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Norman Broadbent returns to profitability in first half as diversification pays off

The top line has continued to grow at the executive search group thanks to its diversification into other professional services areas

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Norman Broadbent offers talent acquisition and advisory services including executive search, interim management and research & insight

Norman Broadbent Plc (LON:NBB) has returned to profitability in the first half of 2019 as the group continued its strategy to diversify around its executive search core. 

Ahead of its annual shareholder meeting, chief executive Mike Brennan indicated that a small profit before tax had been made in the six months to 30 June, compared to £0.4mln last year and £3mln the year before that.

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The return to profit comes after continued positive top-line growth, following on from the 44% increase seen last year, with a diversified business pipeline going into the second half.

“The return to profitability in H1 is an extremely important milestone for the group,” Brennan said in the statement. 

“These results validate our strategy of building a more diversified business supplying high value services to our clients.”

The diversification strategy was creating a “more agile and balanced” group, offering a range of consulting, research-related, and talent acquisition services.

Quick facts: Norman Broadbent PLC

Price: 4.95 GBX

LSE:NBB
Market: LSE
Market Cap: £2.73 m
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