Caldwell Posts 21.7 Percent Revenue Increase in Fiscal Q1
January 10, 2025 – Toronto-based Caldwell posted Q1 revenues of $21.3 million (Canadian), a 21.7 percent gain from the same period a year ago. Professional fees reached $21.2 million, with Caldwell’s segment growing 30 percent to $18.4 million, while IQTalent’s fees decreased to $2.8 million from $3.2 million. Cadlwell reported net earnings of $465,000 ($0.016 per share), compared to $3.8 million ($0.128 per share) in the same quarter last year. However, the previous year’s results included significant restructuring income of $8 million. Gross profit improved to $4.2 million from $2.3 million, while operating expenses decreased to $4.2 million from $4.5 million.
“Our first quarter was characterized by a blend of growth and stability,” said Chris Beck, chief executive officer. “Caldwell saw a meaningful rebound in professional fees, driven by a significant increase in new search assignments where first quarter professional fees of $18.4 million represented a year over year increase of 30 percent. While we have yet to see a broad-based pickup at IQTalent, continued stability reflects both the reliability of the on-demand talent acquisition support we provide to clients, as well as the success of our streamlined operations.”
“While we remain mindful of broader economic factors that could impact hiring demand in the months ahead, the positive trend in new search assignments year over year is encouraging, and has continued through today, positioning us well for our second quarter,” Mr. Beck said. “We continue to remain focused on adaptability and delivering exceptional client outcomes, and we’re excited to announce new partner additions in the coming months. Our ability to offer integrated talent solutions through Caldwell and IQTalent provides a compelling value proposition in the market. By aligning our services and investing in technology-driven solutions, we are able to support our clients’ hiring needs at all levels and drive sustainable growth.”
With a view towards maximizing investor returns, the board of directors today also declared the reinstatement of a quarterly dividend, with a payment of 0.25 cents per Common Share payable to holders of Common Shares of record on December 2, 2024, and to be paid on December 20, 2024.
Related: Caldwell Opens Offices in Annapolis and Tysons Corner
The board of directors today also declared a dividend of 0.25 cents per common share (one-quarter of a cent per common share), payable to holders of common shares of record on January 20, 2025, to be paid on March 14, 2025.
New Senior Management
Caldwell recently appointed Mr. Beck as president and CEO. He succeeded John Wallace, who assumes the role of executive chair. “The board and I have tremendous confidence in Chris, and we know that his combination of experience, skills and vision uniquely prepares him to lead Caldwell,” said Mr. Wallace. “He has had a tremendous impact as president and CFO, helping us navigate the unprecedented challenges of the past few years while positioning the company for long-term success. We have the right leadership team, strategy, and financial foundation in place to ensure a bright future for Caldwell and IQTalent. It has been a privilege to serve this great firm as CEO, and I look forward to working alongside Chris and the Caldwell board of directors to continue to deliver on our mission to connect our clients with transformational talent.”
Caldwell Launches Academic Healthcare Practice
Caldwell has launched a new academic healthcare practice, a specialized division dedicated to finding senior leaders for academic health systems. “With the increasing complexity of academic health systems, there is a growing need for leaders who can navigate the intricacies of clinical, research, and education missions,” said Chris Beck, CEO. “Our new practice is designed to connect clients with exceptional leaders who can drive innovation and excellence in these areas.” The new academic health practice is structured around core academic medicine search consultants Steven Price and Dianna Jacob, and further leverages the broader life sciences & healthcare and higher education teams.
Mr. Beck is a veteran of Caldwell and has served in multiple leadership roles over the last 11 years at the firm. He joined Caldwell as CFO in 2013, responsible for leading and managing financial, accounting, investor relations and technology operations. In 2017, Mr. Beck was elevated to the role of chief operating and financial officer, adding day-to-day leadership and management across the firm. In 2021, he was appointed president and CFO of Caldwell.
Shreya Lathia was recently appointed VP and CFO, responsible for leading and managing financial, reporting and accounting operations. She joined Caldwell in 2023 as vice president, accounting and reporting. Pamela Cioffi has been appointed vice president, people operations, responsible for overseeing the full spectrum of HR functions, including talent acquisition, employee relations, performance management, benefits administration, DEIB initiatives implementation, and research and knowledge management. She joined Caldwell in 2017 from GroupM. Caroline Lomot has been appointed vice president, marketing & communications, responsible for leading the firm’s marketing and communications initiatives, including brand strategy, practice level programs, thought leadership development, digital marketing.
Related: Caldwell Acquires The Counsel Network
Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media
