MU announce 2023 results and key milestones

2023 was a solid operational year and another year in which we further fortified our foundation for the future. MU demonstrated our strength and sustained development despite continued financial turbulence and uncertainty in the world. We continued to enhance our organisation and rolled out enhanced client offerings, guaranteeing clients access to the leadership development they need.

Key achievements of 2023

  • Increased our share of revenue in MU Executive Search™ to 57% (up 10 percentage points on the prior year)
  • Increased revenues in MU Leadership Assessment™ by 36%
  • Increased client value and so fee levels in leadership work by 6% compared to the prior year
  • Increased the strength of our MU Expert Consultant team by 5% including the successful acquisition of Delta Management Consultant. Most new colleagues joined us to progress their careers from smaller search firms
  • Appointed 12 colleagues to Partnership and 15 to other senior roles in MU
  • Developed our organisation into a regional structure to further increase international collaboration for the benefit of colleagues and clients
  • Launched two new Global Practices – “Board & CEO” and “Digital & Transformation”
  • MU Research Institute continued the improvement and upgrade of our client services, notably implementing enhancements to the industry-leading MU Leadership Assessment™ and our new MU Board Analysis™ service.

Financial achievements

2023 proved to be a year of instability in the world leading to a reduced volume of permanent placements across most industries and geographies. For MU revenues by service line were mixed, with a very strong performance in leadership level work, Executive Search and Advisory services, and large drops on lower value and lower fee recruitment work. Overall average fee levels increased, and we enlarged our MU Consultant headcount. Whilst this development, the high-value work and increased team size, are in line with our strategy the reduction in net sales of 11% resulted in a combined EBITDA margin of 7%. We delivered a net margin after tax of 4%, which means solid dividends for our equity partners.

Read more about 2023, our plans for 2024, as well as stories from colleagues worldwide in our ‘Year in Review’ section.

For more information, please contact:
Sofia Hjort Lönegård
Public Relations, MU

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