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Europe leads growth at Heidrick, Americas slips

October 29 2013

Heidrick & Struggles Inc. (NASD: HSII), the Chicago-based executive search provider, reported third-quarter revenue rose in both Europe and Asia-Pacific on a year-over-year basis. However, net revenue fell in the Americas.

Europe net revenue rose 13.2 percent to $24.4 million; the increase was 12 percent on a constant currency basis. Revenue increased from leadership consulting and all search practices (except education & social enterprise and global technology & services)

  • Asia-Pacific net revenue rose 0.8 percent to $23.5 million. The increase was approximately 7 percent on a constant currency basis. Revenue growth was driven by the consumer markets and industrial search practices as well as by leadership consulting.
  • However, third-quarter Americas net revenue fell 1.9 percent year over year in the Americas to $71.1 million. The company noted declines in “other industry search practices” and leadership consulting as well as lower consultant headcount. Americas revenue includes $5.6 million from Senn Delaney, a culture-shaping firm acquired in January .In the Americas, the addition in January of Senn Delaney improved consultant productivity. Increases in the life sciences and global technology and services search practices were offset by declines in the other industry search practices and leadership consulting, and lower consultant headcount.

Total global net revenue at Heidrick rose 1.4 percent to $119.0 million.

Heidrick reported third-quarter net income rose 0.3 percent to $4.1 million. Shares rose in morning trading, and the firm had a market cap of $353.3 million, according to Yahoo!

The company had announced in August that former CEO L. Kevin Kelly left the firm.

Heidrick & Struggles International Inc. (NASD: HSII)
For the third quarter ended Sept. 30, 2013, compared with the same period in the previous year.
Net revenue: $119.0 million, +1.4 percent
Net income: $4.1 million, +0.3 percent

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