FINANCIALS: Hudson buoyed by UK and APAC operations

Global talent solutions company Hudson has seen revenue increase 14.7% year-on-year, buoyed by growth in its UK and Asia-Pacific businesses.

Results for the quarter ended 30 June 2018, released yesterday, reveal overall group revenue of $17m (£12.9m) – up 14.7% in constant currency, with gross margin of $10.8m down 1.2% in constant currency on the same period last year.

The group also posted a net loss of $1.4m compared with net income of $1.2m in the corresponding quarter of 2017. The results in the second quarter of 2017 included net loss from continuing operations of $0.7m and net income from discontinued operations of $1.9m related to the sale of the recruitment and talent management businesses.

Across the group’s regions of operation Hudson Global Europe saw gross margin of $2.1m boosted by 25% growth in the UK, while Hudson Global Asia Pacific posted gross margin of $5.8m, up 20% in constant currency.

However, Hudson Global Americas’ gross margin of $2.9m was down 22% on the same quarter of last year.

Elaborating on the group’s performance, CEO Jeff Eberwein revealed revenue growth was adversely affected by the loss of a global contract in the Americas and Europe in 2017.

However, he added the group is continuing to review and reduce its cost structure following the sale of its recruitment and talent management operations in Europe and Asia Pacific earlier in the year so it can invest in and grow its recruitment process outsourcing business.

“I have strong confidence in the positive outlook for our RPO business after spending more time with our clients and our talented team around the globe since assuming the CEO role at Hudson,” he added.

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