CTPartners Executive Search Inc. (AMEX: CTP), a leading global retained executive search firm, today announced results for the quarter and full year ended December 31, 2011.
“We are pleased with a number of elements of our 2011 performance,” said Brian Sullivan, CEO. “In looking ahead, we have identified key components to reduce our expense base which we believe will add to our profitability and create an operating profit in 2012, even in this challenging economic environment. We believe these adjustments will lead to the enhancement of our shareholder value as well as maintaining our excellent level of client quality.”
- 2011 Revenue was $121.1 million, a company record, up 6.5% over 2010
- Average fee per search increased to $104,950, up 2% over 2010
- Number of consultants at year-end was 94, up 6.8% over 2010
- The practice diversification recruitment effort has been successful with the revenues of all practices growing between 18-30% year over year, excluding financial services
- As an indication of our quality orientation, CTPartners placement rate was 81%, and repeat business was 76%
- While reporting a loss for 2011, guidance for 2012 is revenue of $125 million - $140 million and an operating margin of 4-6%.
“CTPartners is a growth company. 2011 was a foundation building year, and we are continuing to aggressively pursue strategic additions to our organization to expand and enhance our global presence,” said Sullivan.Fourth Quarter 2011 Results For the three-month period ended December 31, 2011, net revenue decreased 1.8% to $27.2 million compared to $27.7 million in the fourth quarter of 2010. The decrease in Asia Pacific and EMEA were partially offset by the increase in North America. The Financial Services Practice contributed to most of the decrease in both regions.