Norman Broadbent PLC (AIM:NBB) said it returned to strong growth in the final quarter of 2021 with the momentum continuing into 2022 so far.
The recruitment consultant's net fee income rose by 20% in the fourth quarter of 2021, with January to April this year seeing a 20% increase in search income alongside a 50% rise in recruitment staff.
Broadbent underwent a wholesale management change in 2021, with Peter Searle becoming chair in July, Keith Davidson joining as CEO in September and Sean Buchan becoming MD in November.
A new strategy has also been implemented, said Davidson, focused on acquisitions and greater concentration on high margin board and executive search business and expansion of the interim contractor book.
Davidson added: “Hiring and growth strategy is in the execution phase and in 2022 to date the number of fee earners has increased by 50% with considerable further opportunities for growth identified. We have seen the momentum from Q4 continue into 2022."
Revenues in 2021 dropped to £6.55mln from £7.82mln, with the group posting a pre-tax loss of £573,000.