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Headhunters Results Deteriorate

Headhunters Results Deteriorate

Heidrick & Struggles International Inc. the executive headhunters has reported net fourth-quarter revenue fell 12.1% year to $134.9 million as the economic slowdown took hold.

Kevin Kelly, CEO, said "Our fourth quarter results reflect further deterioration in economies around the world, which resulted in slower hiring decisions in every region and in almost every industry practice,". "We continued to benefit from expense reductions as a result of cost-cutting initiatives adopted earlier in the year, but they could not fully offset the decline in net revenue." He added.

Heidrick said fourth-quarter net revenues for the US fell 14.7% to $68.2 million and European fourth-quarter net revenue fell 16.1% to $45.3 million. Asia Pacific fourth quarter net revenue, however, rose 9.2% to $21.4 million. Fourth-quarter net income fell 42.8% year-over-year to $5.3 million.
Full-year 2008 net revenue slipped 0.6% to $615.9 million compared with the previous year. Net income fell 30.8% to $39.1 million. Heidrick estimated full-year 2009 net revenue at between $450 million to $500 million, a decrease of 18.8% to 26.9% compared with 2008.

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