April 28, 2010 – Chicago-based executive search firm Heidrick & Struggles International/(NASDAQ:HSII) has posted net revenue of $113.7 million for the first quarter ended March 31, 2010, an increase of 27.5 percent from $89.1 million a year ago. Net revenue increased 24 percent in the Americas, 16.9 percent in Europe (approximately 9.7 percent on a constant currency basis), and 59 percent in the Asia Pacific region (approximately 42.7 percent on a constant currency basis). Heidrick posted a loss of $1.8 million, or 10 cents a share, compared with a loss of $18.9 million, or $1.15 a share, a year earlier. The number of executive search confirmations in the quarter increased 26.9 percent compared to the 2009 first quarter, and increased 10.4 percent compared to the 2009 fourth quarter. The number of consultants at March 31, 2010 was 367, compared to 403 at March 31, 2009, and 359 at December 31, 2009. Productivity, as measured by annualized net revenue per consultant increased to $1.2 million from $900,000 in the 2009 first quarter. The average revenue per executive search assignment was $98,400 compared to $98,900 in the 2009 first quarter. "We are pleased to report year-over-year growth in net revenue for the first time since the 2008 second quarter as well as the continuation of other positive trends in our business,” said L. Kevin Kelly, CEO. “The financial services practice was the first to show a significant decline beginning in 2007 and has been the strongest driver of growth coming out of the recession."
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