Norman Broadbent (NBB)

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 6.50p
   
  • Change Today:
      0.000p
  • 52 Week High: 10.25
  • 52 Week Low: 4.50
  • Currency: UK Pounds
  • Shares Issued: 60.74m
  • Volume: 131,217
  • Market Cap: £3.95m
  • Beta: 0.13

Norman Broadbent secures additional liquidity with CBILS loan

By Josh White

Date: Thursday 26 Nov 2020

LONDON (ShareCast) - (Sharecast News) - Professional services company Norman Broadbent announced on Thursday that, in order to strengthen its balance sheet and aid liquidity, it had secured a £0.25m six-year term loan facility under the British Business Bank's Coronavirus Business Interruption Loans Scheme (CBILS) from its bankers, Metro Bank.
The AIM-traded firm said the facility could be drawn down at any point before 16 January, with a 12-month interest-free period following drawdown, and an interest rate of 4.75% over Metro Bank's base rate per annum on the drawn down amount thereafter.

It said the funds would be repayable from 12 months after drawdown in equal monthly instalments for the remaining five years.

There would be no penalty for making early repayment of all or part of the facility, the board said.

Additionally, the company said it had agreed a new invoice financing facility with Metro Bank, and a further £1.5m was now available under the facility in addition to the CBILS loan.

As at 31 October, the firm said it had drawn down about £0.33m on its existing invoice financing debt facility, which would be replaced by the Metro Bank facility in February.

"We are pleased with these new funding arrangements which are testament to much hard work by our team over recent years," said chief executive officer Mike Brennan.

"The new invoice discounting facility will greatly improve liquidity and help fuel further growth."

Brennan said that in addition, with around one in 10 applicants in Norman Broadbent's sector being approved for CBILS, its securing of the loan "says much" about the increasing strength of its business.

"These new funding arrangements are particularly important as we seek growth opportunities by way of merger and acquisition activity, strategic 'tuck-ins' with smaller businesses or teams, and organic growth."

At 1048 GMT, shares in Norman Broadbent were up 22.5% at 4.9p.

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NBB Market Data

Currency UK Pounds
Share Price 6.50p
Change Today 0.000p
% Change 0.00 %
52 Week High 10.25
52 Week Low 4.50
Volume 131,217
Shares Issued 60.74m
Market Cap £3.95m
Beta 0.13

NBB Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
43.64% below the market average43.64% below the market average43.64% below the market average43.64% below the market average43.64% below the market average
28.71% below the sector average28.71% below the sector average28.71% below the sector average28.71% below the sector average28.71% below the sector average
Price Trend
21% below the market average21% below the market average21% below the market average21% below the market average21% below the market average
46.9% below the sector average46.9% below the sector average46.9% below the sector average46.9% below the sector average46.9% below the sector average
Income Not Available
Growth
9.27% below the market average9.27% below the market average9.27% below the market average9.27% below the market average9.27% below the market average
9.43% below the sector average9.43% below the sector average9.43% below the sector average9.43% below the sector average9.43% below the sector average

NBB Dividends

No dividends found

Trades for 07-Dec-2021

Time Volume / Share Price
12:18 100,000 @ 6.10p
09:27 31,217 @ 6.00p

NBB Key Personnel

CEO Kevin Davidson

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