Monster raises profits at TMP, while rival Heidrick posts losses

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Monster reported record traffic figures for the quarter. Fees and commissions at TMP's interactive division, which includes Monster, rose 38% from the year before.

Headhunting was TMP's least profitable activity, with commissions and fees at just $23m in the third quarter - a 52% drop from the same time last year.

TMP, a global recruiting and advertising firm, posted adjusted net profits of $39.6m (€45m), up from $29.1m in the third quarter last year. It shares rose after the results were announced.

Steve Potter, the CEO of TMP's search division, left the company last month. Jim Treacy, TMP's COO, was appointed the firm's president as part of what it called a strategic reorganisation.

At the time of Potter's departure, TMP reiterated its commitment to its search division. However some of its competitors say they have been approached about a possible sale of the division.

Heidrick & Struggles, which relies far more on headhunting than TMP, reported a net loss of $3.9m in the third quarter, against profits of $10.8m last year.

Consolidated revenue was $104.6m, a drop of 29%. Of this, headhunting contributed $99m. In Europe, revenue was $33.9m, a 17% fall from the previous year.

A week ago, Heidrick said it was cutting its workforce by 16%, including the loss of 66 headhunters, in order to reduce costs.