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Heidrick & Struggles’ Asia Pacific Region Grows by 55.0 percent in 2007 Third Quarter

Heidrick & Struggles International, Inc.
2007-11-15 11:08 619

SYDNEY, Australia, Nov. 15 /Xinhua-PRNewswire/ -- The Asia Pacific region operations of Heidrick & Struggles posted a 55.0 percent increase in net revenue in the quarter ended September 30, 2007, with slightly reduced margins reflecting headcount and investments being made to further accelerate growth.

The company reported regional turnover of $US22.5 million ($A24.5 million) for the quarter while operating income was $US4.9 million ($A5.3 million), up 10.7 percent from the same period a year ago.

Asia Pacific Managing Partner Gerry Davis says business is strong across all Asia Pacific offices with financial services, industrial and consumer sectors leading the way.

"We are experiencing a significant increase in demand for leadership assessment and succession planning, which is driving growth in the chief executive officer and financial services practices across the region," Davis says.

The number of consultants has increased by 21 since last year at this time. The firm has made changes to the regional leadership team with the appointment of Ron Graham as partner-in-charge of Australia and New Zealand, Jerome Bucher and Li-Ming Wen as partners-in-charge of Shanghai and Beijing respectively and Tek Yew Chia as partner-in-charge of Singapore.

"With additional hires planned for 2008, these offices are now of sufficient size and strategic importance to merit their own leaders who will accelerate the development of the CEO/board of directors practice, working closely with our leadership consulting practice," Davis says.

Consolidated quarterly net revenue for the entire firm increased 30.7 percent to $US162.9 million ($A177 million). Consolidated operating income increased 44.9 percent to $US25.5 million ($A27.7 million) and net income increased 44.7 percent to $US16.1 million ($A17.5 million).

Based on the nine-month results, the company increased its forecast for 2007 net revenue to $US600-610 million ($A653 million to $A663 million), up from its previous guidance of $US580-595 million ($A627 to $A643 million).

About Heidrick & Struggles International, Inc.

Heidrick & Struggles International, Inc. is the world’s premier provider of senior-level executive search and leadership consulting services, including talent management, board building, executive on-boarding and M&A effectiveness. For more than 50 years, we have focused on quality service and built strong leadership teams through our relationships with clients and individuals worldwide. Today, Heidrick & Struggles leadership experts operate from principal business centers in North America, Latin America, Europe and Asia Pacific. For more information about Heidrick & Struggles, please visit http://www.heidrick.com.

Contacts

Australia/New Zealand:

Thomas Liddle, communications consultant

Tel: +61-2-8205-2376

Email: tliddle@heidrick.com

Rest of Asia:

Jennifer Tow, communications consultant

Tel: +852-2526-1972

Email: jennifer@manifesto.com.hk

Outside Asia:

Eric Sodorff, director, corporate communications

Tel: +1-312-496-1613

Email: esodorff@heidrick.com

Source: Heidrick & Struggles International, Inc.
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