Norman Broadbent Plc (LON:NBB) has cut its annual losses in half after its revenues for 2018 reached their highest level in over 10 years.
In its results for the year ended 31 December 2018, the recruiter reported a pre-tax loss of £700,000, 54% lower than the prior year, while revenues increased by 44% to £9.4mln.
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Net fee income, meanwhile, jumped 32% to £6.6mln, with the group’s interim management arm seeing the biggest uplift of 109% to £1.5mln in the year.
Mike Brennan, the company’s chief executive, said the company's “more balanced NFI mix” should generate higher quality revenue for the firm, adding that the business was becoming “increasingly competitive”.
The CEO also said the results were evidence of “continued positive momentum” in the business and that its diversification strategy was “clearly working”.
In lunchtime trading on Friday, the shares were steady at 9.5p.
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