International executive search firm Korn Ferry International (NYSE: KFY) announced first quarter fee revenue of $401.3 million.

The group reported Net income attributable to Korn Ferry was $29.0 million, up from $3.2 million the year before. Operating margin was 10.2% in Q1 FY’18 compared to 1.2% in the year-ago quarter. The increase in operating margin was primarily due to an increase in fee revenues of $25.7 million and a decrease in restructuring charges of $24.2 million, offset by an increase in compensation expenses of $11.0 million due to a 6.1% growth in headcount. Furthermore, Korn Ferry stated that its first quarter revenue growth was driven by organic growth in all lines of business.

“All three of our business lines experienced growth,” said Gary D. Burnison, CEO of Korn Ferry. “We are making substantial investments in our operations and offering progressive solutions for the talent and organisational challenges faced by our clients. Korn Ferry is not only the world’s leading executive search firm – the scale and scope of our broader offerings account for more than half of our revenue. Our company stands at the intersection of talent and strategy and more than ever we’re helping our clients drive performance through their people.”

Korn Ferry also announced that it has opened an executive search division in Dublin in a bid to become a key player in the Irish employment market. Robert Wilder, Korn Ferry's managing director in Ireland, stated that the decision to expand its Irish operations was not due to Brexit, but rather the desire to "build on our existing capabilities" and unite Korn Ferry's three business lines.

Fee revenue by segment and geography was broken down as follows:

In its outlook, the group said assuming worldwide economic conditions, financial markets and foreign exchange rates remain steady, on a consolidated basis, second quarter fee revenue is expected to be in the range of $412 million and $428 million.

On Wednesday, Korn/Ferry International (KFY:NYQ) closed at $33.20, up 0.03% on the day and 7.96% below its 52-week high of $36.07, set on 21 June 2017. Based on its current share price the company has a market value of $1.92 billion.