AGM Statement and Trading Update
Positive EBITDA for 6 months to 30th June 2020
Revenues down by less than 10%
Ahead of its annual general meeting (“AGM”) later today, Norman Broadbent (AIM: NBB) ‐ a leading London listed Professional Services firm offering a diversified portfolio of integrated Leadership Acquisition & Advisory Services ‐ provides the following short unaudited trading update relating to the six months ended 30 June 2020.
At the AGM, Mike Brennan, Group CEO of Norman Broadbent, will make the following statement:
“As outlined in our annual report released on 29 June 2020, the Group swiftly adapted to the changing environment brought about by the COVID-19 pandemic. Early and decisive action was taken to align our cost base to changed circumstances and to put in place the necessary technical solutions and working protocols enabling us to continue serving clients despite lockdown.
Our unaudited results for the 6 months to 30 June 2020, which we anticipate releasing in September, will show that despite the disruption arising from the COVID-19 pandemic, our net fee income (“NFI”) for the period declined by less than 10% compared with the same period last year, and that the Group recorded small positive EBITDA.
The dedication of our staff and our strategy of building an innovative, diversified, and agile business, has meant we have been better placed to respond to market challenges than many competitors.
I and the Board would like to thank our clients for placing their trust in us, and in particular to pay tribute to my colleagues, all of whom have made considerable sacrifices this year. I am justifiably proud of them and their performance. Our 2019 results and continued positive momentum in 2020 during this most difficult of times, is down to their hard work, dedication, and commitment.”
Additionally, Steve Smith, Group CFO/COO of Norman Broadbent, will make the following statement:
“With the Group posting positive EBITDA for H1 2020, and with revenues only slightly down, our diversification strategy has demonstrated Norman Broadbent’s resilience and relevance. As the Group continues to offer clients bespoke solutions incorporating Consulting, Interim, Research & Insight, and high‐quality fully retained Talent Acquisition services, looking ahead, we continue to see a diversified pipeline of business going into H2.”
Norman Broadbent is holding its AGM at 10.00 am today using Zoom video conferencing technology.
For further information, please contact:
Norman Broadbent plc Mike Brennan / Steve Smith on 020 7484 0000
WH Ireland Limited Adrian Hadden / Darshan Patel / Matthew Chan on 020 7220 1666