 14 May 2018. Based on its current share price the company has a market value of $670.83 million.