Daily News
View All NewsWorld – Korn Ferry revenue up 14.6% in constant currency in Q2
Korn Ferry International Inc. (NYSE: KFY) yesterday reported total fee revenue rose 14.6% in constant currency in its fiscal second quarter ended 31 October. The increase was 11.8% on a reported basis. It was driven by organic growth in all three lines of business.
| (USD thousands) | Q2 2019 | Q2 2018 | % change | % change (constant currency) |
| Fee revenue | 495,205 | 443,018 | 11.8% | 14.6% |
| Net income | 47,317 | 36,732 | 28.8% |
The US-based provider of executive search and consulting also announced that it will formally change its name from Korn/Ferry International to Korn Ferry, effective 1 January 2019. The company said the move is part of a rebranding campaign under which it is sun-setting all sub-brands and moving to one unified brand.
“For Korn Ferry’s recently completed second quarter, we achieved the highest top line and bottom line results in our history, with fee revenue of approximately $495 million and adjusted EBITDA and adjusted EBITDA margin of approximately $80 million and 16.2%, respectively,” CEO Gary Burnison said.
Fee Revenue by Segment was as follows.
| (USD thousands) | Q2 2019 | Q2 2018 | % change | % change (constant currency) |
| Total executive search | 197,634 | 176,766 | 11.8% | 14.0% |
| Advisory | 217,089 | 199,953 | 8.6% | 11.8% |
| RPO and professional search | 80,482 | 66,299 | 21.4% | 24.4% |
Executive search fee revenue by geography was as follows.
| (USD thousands) | Q2 2019 | Q2 2018 | % change |
| North America | 115,863 | 101,544 | 14.1% |
| Europe, the Middle East and Africa | 44,928 | 41,346 | 8.7% |
| Asia Pacific | 27,936 | 25,912 | 7.8% |
| Latin America | 8,907 | 7,964 | 11.8% |
Looking ahead, Korn Ferry expects third-quarter fee revenue to range between $470 million and $490 million.
In trading yesterday, Korn/Ferry International shares closed at $44.51, down 1.59% on the day and 15.52% above the 52 week low of $38.53 set on 9 February 2018. Based on its current share price the company has a market value of $2.53 billion.