REG - Norman Broadbent PLC - Interim Results
08/09/2025 07:00
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RNS Number : 3030Y Norman Broadbent PLC 08 September 2025
THIS ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT QUALIFIED OR
MAY HAVE QUALIFIED AS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE
MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
Norman Broadbent plc
("Norman Broadbent", the "Company" or the "Group")
Interim results for the six months ended 30 June 2025
Record interim financial performance across revenue, NFI and Underlying EBITDA
underpinned by strengthened operating platform
Norman Broadbent (AIM: NBB), a leading Executive Search and Interim
Management firm, is pleased to announce its unaudited interim results for the
six months ended 30 June 2025 ("H1 2025").
Financial Highlights
The table below summarises the financial results for the Group:
Six months ended 30 Jun 2025 Six months ended 30 Jun 2024
£'000 (unaudited) £'000 (unaudited) Percentage growth
Net Fee Income (Gross profit) 6,004 4,477 34%
Underlying EBITDA( 1)( ) 826 129 540%
EBITDA margin 14% 3% -
Profit/(loss) for the period 499 (73) -
Net cash/(debt)( 2)( ) 174 (671) -
( 1 ) Excludes share based payment charges and exceptional costs
( 2 ) Excludes lease liabilities
· Net fee income ("NFI") of £6.0m, up 34% on H1 2024 (H1 2024:
£4.5m) reflects a record half-year performance for the Group
· Underlying EBITDA( 1 ) of £0.8m, (H1 2024: £0.1m) reflects the
strong trading performance and a disciplined approach to managing costs
· Net cash( 2 ) of £0.2m, after full repayment of the CBILS loan
(£0.1m) and historical rates refund (£0.1m), a £0.9m positive change from
the prior year (30 June 2024: net debt £0.7m)
· Net cash generated by operations of £0.3m; reflecting strong
trading and a focus on working capital management
Kevin Davidson, CEO of Norman Broadbent, said:
"I am incredibly proud to share these results for H1 2025, especially given
the challenging and well-publicised market conditions we have been operating
in over the past few years.
The quality and volume of work we are winning continues to improve. This is
a direct result of our business transformation, our upgrading of staff and the
strategic investments made in headcount growth over recent years. The
significant NFI growth in the first half has been achieved with no net
increase in fee earner headcount, and reflects the staff upgrades we've made
and new hires becoming more established and increasing their contribution.
Furthermore, our continual focus on productivity and discipline on overheads
is ensuring this growth translates into healthy EBITDA and cash generation.
Our strategic plan is working - we have transformed the business financially,
restored our reputation as a trusted partner at the top end of executive
search and strengthened the Norman Broadbent operating platform. I am
delighted the team can see the results of their hard work coming through and,
with the turnaround of the business successfully delivered, we look forward
with confidence, excited about the opportunity we have to scale our business.
As we drive the business forward through the next stage of our growth plan,
our future success will continue to be based on our resolute focus on the
capability and capacity of our expanding team, disciplined investment and
operational efficiency. This will be underpinned, as always, by our values
based culture and an unwavering commitment to client satisfaction."
Copies of this announcement are available on the Company's website, at
www.normanbroadbent.com (http://www.normanbroadbent.com)
Investor Presentation:
CEO Kevin Davidson and CFO Mehr Malik will host a virtual presentation and
Q&A session open to all existing and potential shareholders at 11am this
morning. To register to attend, please use the following link:
https://www.investormeetcompany.com/norman-broadbent-plc/register-investor
(https://www.investormeetcompany.com/norman-broadbent-plc/register-investor)
Contacts:
Norman Broadbent plc Via Gracechurch Group
Kevin Davidson, CEO
Mehr Malik, CFO
Cavendish Capital Markets Limited (Nominated Adviser and Broker) +44 (0)20 7220 0500
Julian Blunt, Seamus Fricker, Hamish Waller - Corporate Finance
Jasper Berry, Matt Lewis - Sales / Corporate Broking
Gracechurch Group (Financial Media & Investor Relations ) +44 (0)20 4582 3500
Murdo Montgomery normanbroadbent@gracechurchpr.com (mailto:normanbroadbent@gracechurchpr.com)
Tommy Bryson
Anysia Virdi
About Norman Broadbent:
Norman Broadbent (AIM: NBB) is a professional services firm focused on
executive search, senior interim management solutions and bespoke leadership
advisory services working across the UK and internationally.
Established as the first UK-headquartered search firm in 1979, the firm has a
40+ year track record of shaping leadership across industries including
Consumer, Financial Services, Industrials, Life Sciences, Investor and TMT.
www.normanbroadbent.com
(https://url.avanan.click/v2/___http:/www.normanbroadbent.com___.YXAxZTpzaG9yZWNhcDphOm86OTdhMTRmYzIzZWY1YzM5MDNmNTdhN2E3NGVmZjI1OGI6NjpjYTk0OjY2MDg2Zjg4M2UxOTVmMGJiZDJkMTg4MTNhYjhhODAyNGRhZjkyMDIwNWMyZTE0YTRiOTZlNGIzZDNjMjU5N2Y6cDpU)
CEO's Statement
I am thrilled to be sharing these excellent H1 results for 2025 across all
metrics of revenue, NFI, EBITDA, PBT and cash generation. The quality of our
people and the culture has been the driving force of this success along with
disciplined headcount growth, upgrading of talent, investment in systems,
processes and technologies; all of which are harmonising to produce such high
performance.
In terms of the headlines for the six months to June 2025, the top line
performance was a key positive. To grow executive search and interim
management revenues in the period by 47% to £7.4m, was a great performance in
the current environment and a clear marker of what we can deliver as
conditions improve. With the volume and value of mandates secured in H1 2025
increasing by 37% and 36% respectively against H1 2024, we were very
encouraged to be entering the summer months with the strongest backlog of
business on record.
Alongside delivering these results in H1 we are delighted to have launched an
AI powered assessment tool which is available as an integral product within
all of our search processes as well as a standalone offering to clients.
This tool has been very well received by clients and candidates in pilot
processes and is being fully rolled out over 2025. Furthermore, and as
planned, we have also secured our first international hires in the US and UAE,
both being markets which will feature strongly in our next phase of growth.
We are also delighted to report a stronger cash position for the Group. We
have traded well during the prolonged downturn in our markets and this along
with a focus on strong working capital management allowed us to repay the
CBILs and clear other outstanding debt over the last three years. This means
we are operating with a stronger and cleaner balance sheet and have put the
business in a position where it can sustain healthy levels of EBITDA and cash
generation.
As we continue to focus our energies on closing out a successful 2025, we have
been developing our three-to-five year strategy, building on the considerable
progress of recent years, and the platform for sustained profitability and
cash generation which has now been established.
We have taken the opportunity below to summarise our achievements against the
five strategic pillars which we have consistently focussed on over the past
four years.
Review of Strategic Progress
When I joined the business in late 2021 there was much to be done and the team
quickly rallied to reshape and rebuild the business. We set ourselves the
objective of returning this iconic brand back to its rightful position at the
top end of the executive search market whilst transforming the business,
establishing an ambitious growth trajectory and returning the business to
healthy and sustainable profitability.
Despite the persistently challenging market conditions we have faced over the
past four years, we have achieved these objectives by maintaining our focus on
the five key strategic pillars which we set out at the beginning of this
turnaround phase for the business.
People & Culture
Brand & Market Positioning
Research & Delivery
Financial Stability & Performance
Business Focus
People & Culture
Our first task was culture. As a team, we reset our purpose and values which
have guided us consistently over the past four years. We recognise and
celebrate performance against these values and we have utilised external third
parties to assess our culture and levels of employee engagement along the
way. We were incredibly proud to achieve an "outstanding" accreditation from
the reputed Best Companies organisation in 2024 and 2025 and to have also been
ranked in the top 25 small businesses to work for in London, top 25
recruitment businesses to work for in the UK and top 50 small businesses to
work for in the UK.
The strides we have made in establishing and strengthening our culture has
enabled us to not only retain all of our best people during this turnaround
phase but to empower them all to achieve more with average fees per
established billing consultant increasing by 64% between 2021 and 2025.
As our culture and business performance has become more broadly recognised
across the executive search market we have been able to recruit and upgrade
talent in a market space which is very tight and we have grown headcount from
39 at the end of 2021 to 59 by the mid-point of 2025 with more in process.
Finally, our processes and systems across the business have been transformed
from HR, Marketing, Finance, CRM, intranet, etc., which has not only greatly
improved our productivity, but has also established a technology enabled
platform which employees benefit from and increasingly demand.
Brand & Market Positioning
The need to refresh the brand and all associated collateral was obvious but we
deliberately waited until the culture reset was complete so this could be
reflected in the evolution of the brand. We appointed a Head of Marketing
and Communications who led the evolution of our logo and overhaul of our
website, brand image and all materials. This has had a marked impact on our
image externally and internally as a modern and dynamic consultancy fit for
the future but respectful and appreciative of our heritage.
Brand and market positioning goes beyond our visual image. We tightened up
on commercial terms, we elevated our performance to match our aspirations to
compete at the top level of the industry again and within approximately 18
months we had doubled the average fee per assignment across the business,
reflecting the seniority of the roles being consistently secured.
We reestablished the board practice in 2024 which is critical, not only in
supporting clients to shape and develop the boardroom, but in continually
broadening market awareness of the refreshed Norman Broadbent amongst key
decision makers. The board practice has also been a focal point of our
efforts to establish ourselves at the forefront of thought leadership which is
gaining considerable traction across the industry verticals we serve with
broad contribution from across the business. We continue to organise and
participate in many panel discussions, third party podcasts and our social
media following on Linkedin has increased by over 210% in the last 12
months.
Finally, we have very successfully curated a number of events, at times in
partnership with clients from the investment community, where we have hosted
senior executives to discuss topics of shared interest placing us very much at
the heart of those debates and communities.
The brand is now firmly back and respected by both clients and prospective
employees across the executive search industry. This will continue to
provide fuel for growth in the next phase of our journey.
Research & Delivery
Research and execution is at the heart of any successful executive search
firm. We have made significant investments in building the research team
along with the systems, processes and technology which underpin how we deliver
projects. These investments have delivered higher levels of productivity
with the number of fee earners each member of the research team supports going
from 1.4 to 1.7 to 2.0 over the past three years.
The levels of client and candidate satisfaction are also incredibly high,
reflected in the amount of repeat business we secure and our survey results.
In H1 2025, 72% of our projects were from existing clients and, in our
post-project surveys which we now send to all clients and candidates
(including those shortlisted and not just placed), 100% of clients say they
would work with us again and 99% of candidates say they would.
Financial Stability & Performance
Given the ambitious growth agenda we set ourselves at the end of 2021, the
significant turnaround required and the extremely tight working capital
position of the business at that time, we secured a convertible loan note of
£400,000 from two of our largest shareholders in 2022. Given our rapid
progress in delivering on all of our objectives we were delighted to have
repaid and converted this during 2023, within 18 months of the issue of the
convertible loan note.
Following the appointment of Mehr Malik as the new CFO in early 2023, our
financial and reporting discipline has improved significantly. We
implemented a new finance and expenses system, that together with the
introduction of a business analytics tool, allows us to have incredibly
accurate and comprehensive management information, which is a far cry from
what was in place in 2021.
In summary, the business is in a healthy position now following this phase of
turnaround and stabilisation. Despite the market being in retreat over the
past four years, we have delivered more NFI in H1 2025, than in full year 2021
and to have delivered positive EBITDA in every year since 2022.
Business Focus
Our focus has been primarily on growing the executive search element of our
business in this turnaround phase. This realigns us with our brand heritage
in the largest market we serve. A thriving executive search business also
establishes and maintains relationships with the most senior decision makers
across our target sectors, thus making the expansion of other service lines
easier in subsequent phases of growth. By reestablishing and building our
board practice we have also now reinvigorated our brand and reputation across
the non-executive community, further building the platform for future growth.
Our interim management business has not grown to the same extent as executive
search as yet but we have reshaped the team, embedded our interim
professionals in the sector teams so they closely collaborate with their
executive search colleagues and our brand recognition within the interim
market is solidifying. We were ranked 29 in 2025 by the Institute of Interim
Management which surveys the market to identify the brands most recognised.
This compares to rankings 46, 48, 59 and 63 in previous years so again, the
platform has been established for more accelerated growth in the future.
Leadership consulting is also a service line we can now more effectively grow
on the back of the executive search business. We have rolled out our new AI
enabled assessment tool as an integral element of all mandates and there is
scope to build from this to offer more leadership development and consulting
services.
Our focus around sectors has always been to stay close to our areas of
strength whilst building out some new verticals in markets with considerable
growth opportunity. Industrial segments represent just over 50% of our Net
Fee Income which is consistent with the position in 2022. Growth in this
segment has come from the establishment and growth of teams in chemicals,
aviation and aerospace, power and utilities, renewable energy, natural
resources and transport and infrastructure. We also established an
Investor practice which, although not exclusively focussed on industrials,
does a significant amount in this area.
We have built our Retail & Consumer team which now represents
approximately 15% of total NFI, serving a broad range of clients domestically
and internationally. We have also reestablished our presence in the life
sciences sector which will feature strongly in our future growth. There is
also considerable scope for us to increase our presence in Financial and
Professional Services, both of which are very large and lucrative sectors.
Beyond growing our sector teams, we have also developed our capacity and
capability in our functional practices, namely Financial Officers and Human
Resources.
Finally, internationalisation of the business has been a common theme which
has underpinned our growth in recent years. We have done this from the UK to
date, growing international revenues as a proportion of total from 34% in 2022
to 44% in 2025. To continue to grow international markets we are delighted
to have made our first international hires in 2025 with one based in the US
and one in the UAE.
Financial Position
As at 30 June 2025, equity shareholders' funds had increased to £1.8m (30
June 2024: £1.4m). The increase in net assets by £0.4m shows our cash
position has improved considerably, reflective of improvements in trading over
the half and strong working capital management. There was a £0.9m positive
swing in net cash( 2 ) from net debt( 2 ) in the prior period (30 June 2024
net debt( 2 ): £0.7m), with net cash( 2 ) of £0.2m at the end of the half.
There was a historical rates refund of £0.1m which was utilised to make early
repayment of the remaining CBILS loan of £0.1m.
The invoice financing facility was in credit during the period (30 June 2024:
£0.6m liability), meaning that the company had no outstanding debt (excluding
lease liabilities) as at 30(th) June 2025.
Outlook
We are very encouraged by the performance of the business so far in 2025 with
a record H1 behind us and are driving hard to deliver a successful close to
the year, though we remain mindful of current market conditions. Nonetheless,
we expect the business to deliver positive EBITDA in the second half of the
year, albeit not as strong as the first half's record performance.
2025 will be another year of significant progress for Norman Broadbent. The
persistent, and well documented, macro-economic and labour market challenges
that we have faced have endured for much longer than predicted and, to have
delivered the successful turnaround and organic growth performance we set out
to achieve despite this, stands us in very good stead for the future.
As we move forward, our focus is on disciplined investment to scale the
business and drive the next stage of growth. We will continue to prioritise
the sectors we are already very strong in both domestically and
internationally. Furthermore, now that our core executive search offering is
performing so well and our brand recognition has improved considerably, we
will be exploring how we can develop and expand our broader service lines,
including our interim management business.
Kevin Davidson
Chief Executive
08 September 2025
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 June 2025
Note Six months ended Six months ended Year
ended
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue 2 7,436 5,042 10,919
Cost of Sales (1,432) (565) (1,605)
Gross profit (Net Fee Income) 6,004 4,477 9,314
Operating expenses (5,481) (4,533) (9,416)
Operating profit / (loss) from continued operations 523 (56) (102)
Net finance cost (24) (17) (56)
Profit / (loss) on ordinary activities before income tax 499 (73) (158)
Income tax expense - - -
499 (73) (158)
Total comprehensive profit/(loss) for the period
Profit / (loss) per share( 3 ) 3
- Basic 27.1p (3.9)p (8.8)p
- Diluted 22.0p (3.9)p (7.0)p
Adjusted profit / (loss) per share( 3 )
- Basic 30.2p 0.8p (5.3)p
- Diluted 24.4p 0.8p (4.2)p
( )(3 ) Restated following the share consolidation in May 2025
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2025
Note As at As at As at
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Intangible assets 1,363 1,363 1,363
Property, plant and equipment 364 251 567
Total non-current assets 1,727 1,614 1,930
Current assets
Trade and other receivables 2,920 2,315 2,266
Cash and cash equivalents 174 48 236
Total current assets 3,094 2,363 2,502
Total assets 4,821 3,977 4,432
Current Liabilities
Trade and other payables 2,676 1,668 2,535
Bank Loans 4 - 633 54
Lease liabilities 271 117 387
Total current liabilities 2,947 2,418 2,976
Net current assets / (liabilities) 147 (55) (474)
Non Current Liabilities
Lease liabilities 38 87 119
Bank Loan 4 - 87 59
38 174 178
Total liabilities 2,985 2,592 3,154
Total assets less total liabilities 1,836 1,385 1,278
Equity
Issued share capital 6,395 6,395 6,395
Share premium account 14,233 14,233 14,233
Own shares reserve (25) (30) (25)
Retained earnings (18,767) (19,213) (19,325)
Total equity 1,836 1,385 1,278
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 June 2025
Share Capital Share Premium Shares held by EBT( 4 ) Retained Earnings Total Equity
£'000 £'000 £'000 £'000 £'000
Balance at 1 January 2024 6,365 14,233 - (19,223) 1,375
Loss for the period - - - (73) (73)
Total comprehensive loss for the period - - - (73) (73)
Issue of shares to the EBT 30 - (30) - -
Credit to equity for share based payments - - - 83 83
Balance at 30 June 2024 (unaudited) 6,395 14,233 (30) (19,213) 1,385
Balance at 1 July 2024 6,395 14,233 (30) (19,213) 1,385
Loss for the period - - - (85) (85)
Total comprehensive loss for the period - - - (85) (85)
Debit to equity for share based payments - - - (22) (22)
Shares distributed by employee benefit trust - - 5 (5) -
Total transactions with owners of the Company - - 5 (27) (22)
Balance at 31 December 2024 (audited) 6,395 14,233 (25) (19,325) 1,278
Balance at 1 January 2025 6,395 14,233 (25) (19,325) 1,278
Profit for the period - - - 499 499
Total comprehensive profit for the period - - - 499 499
Proceeds from sale of fractional shares - - - 3 3
Credit to equity for share based payments - - - 56 56
Total transactions with owners of the Company - - - 59 59
Balance at 30 June 2025 (unaudited) 6,395 14,233 (25) (18,767) 1,836
( 4 ) Rounding correction for own shares reserve comparative as at 31 December
2024
CONSOLIDATED STATEMENT OF CASH FLOW
For the six months ended 30 June 2025
Note Six months ended 30 June 2025 (unaudited) Six months ended 30 June 2024 (unaudited) Year ended
31 December 2024
(audited)
£'000 £'000 £'000
Cash flows from operating activities
Profit / (loss) before taxation 499 (73) (158)
Depreciation of property, plant and equipment 211 102 285
Share based payment charge 56 83 61
Net finance cost 24 16 56
(Increase) / decrease in trade and other receivables (654) 588 635
Increase / (decrease) in trade and other payables 141 (1,726) (858)
Net cash generated by / (used in) operating activities 277 (1,010) 21
Cash flows from investing activities and servicing of finance
Net finance cost (8) (7) (23)
Payments to acquire tangible fixed assets (8) (28) (50)
(16) (73)
Net cash generated by / (used in) investing activities (35)
Cash flows from financing activities
Repayment of borrowings (117) (31) (62)
Increase / (decrease) in invoice discounting - 423 (159)
Payment of finance lease liabilities (209) (64) (256)
Proceeds from sale of fractional shares 3 - -
(323)
Net cash (used in) / from financing activities 328 (477)
Net (decrease) / increase in cash and cash equivalents (62) (717) (529)
Net cash and cash equivalents at beginning of period 236 765 765
174
Net cash and cash equivalents at end of period 48 236
Analysis of net funds (pre lease liabilities)
Cash and cash equivalents 174 48 236
Borrowings due within one year - (633) (54)
Borrowings due within more than one year - (87) (59)
174
Net cash / (debt) (672) 123
NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
1.1 Basis of preparation
The financial information set out in these interim financial statements does
not constitute statutory accounts as defined in Section 435 of the Companies
Act 2006. The Group's statutory financial statements for the year ended 31
December 2024, prepared under International Financial Reporting Standards
(IFRS), have been filed with the Registrar of Companies. The auditor's report
on those statements was unqualified.
The interim financial information for the six months ended 30 June 2025, has
been prepared in accordance with the AIM Rules for Companies. The Group has
not elected to apply IAS 34 'Interim Financial Reporting'. The principal
accounting policies used in preparing the interim results are those the Group
expects to apply in its financial statements for the year ending 31 December
2025 and are unchanged from those disclosed in the Group's Annual Report for
the year ended 31 December 2024. The interim financial statements have not
been audited.
1.2 Basis of consolidation and business combinations
Group financial statements consolidate those of the Company and of the
following subsidiary undertakings:
Principal Group investments: Country of incorporation or registration and operation Principal activities Description and proportion of shares held by the Company
Norman Broadbent Executive Search Ltd England and Wales Executive Search 100 per cent ordinary shares
Norman Broadbent (Ireland) Ltd Republic of Ireland Dormant 100 per cent ordinary shares
2. SEGMENTAL ANALYSIS
Group revenues are primarily driven from UK operations. However, when revenue
is derived from overseas business, the results are presented to the Board by
geographic region to identify potential areas for growth or those posing
potential risks to the Group.
i) Revenue by class of business:
Revenue £'000
Six Months Ended Six Months Ended Year Ended
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
Search 5,311 3,897 8,107
Interim Management 2,071 1,061 2,656
Leadership consulting 54 67 111
Other - 17 45
Total 7,436 5,042 10,919
ii) Revenue by geography:
Revenue £'000
Six Months Ended Six Months Ended Year Ended
30 June 30 June 31 December
2025 2023 2023
(unaudited) (unaudited) (audited)
United Kingdom 4,891 3,930 7,616
Rest of World 2,545 1,112 3,303
Total 7,436 5,042 10,919
3. PROFIT / (LOSs) PER ORDINARY SHARE
i) Basic profit / (loss) per share:
This is calculated by dividing the profit / (loss) attributable to equity
holders of the Company by the weighted average number of ordinary shares in
issue during the period:
Six Months Ended Year Ended
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
Profit / (loss) attributable to shareholders (£'000) 499 (73) (158)
Weighted average number of ordinary shares* (000's) 1,840 1,825 1,830
ii) Diluted profit / (loss) per share:
This is calculated by adjusting the weighted average number of ordinary shares
outstanding to assume conversion of all potentially dilutive issues of
ordinary shares. The Company has issued share options which are potentially
dilutive. A calculation is done to determine the number of shares that could
have been acquired at fair value (determined as the average annual price of
the Company's shares) based on the monetary value of the subscription rights
attached to the outstanding options. The number of shares calculated as above
is compared with the number of shares that would have been issued assuming the
exercise of the share options.
Six months ended 30 June 2025 Six months ended 30 June 2024 Year ended 31 December 2024
(unaudited) (unaudited) (audited)
Profit / (loss) attributable to shareholders (£'000) 499 (73) (158)
Weighted average no. of ordinary shares (000's)* 1,840 1,825 1,830
Weighted average number of ordinary shares for diluted earnings per share* 2,271 2,283 2,284
iii) Adjusted profit / (loss) per share
Adjusted profit / (loss) per share has also been calculated in addition to the
basic and diluted loss per share and is based on losses adjusted to eliminate
charges for share based payments. It has been calculated to allow shareholders
to gain a clearer understanding of the trading performance of the Group.
Six months ended 30 June 2025 Six months ended 30 June 2024 Year ended 31 December 2024
(unaudited) (unaudited) (audited)
Basic Diluted Basic Diluted Basic Diluted
pence per pence per pence per pence per pence per pence per
share share share share share share
£'000 £'000 £'000
Basic earnings
Profit / (loss) after tax 499 27.1 22.0 (73) (4.0) (4.0) (158) (8.6) (6.9)
Adjustment
Share based payment charge 56 3.0 2.5 83 4.5 4.5 61 3.3 2.7
Adjusted earnings 555 30.1 24.5 10 0.5 0.5 (97) (5.3) (4.2)
*All prior period comparative ordinary share figures in this note have been
restated following the share consolidation on 22 May 2025.
4. BORROWINGS
Six months ended Six months ended Year ended
30 June 30 June 31 December
2025 2024 2024
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Invoice discounting facility (see note (a) below) - 582 -
Loans (see note (b) below) - 138 113
Total - 720 113
(a) Invoice discounting facility
The Group operates an invoice discounting facility with Metro Bank. All
Group invoices are raised through Norman Broadbent Executive Search Limited
and as such Metrobank (SME Invoice Finance Limited) holds an all asset
debenture for Norman Broadbent plc and Norman Broadbent Executive Search
Limited. At as 30 June 2025, the outstanding balance on the facility was
NIL. Interest is charged on any drawn down funds at a rate of 2.4% above the
bank base rate.
(b) Loans
In November 2020, the Group received a CBILS loan of £250,000 for a term of 6
years. Repayment of capital and interest began in January 2023, and the loan
incurs interest at 4.75% above the Metro Bank UK base rate. The loan was fully
repaid, without early repayment penalty, in April 2025.
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