Norman Broadbent Half Year Results Sept 2016
Norman Broadbent Group PLC – a provider of time efficient, cost effective Board & Executive Search, Senior Interim Management, Solutions, Insight and Leadership Consulting services to companies ranging from established corporations to high-growth innovators – today announces its unaudited interim results for the six months ended 30 June 2016. The highlights were:
- Appointment of Mike Brennan as Group CEO in April 2016
- Group net loss decreased to £106,000 (H1 2015: £134,000), in comparison to a Group net loss of
£351,000 for the last six months of 2015
- Since the half year, the Board has appointed a new managing director of the Norman Broadbent Interim Management division, who joins the Group in October 2016
- Since the half year, Norman Broadbent has rebranded and repositioned its mid-market business, AG From 3rd October 2016 this division will trade as NB:Solutions under a new managing director. NB:Solutions is now positioned to provide innovative, cost effective and highly flexible executive level recruitment solutions
- Frank Carter joins the Board as Non-Executive Chairman replacing Scanes Bentley in September 2016
Mike Brennan, Group CEO of Norman Broadbent, said:
“Given the rightsizing of the cost base in recent years, we are now entering a new phase of growth underpinned by the £2.3m of new capital raised in September 2016 from both existing and new shareholders. This capital will stabilise the business from an operational perspective, has allowed us to repay expensive debt, but more importantly enables the business to scale up through the hiring of new and experienced fee earners across all of our three core offerings of Executive Search, Solutions and Interim Management. We expect to start to see the benefit of these new hires in 2017.”
On current trading he added “Since the period end, we have concentrated on investing in hiring new talent across our three brands and on further reductions in costs including exiting poor performers. This investment in our staff will continue into 2017 and beyond.
Monday 3rd October will see the formal launch of the rebranded business units Norman Broadbent Interim Management and NB: Solutions under new and revitalised leadership.
We anticipate that the refocusing and repositioning of the business and the refreshment of our brands will result in an improved financial performance with the benefits coming through during the second half of 2017.”
For further information please contact:
Mike Brennan, Group CEO Norman Broadbent plc (020 7484 0000)
Notes to Editors:
Norman Broadbent plc is a provider of time efficient, cost effective Board & Executive Search, Senior Interim Management, Solutions, Insight and Leadership Consulting services to companies ranging from established corporations to high-growth innovators.