Norman Broadbent plc (LON:NBB) – a leading London quoted Professional Services firm offering a diversified portfolio of integrated Leadership Acquisition & Advisory Services – has today announced the Group’s unaudited interim results for the six months ended 30 June 2021.
· Positive EBITDA for H1 2021
· Improvement in debtor days at end of H1 2021 to 54 (31 Dec 2020: 57 days)
· Reduction of operating expenses by 17% compared to same period last year
· Continued disruption due to the Covid-19 pandemic has impacted NFI, which reduced by 30% to £3.1m, however cost focus from the business resulted in the Company remaining EBITDA positive.
Post Interim period end
· Kevin Davidson appointed as CEO and engaged in accelerated growth plan
· Board strengthened with appointment of Angela Hickmore as non-executive director
· In order to strengthen the Company’s cash position, the Company intends to raise c.£297,000 by way of subscription, supported by the Company’s existing shareholders
Norman Broadbent Group Executive Chairman, Peter Searle said:
“These are a solid set of results and it’s pleasing to see positive EBITDA in the first half of 2021 despite the continued disruption due to the Covid-19 pandemic. We now have the leadership team in place to begin leveraging the full potential of the Norman Broadbent brand which remains highly respected across executive search and interim markets. .”
Steve Smith, Norman Broadbent Group CFO/COO, added:
“During the first half of 2021, the Group replaced it’s back office systems and simplified it’s structure. Additionally, leases on our offices in London and Knutsford were renewed at significantly improved terms. These initiatives have secured capacity for considerable growth whilst also reducing our fixed cost base, enabling increased investment across our fee earning teams “