Heidrick & Struggles International Inc. (Nasdaq: HSII) reported a 13.7% year-over-year drop in net revenue to $293.3 million in constant currency due to a general economic slowdown. Despite this, the Chicago-based provider of executive search, on-demand talent and consulting has continued to pursue its diversification strategy, evidenced through recent acquisitions of businessfourzero and Atreus.
In executive search, Heidrick had 432 executive search consultants compared to 394 a year earlier. However, revenue per consultant decreased to $1.8 million compared to $2.5 million a year ago. On-demand talent saw revenue increase due to the Atreus acquisition, but it was partially offset by reduced volume in legacy projects. Heidrick’s consulting business saw a 2.5% rise in constant currency.
The company anticipates second quarter net revenue in the range of $260 million and $280 million, representing a year-over-year rise of 6.3% to 13.0%. Share prices for the company were down 9.08% to $24.54 as of 1:29 p.m. Eastern Time, however, they were 7.68% above
