Third-quarter revenue at executive search firm Heidrick & Struggles International Inc fell 34.6% to $103.5m (£63.45m), compared with the same quarter in 2008.

The number of executive search assignments in the third quarter was still down 17% compared with the same period in 2008.

However, chief executive L Kevin Kelly says that the company could finally be seeing the low point of the recession.

In a statement, Kelly said: “Although year-over-year comparisons still reflect the impact of a worldwide economic downturn, there are increasing signs that we’ve seen the bottom of this historic recession.

“Net revenue increased for the second quarter in a row, confirmations increased 17% compared to the second quarter and backlog increased for the first time in the past six quarters.”

Third-quarter net income fell 68.5% compared to the same quarter of 2008 to $4.4m.

The company estimates fourth-quarter net revenue of between $103m and $108m, a year-on-year fall of around 20%.