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 announced its final results and annual accounts for the year ended 31 December 2020.
· Year on year NFI decrease of 18% driven by Covid 19 pandemic largely mitigated by quick and decisive cost control measures
· Positive EBITDA and gross margin increase to 80%
· 15 day improvement in debtors days (to 57 days) assisting with Group liquidity
· £250,000 Coronavirus Business Interruption Loan secured in December 2020
· New Invoice Finance Facility active in early 2021 resulted in improved cashflow into the Group
· 25% of 2020 Group NFI generated by internal referrals further evidencing collaborative business culture
· Further improved NFI mix evidences ongoing creation of a more balanced Group
A copy of the audited 2020 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 AGM will be held at 10am on the 7th Floor, Millbank Tower, 21-24 Millbank, London SW1P 4QP (and by Zoom conference software meeting) on 25th June 2021.
Mike Brennan, Group CEO of Norman Broadbent Group said:
“The Group came into 2020 with good momentum and plans for further growth. We opened a new office in the North of England, relocated to better Central London offices, and were actively seeking to appoint additional team members in both centres. Then, like many businesses, we were impacted by the Covid-19 pandemic.
The early and very decisive actions taken by us, combined with our broader portfolio of services and collaborative and innovative culture, meant we were better placed to respond to these challenges than others. It was not easy, but our team rose to the challenge!
I would like to thank our shareholders for their continuing support, and our clients for placing their trust in us. I would also like to pay a personal tribute to our team who showed real commitment during the Covid-19 crisis. It is an honour to be their CEO, and I am proud of their achievements, much of which is down to their hard work, loyalty, and dedication.”