Heidrick cuts more staff, but makes profit
More than half the cuts will be in Europe. Up to 20 offices worldwide will be closed or reduced in size, the company said.
Announcing its third quarter results, the firm said it made a profit of $924,000 following earlier headcount reductions, compared to a loss of $13m in the same period last year.
However revenue fell by 17% to $87.4m. In the US, revenue was down 21% to $47.4m while in Europe it fell 8% to $33.9m.
Consolidated salaries and employee benefits expenses in the third quarter of 2002 were $56.2m, down 27% from the previous year.
More than 100 search consultants had already been let go since September 30, 2001 - leaving 376 still with the firm at the end of the third quarter this year
