Recruiter Norman Broadbent Plc (LON:NBB) slashed its losses as recent efforts to boost sales started to show through.
Revenue rose 42% to £4.7mln in the half year to June, while losses dropped to £265,000 from £679,000. Net fee income rose 27%, which reflected growth in Research, Insight and consulting revenues.
WATCH: Newly transformed Norman Broadbent offering a unique mix of business lines
Executive search still accounted for 54% of sales but Broadbent said customers are increasingly using the other services it provides.
“As Phase Two of our transformation maintains momentum, we are increasingly and consistently delivering a high-quality innovative solution for clients, often combining a number of our different service lines,” said Mike Brennan, chief executive.
“From an NFI perspective, we have created a more balanced group combining recurring annuity revenue, with a range of consulting, research-related and high-quality fully-retained Talent Acquisition fees.”
Broadbent also announced that Frank Carter is stepping down as chairman, while brand and marketing specialist Fiona McAnena has joined the board as a non-executive director.