FINANCIALS: Heidrick & Struggles delivers decline in revenue

Global executive search firm Heidrick & Struggles has seen a 5.4% decline in revenue, according to results for Q2 2019.

The results reveal consolidated net revenue of $173.1m (£142.3m), down from $183.1m in Q2 2018, with revenue down 4.8% and 12% for its executive search and consulting businesses respectively.

Revenue decline across the group’s regions of operation for its executive search business and across all industry disciplines, apart from healthcare and life science.

For the six months ended 30 June 2019, the group posted consolidated net revenue of $344.7m up 0.5%, or $1.6m, from $343.1m in the first six months of 2018.

Commenting on the group’s performance, Heidrick & Struggles’ president and CEO Krishnan Rajagopalan said: “We are running just as hard as we did in 2018, a record year, and are still seeing solid market conditions, even with the geographic variability. Moreover, we are operating the business more efficiently and delivering continued improvements in profitability, net income and EPS.”

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