Heidrick & Struggles Posts 7.9 Percent Revenue Q1 Gain

April 30, 2014 – Chicago-based executive search firm Heidrick & Struggles International/(NASDAQ:HSII) has posted consolidated net revenue of $111.1 million in the first quarter, up 7.9 percent percent from $103 million a year ago. The increase was driven by a 42.6 percent increase in Europe (approximately 37 percent on a constant currency basis), and a five percent jump in Asia Pacific (approximately 12 percent on a constant currency basis), partially offset by a 2.7 percent revenue decline in the Americas. The firm’s consumer markets, financial services and global technology & services industry groups each achieved double digit revenue growth, but healthcare & life sciences, education, nonprofit & social enterprise, and industrial practices posted declines. Heidrick reported a net loss of $0.7 million, or a loss of $0.04 per share, compared to a loss of $1.2 million, or $0.07 per share last year. "Our first quarter results show progress, but also significant room for growth and improved profitability," said Tracy R. Wolstencroft, president and CEO. "Net revenue increased eight percent year over year, with particularly good improvement in Europe, and we saw positive confirmation trends and productivity improvement."

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