REG - Norman Broadbent PLC - Q3 2023 Trading Update

Norman BroadbentAnnouncement

12/10/2023 07:00

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RNS Number : 8346P  Norman Broadbent PLC  12 October 2023

  12 October 2023

 

Norman Broadbent plc

("Norman Broadbent" or the "Company")

 

Q3 2023 TRADING UPDATE

 

Strategic Improvements Continue to Drive Profitable Growth

 

Norman Broadbent (AIM: NBB), a leading Executive Search and Interim Management
firm offering a diversified portfolio of integrated Leadership Acquisition
& Advisory Services, is pleased to announce its Quarter 3 2023 trading
update.

Q3 2023 Highlights

 

·      Continued strong trading, despite macro-economic pressures,
delivered revenue of £3.2m, up 60% over the same period in 2022 (Q3 2022:
£2.0m)

·      Net Fee Income ("NFI") of £2.8m up 65% over the comparable
period in 2022 (Q3 2022: £1.7m)

·      Q3 year to date ("YTD") NFI of £7.9m, up 58% over the same
period in 2022 (Q3 YTD 2022: £5.0m) driven by sustained average fee growth
and additional productive headcount across key sectors

·      Momentum continues to be strong with pipeline of contracted
revenue at the end of Q3 2023 of £2.1m, up 62% on the previous year (Q3 2022:
£1.3m)

 

Kevin Davidson, CEO of Norman Broadbent plc, said:

 

"I am delighted to announce our strongest quarterly performance since well
before the onset of Covid-19, particularly given that the summer months tend
to be the softest in our industry, and against the backdrop of a challenged
recruitment sector generally.

 

Since implementing the strategy outlined when I joined in September 2021, the
Company has returned to profitability and year to date NFI has doubled since
then. The investments made in our people, processes and supporting
technologies have begun to deliver encouraging results and we have ambitious
and sustainable growth plans.

 

The Board is increasingly confident in our ability to deliver and exceed the
previously stated target of £1.25m of EBITDA by 2025.  This will be driven
by the continued elevation of performance and productivity within the
established team and high-quality headcount growth across our core market
sectors, as we have successfully delivered over the past two years.

 

Thanks as always to the team, our valued clients and our supportive
shareholders."

 

 

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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