Norman Broadbent 2017 Results

Norman Broadbent plc Registered Address: Portland House, Bressenden Place, London SW1E 5BH Registered company number 00318267
Norman Broadbent plc
(“Norman Broadbent”, the “Company” or the “Group”)
Final Results and Annual Accounts

The Board of Norman Broadbent (AIM: NBB) – a leading Professional Services firm specifically focussing on Leadership Acquisition & Advisory Services (Board & Leadership Search, Senior Interim Management, Research & Insight, Leadership Consulting & Assessment, and executive level Recruitment Solutions) – is pleased to announce its final results for the year ended 31/12/2017.
Highlights

• Overall revenue increased by £0.86m (+15%) to £6.5m with lower, but higher quality headcount. New businesses grew substantially in line with the strategy to create a more balanced business of high quality revenue

• Cross selling between brands has increased significantly resulting in c.50% of NB Solutions deals being generated by NB Executive Search

• NB Interim revenues increased by £1.1m (140%), NB Leadership Consulting revenues increased by £0.4m (148%), NB Solutions revenue increased £0.2m (45%), and our recently (2018 H2) launched Research & Insight service starting to contribute. These increases are offset by the decline in Search revenues (due to the transformation) of £0.9m (-23%)

• Strong Q4 for NB Executive Search

• Loss after tax increased by £0.6m (60%) to £1.6m reflecting restructuring costs and associated short term impact on fee earner numbers in Search but masked a strong Q4 2017 performance

• April 2018 office relocation to generate £300k in savings pa for lease duration

• Group now more relevant and competitive in terms of pricing, proposition and people

• Trading update: Q4 2017 strongest quarter for new wins and revenue during the last financial year and positive trend continuing into Q1 2018; Q1 2018 ahead of Board plan at EBITDA/revenue level

Commenting on the results, Group CEO Mike Brennan said “The ongoing reinvention of Norman Broadbent Group is progressing. Our broader, more integrated service proposition is landing well with clients, the business is increasingly competitive, and culturally we are more innovative and collegiate. In summary, the Group is now more relevant and competitive in terms of pricing, proposition and people”

For further information, please contact:

Norman Broadbent plc: Mike Brennan (Group CEO) / Will Gerrand (Group CFO) 020 7484 0000
WH Ireland Limited: Adrian Hadden / Jessica Cave / Alex Bond 020 7220 1666

 

 

 

Norman Broadbent 2017 Results Announcement