Norman Broadbent (NBB)

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 6.75p
   
  • Change Today:
      0.000p
  • 52 Week High: 10.50
  • 52 Week Low: 5.00
  • Currency: UK Pounds
  • Shares Issued: 66.90m
  • Volume: 0
  • Market Cap: £4.52m

Norman Broadbent posts solid fourth-quarter growth

By Josh White

Date: Tuesday 16 Jan 2024

LONDON (ShareCast) - (Sharecast News) - Executive search and interim management company Norman Broadbent said in a trading update on Tuesday that it saw significant growth in the fourth quarter of 2023, with group net fee income (NFI) rising 13% year-on-year to £2.6m.
The AIM-traded firm said the positive momentum had carried forward into the first quarter of 2024, where contracted revenue increased 15% to £1.5m, compared to £1.3m in the first three months of 2023.

For the entire 2023 financial year, the company achieved several noteworthy milestones.

NFI surged by 44%, reaching £10.5m, compared to £7.3m in 2022.

Norman Broadbent said its financial health also saw marked improvement, as underlying EBITDA reached £0.9m, up substantially from the £0.1m reported in the year prior.

Additionally, the company achieved a profit before tax of £0.3m - a significant turnaround from the prior year's loss before tax of £0.3m.

Moreover, the company said it experienced positive net cash flow throughout the year.

Norman Broadbent said its fiscal strategy also included early redemption and conversion of outstanding £0.4m convertible loan notes, further strengthening its financial position.

The company's net cash position improved to £0.4m as of 31 December, compared to a net debt of £1.1m at the end of 2022.

"Our strategic plan continues to deliver and I thank the whole team for their outstanding performance," said group chief executive officer Kevin Davidson.

"In the two years since we started this journey, and amid challenging market conditions, we have almost doubled NFI, increased profit before tax by over £0.9m, returned to meaningful profitability and become net cash flow positive.

"This success is attributed to the strength of our team, the quality hires we have made and our continued focus on productivity improvements across the business."

Davidson said that, while the executive search and broader recruitment markets were challenging in 2023, the company bucked the trend by growing the size of its team and still delivered a strong set of financial results.

"In 2024, we plan to continue to invest and pursue our aggressive growth strategy, whilst remaining profitable and generating positive net cash flows.

"This will be organically led, leveraging the renewed attractiveness of our brand proposition while exploring synergistic acquisition opportunities as appropriate.

"While being cognisant of the macroeconomic headwinds, the strong momentum established across the business and some easing of inflationary pressures in the economy mean that we are increasingly confident in our ability to overachieve against our previously stated target of £1.25m of EBITDA in 2025."

At 1003 GMT, shares in Norman Broadbent were down 2.83% at 7.05p.

Reporting by Josh White for Sharecast.com.

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NBB Market Data

Currency UK Pounds
Share Price 6.75p
Change Today 0.000p
% Change 0.00 %
52 Week High 10.50
52 Week Low 5.00
Volume 0
Shares Issued 66.90m
Market Cap £4.52m

NBB Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
5.72% below the market average5.72% below the market average5.72% below the market average5.72% below the market average5.72% below the market average
19.57% above the sector average19.57% above the sector average19.57% above the sector average19.57% above the sector average19.57% above the sector average
Price Trend
32.79% above the market average32.79% above the market average32.79% above the market average32.79% above the market average32.79% above the market average
11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average11.11% above the sector average
Income Not Available
Growth
38.24% above the market average38.24% above the market average38.24% above the market average38.24% above the market average38.24% above the market average
36.17% above the sector average36.17% above the sector average36.17% above the sector average36.17% above the sector average36.17% above the sector average

NBB Dividends

No dividends found

Trades for --2024

Time Volume / Share Price
0 @ 0.000p

NBB Key Personnel

CEO Kevin Davidson
CFO Mehr Malik

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