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Heidrick & Struggles International, Inc. (HSII:NSQ), the US-quoted provider of executive search and leadership consulting services, has reported results for Q4 2009. Consolidated net revenues declined by -18.6% from $134.9 in Q4 2008 to $109.9 in Q4 2009. In constant currency the decline was -23%.
Consolidated operating income rose by 104% from $5.1 million in Q4 2008 to $10.5 million in Q4 2009.
In Europe net revenues fell by -28.6% from $45.3 million in Q4 2008 to $32.4 million in Q4 2009. In constant currency, European net revenues fell by -34%.
Operating income in Europe fell by -30.6% from $3.6 million in Q4 2008 to $2.5 million in Q4 2009.
Commenting on the fourth quarter results, Chief Executive Officer L. Kevin Kelly said, "in the fourth quarter we saw continued improvements in a number of our financial and operational metrics. Consolidated net revenue has increased in each of the last three quarters, and for the first time since 2007, there was year-over-year growth in the number of search confirmations."
While we couldn't control market conditions, managing our cost structure was one of our most important objectives in 2009. The cost savings initiatives taken over the last year helped us achieve operating income, excluding restructuring and impairment charges, of $11.8 million in the fourth quarter and break even for the year."
"Looking forward, we will capitalise on the strategic initiatives around Leadership Advisory that we launched in 2009 as well as the continued improvements in our operating cost structure."
At the close of trading in New York yesterday, Heidrick & Struggles's shares were down by -6.05% to US $27.33