Whitehead Mann profits fall, but board practice expands

The firm said its financial services search business declined towards the end of the period and it did not expect a material improvement in that market before the middle of next year at the earliest.

But it said it had expanded its board practice to take advantage of the current emphasis on compliance and governance standards worldwide.

Actual turnover, before adjusting for acquisitions, rose 9% to 34.5m (€53m). The company said it felt this was a strong performance in the most difficult environment the search industry had faced for many years.

Profits after tax and exceptional items fell to 300,000, from 2.5m in the same period the year before. The exceptional items included a 2m charge relating to headcount reduction.

Before tax and exceptionals, profits rose 4% to 5.4m.

The firm appointed Stephen Lawrence as Group Chief Executive. He succeeds Gerard Clery-Melin, whom it said was stepping down from the board of directors for health reasons.

Clery-Melin will remaining with the group as chairman, Continental Europe, based in Paris and focusing primarily on client business development.