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Korn/Ferry International (KFY:NYQ) (KFY:BER) the US and Berlin quoted international staffing specialists, have announced quarterly results for the period ending 31 July 2009.
In Europe, the Middle East and Africa (EMEA) Korn/Ferry reported fee revenue of $29.2 million, a decrease of $22.4 million, or 43%, in the three months ended July 31, 2009 compared to $51.6 million in the three months ended 31 July 2008.
Korn/Ferry's decrease in EMEA in fee revenue was driven by a 33% decrease in the number of engagements billed in the three months ended 31 July 2009 as compared to the same period in 2008 and a 15% decrease in average fees billed per engagement during the same period.
The decrease in fee revenue was partially offset by $5.8 million in fee revenue from the acquisition of Whitehead Mann during the three months.
The performance in existing offices in the United Kingdom, Germany, Italy, United Arab Emirates, Switzerland, and the Netherlands were the primary contributors to the decrease in fee revenue, although fee revenue in all offices in the region declined in the last three months in comparison to the year-ago period.
The industrial, financial services and consumer goods sectors experienced the largest decrease in fee revenue in the three months . Exchange rates unfavourably impacted EMEA fee revenue by $5.0 million.