Norman Broadbent reports strong first quarter
By Josh White
Date: Monday 22 May 2023
(Sharecast News) - Executive search and interim management specialist Norman Broadbent said in a trading update on Monday that its revenue surged 67% in the first quarter to £2.92m, compared to £1.75m in the same period last year.
The AIM-traded company said its net fee income also experienced substantial growth, rising 66% to £2.43m.
It put the growth down to a strong performance in both executive search and interim management services.
Norman Broadbent also described strong forward momentum, as its contracted revenue pipeline reached £2.57m by the end of the quarter.
The board also noted that all fee earners it hired in 2022 were now generating revenue, indicating successful integration and productivity of new hires.
In the quarter, the firm hired four additional fee earners, covering key sectors such as digital and technology, investor practice, industrial automotive, and change and transformation.
The directors said the company was continuing to experience growth in profitability, as the addition of new fee earners contributed positively to the bottom line.
"I am delighted to announce positive trading in the first quarter, which is continuing this quarter and the profitable growth of NBB," said chief executive officer Kevin Davidson.
"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."
Norman Broadbent said it would publish its audited consolidated results for the year ended 31 December later in May.
At 0904 BST, shares in Norman Broadbent were up 22.86% at 6.45p.
Reporting by Josh White for Sharecast.com.
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