Mike Brennan, CEO of Norman Broadbent, said:
“As Phase Two of our transformation maintains momentum, we are increasingly and consistently delivering high quality innovative solutions for clients, often combining a number of our different service lines.
From an NFI perspective, 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.
Having posted a loss of £1m in H2 2017, I am pleased with the significant improvement in H1 2018, reducing the loss to £0.3m.
With the Group delivering ahead of Board expectations in the first half, 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”.
The board of Norman Broadbent plc (LON:NBB), today announced the Groups unaudited interim results for the six months ended 30 June 2018.
Highlights
· Significant progress towards a return to profitability
· Group revenue increased by £1.37m (+42%) to £4.7m
· Net Fee Income (“NFI”) increased by £0.7m (+27%) to £3.3m
· Loss after tax reduced by £0.4m (-61%) to a H1 2018 loss of £0.3m
· Interim Management NFI increased by £464,000 (+139%) to £799,000
· H1 2018 Group operating performance (loss of £0.2m) a significant improvement on preceding period (H2 2017 loss of £1m)
· Successfully relocated to new Central London offices generating projected annual savings of £0.3m
· H1 2018 Group performance slightly ahead of Board expectations