Hudson Global releases Q4 2022, full-year results

CONNECTICUT, UNITED STATES — Talent solutions provider Hudson Global reported that its fourth-quarter revenue fell 5.5% to US$43.6 million in constant currency.

Meanwhile, its adjusted net revenue for the same quarter increased 4.8% in constant currency to US$22.2 million.

“We grew adjusted net revenue 5% in the fourth quarter (in constant currency) as strong top-line growth in the UK and Australia was partially offset by thE slowdown in the US technology sector and by lower hiring volumes in China due to COVID-19-related lockdowns,” said Hudson Global Chief Executive Officer Jeff Eberwein.

For the full year ended 31 December 2022, Hudson’s revenue of US$200.9 million increased 27.1% in constant currency.

Its operations in Europe saw a revenue increase, as the company noted a decrease in other regions, such as the Americas and Asia Pacific.

Additionally, the business released a statement regarding errors in previously published financial accounts.

The company says that its “unaudited consolidated financial statements for the three- and six-month periods ended June 30, 2022 and the nine-month period ended September 30, 2022, included in the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended June 30, 2022 and September 30, 2022, respectively, (collectively, the “Non-Reliance Periods”) should no longer be relied upon due to an error relating to the accounting treatment of a discretionary bonus payment paid by the Company on behalf of a customer.”

“The effect of this error is an understatement of revenue and direct contracting costs and reimbursed expenses in the amount of $ 5.762 million for the three and six-month periods ended June 30, 2022 and the nine-month period ended September 30, 2022,” the company went on to say, adding that it intends to release new financial statements.