FINANCIALS: Hudson Global sees profits fall in ‘transition’ year

Global talent solutions company Hudson Global has seen gross profit fall 2.5% in constant currency year-on-year, according to results for the quarter to 31 March 2019.

The figures, released yesterday, reveal revenue of $16.2m (£12.4m) – down 0.2% but up 9.2% in constant currency year-on-year and GP of $9.4m – down 7.5% and down 2.5% in constant currency.

The group also posted a net loss of $1.9m, or $0.06 per basic and diluted share, compared to net income of $10.7m, or $0.33 per basic and diluted share, for Q1 2018. The results in the first quarter of 2018 included net loss from continuing operations of $2.9m and income from discontinued operations of $13.6m related to the sale of the group’s recruitment and talent management businesses.

In Asia Pacific, the group posted revenue of $8.7m – up 13%, with GP of $4.6m up 3% in constant currency in the first quarter of 2019 compared to the same period in 2018.

The Americas saw revenue of $3.1m down 15%, with GP of $2.8m – down 12% compared to the first quarter of 2018. 

And in Europe, the group saw revenue of $4.4m – up 27%, with GP of $2m – flat on a constant currency basis in the first quarter of 2019 compared to Q1 2018.

Commenting on the group’s performance, Hudson Global CEO Jeff Eberwein said: “The Asia Pacific region once again led with the strongest performance, while results in Europe and the Americas were mixed.

“With a significant transition year in 2018 behind us, our global RPO business is now primed for growth. We have an exciting new client relationship starting in Australia in Q2 and several other new client wins ramping up in all three regions as the year unfolds. We reaffirm our 2019 guidance for revenue and GP growth to exceed 10% versus 2018 and for adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) to grow faster than this rate.”

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