Norman Broadbent plc (LON:NBB) – a leading London quoted Professional Services firm offering a diversified portfolio of integrated Leadership Acquisition & Advisory Services – has announced the Group’s unaudited interim results for the six months ended 30 June 2020
· Positive EBITDA of £11,000
· NFI decline of just 5.7% despite the disruption arising from the Covid-19 pandemic
· Interim Management and Solutions saw positive NFI increases from H1 2019 of +48% and +22% respectively
· Net cash inflow from operations of £629,000
· Debtor days at end of H1 2020 was 48 days (Dec 2019 – 72 days)
· All external loans (excluding Bibby Working Capital Invoicing Discounting facility) fully repaid
· Actively seeking growth opportunities via key appointments, M&A initiatives, and partnerships/strategic ‘tuck-ins’
Mike Brennan, Norman Broadbent Group CEO, said:
“I am pleased to report that the first six months of 2020 showed positive EBITDA, and, despite Covid-19, we saw only a minimal decline in NFI of 5.7%. This remarkable achievement is down to the dedication of my colleagues and our strategy of building an innovative, diversified, and agile Group. These factors, coupled with our willingness to take difficult decisions quickly and early on in the pandemic, meant we were well placed to respond to market challenges and uncertainties.
We have proven our strategy is working, and our leadership team has the bandwidth to build the Group further. With this in mind, and despite these challenging times, we are actively seeking growth opportunities in the form of key strategic appointments to the Group, M&A initiatives, and partnerships/strategic ‘tuck-ins’.
I and the Board would like to thank our supportive shareholders and clients for continuing to place their trust in us. I must also pay tribute to my colleagues – I am justifiably proud of them and their performance. Our continued positive momentum during this most difficult of times is down to their hard work, dedication, and commitment.”
Steve Smith, Norman Broadbent Group CFO/COO, added:
“With the Group posting positive EBITDA for H1 2020, and with revenues only marginally down, we have demonstrated Norman Broadbent’s resilience and relevance. Culturally and operationally we are no longer a traditional, siloed, pure-play executive search business but something much broader, more progressive, and relevant in today’s market. Increasingly our clients see us for what we now are – a problem-solving business partner offering bespoke solutions incorporating Consulting, Interim, Research & Insight, and high‐quality fully retained Search Solutions.”