REG - Norman Broadbent PLC - Q3 2024 Trading Update

Norman BroadbentAnnouncement

16/10/2024 07:00

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RNS Number : 3156I  Norman Broadbent PLC  16 October 2024

  16 October 2024

 

Norman Broadbent plc

("Norman Broadbent" or the "Company")

 

Q3 2024 TRADING UPDATE

 

Resilient performance in Q3 with September being the highest monthly NFI in
2024

 

Norman Broadbent (AIM: NBB), a leading Executive Search and Interim
Management firm, announces a trading update for the third quarter ended 30
September 2024 ("Q3").

 

Highlights

 

·      Revenue of £2.7m, down 16% on Q3 2023 (£3.2m) and up 35% on Q3
2022 (£2.0m)

·      NFI of £2.3m, down 18% on Q3 2023 (£2.8m) and up 35% on Q3 2022
(£1.7m)

o  Q3 was the strongest quarter of the year, NFI was marginally up on Q2,
with September being the highest monthly NFI in 2024

·      Highest monthly value in 2024 of new retainers secured in
September 2024, 33% above the year-to-date monthly average

·      NFI to end of Q3 of £6.8m, down 14% on 2023 (£7.9m) and up 36%
on 2022 (£5.0m)

 

Kevin Davidson, CEO of Norman Broadbent, said:

 

"Although market conditions continue to be challenging, I am pleased to report
that we have held firm in our quarter-to-quarter performance, with a modest
improvement on Q2 making Q3 the strongest of the year so far.

 

The standout performance in September was particularly gratifying and a
welcome positive moving into the final quarter of the year which is
traditionally our strongest.

 

While activity across our market remains subdued, following the UK Budget and
US Presidential election and hopefully easing geopolitical tensions, we remain
optimistic of an improving backdrop in 2025."

 

 

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

 

 

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