FINANCIALS: Heidrick & Struggles reveals 20% rise in revenue

Heidrick & Struggles has seen revenue increase 20.3% year-on-year led by growth in its executive search business, according to the international executive search firm and consultancy’s Q2 2018 results.

The results, released late yesterday, reveal net revenue of $183.1m (£139.1m) up from $152.2m in Q2 2017.

A key contributor to the increase in revenue was the group’s executive search business, which saw revenues increase to 23.8% year-on-year to £166.5m, with all three regions of operation – Americas, Europe and Asia Pacific posting revenue growth.

The group’s global technology & services, financial services, consumer markets and industrial practices were identified as key drivers of the growth in billings.

Meanwhile, the group’s consulting business saw net revenue increase 16.3% on the first quarter of the year but drop 6.3% year-on-year, which it attributed to new revenue recognition accounting on enterprise licence agreements, which led to increased deferred revenue.

Over the full six month period to 30 June, the group posted consolidated net revenue of $343.1m up from $292.2m in the first six months of 2017, while executive search net revenue increased 20.6%, or $53.3m, to $312.3m from $259m in H1 2017.

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