Caldwell Partners Posts 8.7 Percent Q2 Revenue Increase
April 9, 2018 – Caldwell Partners International has posted second quarter revenues of $14.9 million (Canadian), an 8.7 percent increase from a year ago when the firm recorded revenues of $13.7 million.
“Our partner and support teams extended their strong results from the first quarter,” said John Wallace, CEO.
“We saw a notable increase in new bookings across all geographies, particularly in the back half of the second quarter, and have positive momentum going into the third quarter.”
“Additionally, we have significantly increased revenue and narrowed our losses in the U.K. as our new partners begin to gain traction in the marketplace,” he said. “We are committed to the region’s growth and do look forward to moving into new, more cost effective, office space in London, during the third quarter.”
During the quarter, U.S. professional fees edged down 1.2 percent to $10.5 million (Canadian) in the second quarter; however, they increased 3.5 percent excluding the effect of exchange rates. Canadian professional fees rose 27.5 percent in the second quarter to $3.8 million (Canadian), a higher average fee per assignment and a higher number of assignments per partner were partially offset by a lower average number of partners. Professional fees in Europe rose to $566,000 (Canadian) in the second quarter from $65,000 (Canadian) last year.
The board of directors also declared the payment of a quarterly dividend of 20 cents per common share payable to holders of common shares of record on April 16 and to be paid on June 11. Shares in Caldwell Partners fell .96 percent to $1.03 (Canadian) upon release of its revenues. It has a market cap of $21.02 million (Canadian).
Recent Growth
Recently, the firm expanded with the addition of Alex Alcott as a partner in its financial services practice in London. Mr. Alcott’s appointment furthers Caldwell’s expansion strategy across Europe. With more than 20 years of executive search experience, Mr. Alcott works across the global financial services sector on roles that include a variety of board, executive committee, chief financial officer, general auditor, treasurer and other function searches for global public companies and private equity portfolio company rebuilds. He was most recently a partner in Heidrick & Struggles’ London office, where he was a member of the global financial services and chief financial officers practices and led the financial services CFO practice in the U.K.
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Caldwell also recently named Chris Beck as chief operating and financial officer. Mr. Beck, who is based in Boston, joined Caldwell in 2013. He has more than 20 years of experience in finance with a track record of leading and managing financial, accounting and business operations. “Chris is a collaborative and energetic leader with the vision to grow our organization, ensure our financial strength and operating efficiency, and drive the development of new products, solutions and services,” said Mr. Wallace. “Under his leadership and counsel, we have attained our financial goals, expanded our reach via acquisition and strategic partnerships, and enhanced the manner and degree to which we are able to serve our clients.”
In addition, the firm added Kathy Ventura as a partner in its consumer, e-commerce & retail, and marketing & communications practices based in its Stamford, CT office. Ms. Ventura recruits senior executives in all areas of consumer products and services, including consumer technologies, automotive, lifestyle brands and consumer financial services. She also specializes in corporate reputation leadership roles, including communications, public affairs and corporate marketing. Her clients include Fortune 500 companies, private equity and other alternative asset firms, and their portfolio companies. Her work also encompasses diversity and inclusion initiatives for her clients. She was previously with Russell Reynolds Associates, where she led the firm’s corporate communications practice.
“We remain focused on the recruitment of new partners and teams who will both broaden our client-facing capabilities and who will further contribute to increasing and sustaining revenues and profitability,” said Mr. Wallace. “We do expect to announce additional partners over the course of the last half of the current fiscal year.”
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Andrew W. Mitchell, Managing Editor – Hunt Scanlon Media
