Hudson Global, Inc. reported a revenue of $140.1 million for the fiscal year ending December 31, 2024, a decrease of 13% from $161.3 million in 2023. The decline was primarily attributed to reduced demand in the Americas and Australia, with Recruitment Process Outsourcing (RPO) revenue falling by 14% and contracting revenue decreasing by 13%. The company also experienced a net loss of $4.8 million, compared to a net income of $2.2 million in the previous year, reflecting a significant shift in profitability.
In terms of operational changes, Hudson Global completed the acquisition of Hudson Global Resources (Singapore) Pte. Ltd. on October 31, 2023, enhancing its recruitment services in Southeast Asia. The company also expanded its service offerings to include executive search in North America, targeting sectors such as Life Sciences and Human Resources. Additionally, strategic agreements with Dubai-based firms Executive Solutions and Striver were established to bolster its presence in the Middle East.
The company’s workforce comprised approximately 980 employees as of December 31, 2024, with around 890 being client-facing consultants. Hudson Global's client base remains concentrated, with over 85% of revenue generated from its top 25 clients. Notably, three clients accounted for 46% of total revenue in 2024, underscoring the importance of maintaining these relationships for future growth.
Looking ahead, Hudson Global anticipates continued challenges in the market due to persistent inflation and elevated interest rates, which may impact client demand for its services. The company is focused on organic growth strategies, including investments in technology and talent, while also exploring acquisition opportunities to enhance its capabilities. Despite the current economic uncertainties, Hudson Global aims to navigate these challenges and improve its market position in the coming year.
About Hudson Global, Inc.
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