Caldwell Reports Third Quarter Results

Toronto, ON - Talent acquisition firm The Caldwell Partners International Inc. (TSX:CWL) (OTCQX:CWLPF) announced its financial results for the fiscal third quarter ended May 31, 2024. All amounts are in Canadian dollars.

Professional fees for Caldwell increased to $26.4 million from $21.5 million in the prior year. IQTalent, however, saw a decrease to $2.8 million from $4.4 million. Overall, consolidated professional fees rose from $25.9 million to $29.2 million. Total revenue increased to $29.5 million from $26.2 million.

The gross profit improved to $7.2 million from $4.8 million, with selling, general and administrative expenses rising to $4.8 million from $3.8 million. Operating profit was $2.4 million, and net earnings after tax reached $1.7 million, up from $1.5 million. Basic earnings per share stood at $0.059 from $0.057 in Q3 2023.

CEO John Wallace attributed revenue growth to increased executive confidence in the economy and the release of pent-up demand from the past 18 months. However, revenue is expected to ease in the fourth quarter.

IQTalent's revenue remained stable, primarily due to reduced hiring demand from its predominantly VC-backed technology sector clients. Nevertheless, Caldwell anticipates continued growth and has plans to expand its partner team.