Shares in Norman Broadbent PLC (AIM:NBB) rose 14% on Thursday after the executive search and interim management specialist said it was comfortably on track for a record first-half performance.
In a trading update, investors were told net fee income for the six months to 30 June climbed 33% year on year to £6 million, driven by a 36% rise in executive search and a 21% increase in interim management.
The company expects underlying EBITDA to come in between £750,000 and £800,000, up from just £100,000 a year earlier.
Norman Broadbent also returned to a net cash position of £200,000, following the repayment of a Government-backed CBILs loan and the receipt of a historical tax refund.
The number of search mandates rose 37%, with average fees also higher. CEO Kevin Davidson said the update reflected the firm’s transformation into a “resilient and agile” business, and flagged increased contracted revenue heading into the second half.
The stock jumped 20.5p to 165.5p.