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Norman Broadbent PLC on Tuesday reported a double-digit rise in interim revenue and a narrowed loss, as it eyes ‘accelerated growth’ in the future.
For the six months that ended on June 30, the London-based recruitment firm said revenue was £3.9 million, up 28% from £3.1 million a year earlier. Pretax loss narrowed to £72,000 from £143,000.
Net fee income rose 20% to £3.3 million from £2.8 million a year earlier, driven mainly by growth in executive search.
The company recorded positive earnings before interest, tax, depreciation and amortisation of £55,000 during the period with ‘considerable forward momentum’.
Chief Executive Officer Kevin Davidson said: ‘I am delighted with H1 2022's performance and our forward momentum, generating Ebitda whilst also growing headcount significantly with very high calibre individuals in key markets.’
Looking ahead, Norman Broadbent said it is well positioned in stable and growing markets. Davidson added: ‘Despite the challenging economic back-drop, I remain confident in the shape and position the business is now in to deliver sustainable and accelerated growth in both NFI and Ebitda in H2 2022 and beyond.’
Shares were down 1.0% at 5.00 pence each on Tuesday morning in London.
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