Heidrick revenues slide further
Executive searches remained essentially flat compared to the first quarter, and the firm has reduced the number of headhunters it employs by 22% to 383 in the year to June 30, 2002.
In Europe, net revenue was $32.9m (€33.4) a decrease of 17% across almost all industry practices. There was an operating loss of $300,000 in the second quarter of 2002, compared to an operating profit of $1.4m in the equivalent period last year.
The company was nonetheless keen to find an optimistic note. Europe has not yet realised all the savings from previous cost reduction efforts, so further improvements are expected, it said.
Alongside the other publicly listed global recruitment firms, Heidrick & Struggles has fought to contain costs and placate its investors over the past 18 months. At Wednesday's close on Nasdaq its shares were worth $15.55, compared to a 52-week low of $12 and a high of $22.92.
