Korn/Ferry revenues decline, along with staff numbers

The decline was mainly attributable to the weak global economy and affected all business lines, the company said.

Compensation and benefits paid by the firm fell by $109.3m to $274m. The declines were mainly due to lower bonus expenses in line with reduced revenues.

Korn/Ferry has reduced the number of consultants and adminstrative staff by 900 people in a year, down from 2,750 to 1,850 worldwide.

The firm saw operating profits in executive recruitment in Europe of $2.7m in the fourth quarter, ended April 30 2002, down from a profit of $23.1m in 2001.

Revenues in the first quarter of 2003 are likely to be between $81m-$86m, the company said.