Norman Broadbent plc (LON: NBB), a leading London listed Professional Services firm offering a diversified portfolio of integrated Leadership Acquisition & Advisory Services (Board & Leadership Search, Senior Interim Management, Research & Insight, Leadership Consulting & Assessment, and executive level Talent Solutions) – has today announced its final results and annual accounts for the year ended 31 December 2018.
“These are exceptionally good results and are testament to everyone’s hard work and our strategy.” – Mike Brennan, Group CEO of Norman Broadbent
· Group Revenues increased by £2.9m (+44%) to £9.4m, our highest annual revenue in over 10 years
· Group Net Fee Income (“NFI”) increased by £1.6m (+32%) to £6.6m
· 2018 Group operating performance (loss of £0.7m) a significant improvement on 2017 (loss of £1.6m)
· 2018 Group operating performance includes a one off charge of £0.1m due to an increase in the provision for office dilapidations relating to our former offices
· Loss before tax reduced by £0.9m (-54%) to a 2018 loss before tax of £0.7m
· 2018 NFI mix: Search (including Research & Insight) 48%; Interim 23%; Solutions 26%; Consulting 3%. This further improved NFI mix evidences the success of our ongoing diversification strategy
· Interim Management NFI increased by £0.8m (+109%) to £1.5m
· Executive Search NFI increased by £0.7m (+22%) to £3.7m
· Solutions NFI increased by £0.4m (+45%) to £1.2m
· Phase 2 of transformation complete and significant progress made towards a return to profitability
A copy of the audited 2018 Annual Report (including the notice of Annual General Meeting (“AGM”)) will be sent to shareholders today. The Annual Report will be available on the Company’s website in due course, https://www.normanbroadbent.com/investor-relations
The Company’s 80th AGM will be held at 10am on the 10th Floor, Portland House, Bressenden Place, London SW1E 5BH on 22 July 2019.
Mike Brennan, Group CEO of Norman Broadbent said:
“Our 2018 results evidence continued positive momentum. They show positive trajectory in top line growth, and a further significant reduction of losses. Our results have been driven by a strong and collegiate culture delivering high quality, impactful, and innovative solutions to clients.
Our long stated goal has been to diversify the business offering clients a wider range of high-value services. The diversification strategy is clearly working and is evidenced by the 2018 NFI mix (see above). We have created a more balanced Group combining recurring annuity revenue, with a range of consulting, research-related and high-quality fully-retained Talent Acquisition fees. Our market proposition not only benefits clients who can now access a wider range of integrated services, but also the Company. Importantly, it also strengthens our investor proposition as a more balanced NFI mix should create greater resilience and generate higher quality revenue.
With the Group delivering a significant set of results, I would like to thank my colleagues for their hard work, innovation and commitment, our clients for placing their continued trust in us, and our supportive shareholders.”