Heidrick reports loss revenues tumble 41%

In the face of continued cutbacks in the hiring market, the company also forecast a loss for the first quarter of 2002.

Revenue from executive search was $83.6m in the 2001 fourth quarter, down 41% from $142.8m in the same period in 2000. The European contribution was $30.5m, a decrease of 43%, while North American revenue amounted to $45m, down 45%.

Although confirmed searches decreased by 54% from the previous year's fourth quarter, fees per search were up 28% because searches conducted for the highest levels of management positions represented a larger proportion of the mix, the company said.

Heidrick took defensive action throughout last year by shedding staff and containing costs. Consolidated salaries and employee benefits expense in the fourth quarter were down 40% to $57.7m.