The results, released late yesterday, reveal consolidated net revenue of $621.4m (£444.6m) up from $582.4m in 2016. Excluding the impact of exchange rate fluctuations, which adversely affected results by $1.4m or 0.2%, consolidated net revenue increased 6.9% or $40.4m.

Over 2017, the group’s executive search business saw revenue rise 8.8% to $552m from $507.4m in 2016 led by 15.3% annual growth within its European division.

The group’s leadership consulting business saw net revenue increase 6.2%, or $2.4m, to $41.2m from $38.8m in 2016, while its culture shaping business saw net revenue decline 22.3%, or $8.1m, to $28.1m from $36.2m in 2016. 

Over Q4, the group saw net revenue increase 6%, or $9.6m, to $169.4m from $159.8m in the 2016 fourth quarter. Excluding the impact of exchange rate fluctuations which positively affected results by $3.6m, or 2.1%, consolidated net revenue increased 3.8% or $6m.

Over the quarter, executive search saw net revenue increase 10.6% year on year, or $14.2m, to $148.9m from $134.7m in the 2016 fourth quarter. Excluding the impact of exchange rate fluctuations, revenue increased 8.3% to $11.2m, led by the group’s European division – up 16.1%.

Q4 also saw the group record restructuring charges of $15.7%, which it attributed to strategic actions taken to reduce overall costs and improve operational efficiencies. Charges consisted of employee-related costs, including severance, associated with a global workforce reduction of around 14%, professional services fees, and expenses associated with consolidating or closing three of its offices, one in each region.

CEO Krishnan Rajagopalan said: “Our record net revenue in 2017 was driven by the growth of executive search in all three regions and by leadership consulting. 

“We also made significant strides in lowering the run rate of our general and administrative and business support expenses. These actions allow us to shift the focus of our capital to investments that support the growth of our businesses, including technology, while helping the firm achieve improved operating margins on a more sustained basis.”

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