Executive search revenue rose year over year in most geographies at Heidrick & Struggles International (NASDAQ: HSII). First-quarter revenue rose 10.8% year over year. Results also benefited from the acquisitions of Atreus Group, completed on Feb. 1, 2023, and businessfourzero, completed on April 1, 2023.
“During the first quarter, we generated double-digit top line growth, achieving the high end of our guidance range with solid margin performance,” CEO Tom Monahan said in a press release.
In executive search, all practice groups except consumer and industrial exhibited growth over the year. Heidrick had 424 executive search consultants as of March 31, 2024, compared to 432 as of March 31, 2023. Annualized executive search net revenue per consultant rose to $1.9 million in the first quarter from the $1.8 million in the first quarter of 2023.
On-Demand Talent revenue increased primarily due to the acquisition of Altreus. Heidrick Consulting net revenue rose with a boost from the acquisition of businessfourzero and increases in leadership assessment and development engagement.
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Guidance
Heidrick forecast second-quarter net revenue of between $255 million and $275 million, which represents a year-over-year decline of 6.0% to an increase of 1.4%.
Share price
Shares in Heidrick were up 0.2% to $30.37 as of 11:58 a.m. Eastern time today. They were 14.16% below their 52-week high.