LONDON (ShareCast) - (Sharecast News) - Recruitment outfit Norman Broadbent saw annual revenues hit their highest level in more than a decade, helping the group narrow losses by more than half.
The company recorded a 40% increase in revenues to £9.2m, while group net fee income shot up 32% to £6.6m in the year ended 31 December.

As a result of the improved revenues, the AIM-listed outfit turned in an operating loss of £0.6m - a marked turnaround from the £1.6m recorded a year earlier. Pre-tax losses were cut by 55% to £0.9m.

Chief executive Mike Brennan said: "Our 2018 unaudited results evidence our continued positive momentum, as a result of consistently delivering high-quality innovative solutions for clients."

"We are confident that we will continue seeing losses reduce as NFI continues to rise in 2019."

Looking forward, Brennan said Malvern would continue to invest in talent in order to support its growth, which the CEO warned would impact costs in the short term, but noted that operational efficiencies were continuing to kick-in and that vowed that the board would also carry on with maintaining a "tight control over costs".

As of 1330 GMT, Norman Broadbent shares were untraded at 12p.

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