Hudson Highland Group Inc., a global provider of permanent recruitment solutions, today posted its second-quarter financial results for the three months ended June 30, 2011.
The company reported revenue of $247.4 million, a 27% increase over the second quarter of 2010.
Gross margin was $95.5 million, or 38.6 percent of revenue, up 28.6 percent from the same period last year.
Net income was reported at $4.2 million, or $0.13 per basic and diluted share, compared with net income of $0.2 million, or $0.01 per basic and diluted share, in the second quarter of 2010.
“Our team delivered solid year-over-year growth on the top and bottom lines in every region of the world,” Manuel Marquez, chairman and CEO of Hudson stated in the press release. “We experienced particular market demand strength for our Legal and recruitment process outsourcing (RPO) solutions. While the global economic recovery remains uncertain, the quality and experience of our consultant base and geographic breadth should help us deliver further financial performance gains during the second half of the year.”
Hudson CFO Mary Jane Raymond said the improvements in net income and solid operating cash flow during the second quarter reflect the company’s ability to improve productivity, return on key investments, and market recognition of service value.
The company broke down its regional results for the second quarter, reporting Europe gross margin up 9.7 percent compared to the second quarter of the year prior; Australia/New Zealand gross margin up 16.4 percent compared with the prior year period; Americas gross margin up 29.5 percent compared with the prior year period; and Asia gross margin up 14.0 percent compared with second quarter 2010.
Hudson ended the second quarter of 2011 with $77.7 million in liquidity. The company generated $10.1 million in cash flow from operations during the quarter and cut its outstanding borrowings from $11.2 million at the end of the first quarter to $10.1 million at the end of the second quarter.
The company expects third quarter revenue between $230 million-$240 million.
For more information visit www.hudson.com
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