2021: A Year in Review

Ensuring Success at Work Through Reliable Leadership AdviceTM

In 2021 we continued to strengthen our clients’ success at work through effective and accurate selection and development of leaders.

Our strategy to strengthen our clients´ leadership capabilities through Reliable Leadership AdviceTM has been validated this year through strong client demand on all our teams worldwide. The value created from our experts’ work has of course been highly beneficial for our clients.


Read the full Year in Review Report here


CFO Statement 

Another Remarkable Year

A high activity level for our consultants coupled with strong demand for our leadership services meant that our Net Income increased 21,5% to 71,6 MEUR. Combined with effective cost management and a greatly improved cost structure we delivered a strong financial result ahead of our target. Our EBITDA amounted to a record high 15,4 MEUR, a margin of 21,5%, a strong development relative to last year’s break-even EBITDA margin and reported net losses due to the restructuring actions. The result also means that the board will be in a position to suggest substantial dividends to the partners at the Annual General Meeting in June.

It was a record-breaking success for consultants old and new, with all categories of colleagues from our newest joiners to our established experts significantly outperforming any previous results. As importantly, given world events, our team stayed safe and looked after colleagues and clients alike – without interruption or hesitation.

2021 Highlights

  • Our growth and strong financial performance were consistent across all group locations.
  • Profitability was moderately and positively impacted by lack of expenditure on travel due to covid restrictions.
  • Mercuri Urval is free of net debt and had a net cash balance of 27 MEUR at year end equalling 38% of net income.
  • The strong cash generation and the cash balance makes it possible for us to continue to invest in our people and our product offerings to secure long term competitiveness.
  • Our office footprint is now adapted to modern ways of working - serving the needs of our clients, and support costs have been reduced.

The Year Ahead

With our lower and more flexible cost base, a more agile organisation, and a never better performing consultant organisation we are well positioned for another year with good financial results.

But we also note early in 2022 that we still have a large degree of uncertainty in the world’s macroeconomic outlook. Even with some positive signs and forecasts the ongoing development of the covid pandemic and its impact on the economy remains unclear. Slowly, but as it seems surely, increasing interest rates as the central banks respond to rising inflation will affect the financial markets. And finally, how the very unstable political situation and humanitarian crisis in and around Ukraine evolves may have very significant impact on the world and us as a company.

This means that we must stay vigilant and not allow costs to escalate, to keep and even increase our flexibility where we can and be as ready as we can for challenges still unknown.