REG - Norman Broadbent PLC - Q1 2023 Trading Update

Norman BroadbentAnnouncement

22/05/2023 07:00

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RNS Number : 1110A  Norman Broadbent PLC  22 May 2023

  22 May 2023

 

Norman Broadbent plc

("Norman Broadbent", "NBB" or the "Company")

 

Q1 2023 TRADING UPDATE

 

Norman Broadbent (AIM: NBB), a leading London quoted Executive Search and
Interim Management firm offering a diversified portfolio of integrated
Leadership Acquisition & Advisory Services, is pleased to announce its
Quarter 1 2023 trading update.

Q1 2023 Highlights

 

 * Revenue up 67% to £2.92m (Q1 2022: £1.75m)

 * Net Fee Income ("NFI") up 66% to £2.43m (Q1 2022: £1.46m) with strong growth
in both executive search and interim management

 * Excellent forward momentum with pipeline of contracted revenue at the end of
Q1 2023 of £2.57m

 * All fee earners hired in 2022 now generating revenue

 * 4 additional fee earners hired in Q1 2023 covering Digital and Technology,
Investor Practice (PE/VC), Industrial (Automotive) and Change and
Transformation

 * Profitability continues to grow as new fee earning hires are ever more
accretive to the bottom line

 

The Company expects to publish its audited consolidated results for the year
ended 31 December 2022 later this month.

 

Kevin Davidson, CEO of Norman Broadbent plc, said: "I am delighted to announce
positive trading in Q1 which is continuing this quarter and the profitable
growth of NBB. The investments made in our people, processes and supporting
technologies over the past 18 months have, as planned, provided the
foundations necessary to accelerate growth over the coming years in a
sustainable fashion. Thanks as always to the team and to those supportive
shareholders for the working capital provided last year in the form of the
Convertible Loan Note which we are delighted to have repaid half of in a
prudent fashion."

 

 

For further Information, please contact:

Norman Broadbent plc
                     020 7484 0000

Kevin Davidson, CEO

Mehr Malik, CFO

 

Shore Capital (Nominated Adviser and Broker)
            020 7408 4090

Tom Griffiths / Tom Knibbs (Corporate Advisory)

Henry Willcocks (Corporate Broking)

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