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Norman Broadbent returns to full-year profitability as turnaround continues

"A turnaround and transformation of this scale is pleasing, particularly when many in our industry are referencing lower than anticipated UK trading and significant disruption ... due to political and Brexit uncertainty."

Norman Broadbent PLC -

Norman Broadbent PLC (LON:NBB) saw its shares jump higher on Friday as the professional services firm said its turnaround has continued, with the second half of 2019 proving better than the first.

The group returned to profit in 2019, it confirmed in a trading statement, on the back of a 22% increase in revenues to £11.5mln from £9.4mln in 2018.

Group net fee income climbed 15% to £7.6mln from £6.6mln the year before.

"The continued growth in revenue and our return to full-year profitability after several years of losses is an extremely important milestone for Norman Broadbent,” said Mike Brennan, the group’s chief executive officer.

“As we move forward into 2020 these results further evidence that our strategy of building a more diversified, innovative and relevant business is working. Our diversification strategy has created a more balanced group offering clients a range of consulting, research-related, and impactful leadership advisory & acquisition solutions,” he added.

“We continue to invest in high-quality talent. In particular, we are pleased to announce the opening of a new North-West office in March 2019. Our North-West team are already hired, fully operational, and starting to contribute,” Brennan revealed.

In late morning trading, shares in Norman Broadbent were over 11% higher at 8.75p.

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Quick facts: Norman Broadbent PLC

Price: 5.75 GBX

LSE:NBB
Market: LSE
Market Cap: £3.1 m
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Norman Broadbent 'in a good position' after reporting first half profit

Norman Broadbent's (LON:NBB) Mike Brennan speaks to Proactive London's Andrew Scott after announcing the recruitment and consultancy firm will post an underlying profit for the half-year to June. Brennan says net fee income in the six months to June 30, 2020, declined by less than 10% compared...

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