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The Caldwell Partners’ revenue up 5.6%, CEO notes ‘economic uncertainty’ in US and UK

January 11, 2019

The Caldwell Partners International Inc. (TSX: CWL), a Toronto-based executive search firm, reported revenue rose 5.6% in its fiscal first quarter ended Nov. 30. However, the company noted developing headwinds.

(C$ 000s) Q1 2019 Q1 2018 % growth   Q1 2019 (USD $000s)
Revenue $15,892 $15,049 5.6%   $11,968
Net earnings after tax $211 $410 -48.5%   $159

Revenue rose in Canada and Europe but fell in the US.

Revenue by geography

(C$ 000s) Q1 2019 Q1 2018 % growth   Q1 2019 (USD $000s)
Canada $4,427 $3,725 18.8%   $3,334
United Sates $11,234 $11,545 -2.7%   $8,460
Europe $477 $44 nm   $359

Quote

“Though we delivered an increase in revenue over last year, we did experience developing headwinds against recent growth trends,” CEO John Wallace said. “There was a softening to our overall search market in the latter part of the first quarter and early into the second quarter, as economic uncertainty in the United States and United Kingdom gave pause to many of our clients. While a number of our clients have expressed optimism that search roles will ultimately be filled, we are uncertain at this juncture as to timing.”

Share price and market cap

The Caldwell Partners’ shares were down 12.24% to $1.29 at 1:02 p.m. Eastern time; the company had a market cap of $29.99 million, according to FT.com.

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