REG - Norman Broadbent PLC - Q1 2024 Trading Update

Norman BroadbentAnnouncement

25/04/2024 07:00

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RNS Number : 9369L  Norman Broadbent PLC  25 April 2024

25 April 2024

 

Norman Broadbent plc

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

 

Q1 2024 TRADING UPDATE

 

Norman Broadbent (AIM: NBB), a leading Executive Search and Interim
Management firm, announces a trading update for the quarter ended 31 March
2024 ("Q1 2024").

Highlights

 

 ·             Net Fee Income ("NFI") of £2.15m, down 12% against record breaking Q1 2023
               (£2.43m) and 47% up on Q1 2022 (£1.46m)
 ·             Strong uptick in activity levels seen to date in Q2 2024 with substantial
               increases in both the volume and value of proposals
 ·             5 additional fee earners starting in Q2 & Q3 2024, covering Digital and
               Technology, Investor Practice (PE/VC), Life Sciences and Industrial (Energy
               and Aviation)

 

Kevin Davidson, CEO of Norman Broadbent plc, said:

 

"We are comfortable with how the year has begun, with variance in quarterly
NFI distribution typical over the course of a year and, of course, in the
context of a still challenging macroeconomic environment.

 

We have made a strong start to the second quarter and, while the quarterly
growth rate may continue to fluctuate, our overall trajectory remains
positive. Our stated ambition is to deliver EBITDA in excess of £1.25 million
in FY2025 and we remain confident in our ability to achieve that.

 

We have invested further in, and will continue to identify and carefully
assess, potential new hires who can deliver NFI rapidly and, crucially, be
additive to the high performance and collaborative culture we have created. In
addition to adding quality people, we continue to focus on productivity,
efficiency improvements and enhanced processes within the Company wherever
possible."

 

Contacts:

 

 Norman Broadbent plc                                +44 (0)20 7484 0000
 Kevin Davidson, CEO
 Mehr Malik, CFO

 Shore Capital (Nominated Adviser and Broker)        +44 (0)20 7408 4090
 Tom Griffiths / Tom Knibbs (Corporate Advisory)
 Henry Willcocks (Corporate Broking)

 Alma (Financial Communications Adviser)                  +44 (0)20 3405 0205
 Rebecca Sanders-Hewett                              normanbroadbent@almastrategic.com (mailto:normanbroadbent@almastrategic.com)
 Kinvara Verdon
 David Ison

 

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 (http://www.normanbroadbent.com)

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