FINANCIALS: Revenue falls for Heidrick & Struggles

Global executive search and consulting firm Heidrick & Struggles has seen revenue decline 2.8%, according to the firm’s results for the fourth quarter of the year.

The results, released this morning, reveal consolidated net revenue in Q4 of 2019 of $182m (£140.4m), down from $185.3m in Q3 of 2018. Excluding the impact of exchange rate fluctuations, consolidated net revenue declined 2.3%, or $4.3m.

The group’s executive search business posted net revenue of $163m, down 3.3%, or $5.6m, from $172.1m in Q3 of 2018. Excluding the impact of exchange rate fluctuations, executive search net revenue declined 2.7% or $4.5m.

For the full year, the group posted consolidated net revenue of $706.9m decreased 1.3%, or $9.1m, from $716m in 2018. Excluding the impact of exchange rate fluctuations which negatively impacted results by $11.3m, or 1.6%, consolidated net revenue increased 0.3%, or $2.2m.

Commenting on the group’s performance, Heidrick & Struggles’ president and CEO Krishnan Rajagopalan said: “By successfully navigating market volatility, we produced quarterly net revenue at the high end of our guidance and closed the year within 1% of last year’s record net revenue results. 

“Cross-collaboration between Executive Search and Heidrick Consulting also continues to generate synergies as evidenced by Heidrick Consulting’s sequential net revenue growth. Our recent acquisition of 2Get in Brazil expands our growth platform throughout Latin America, where we see compelling opportunities for both Executive Search and Heidrick Consulting. We are particularly excited about innovative and transformational projects such as digital transformation, sustainability and diversity & inclusion, that we are participating in with both our clients and internally.

“In 2020, we intend to leverage our market position and strong cashflow to make additional disciplined investments in our product teams and provide new innovative offerings to broaden our capabilities and support the foundational changes our clients seek to implement.”

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