25 April
2024
Norman Broadbent
plc
("Norman
Broadbent", "NBB" or the "Company")
Q1 2024 TRADING
UPDATE
Norman Broadbent (AIM: NBB), a
leading Executive Search and Interim Management firm,
announces a trading update for the quarter ended 31 March 2024 ("Q1
2024").
Highlights
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·
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Net Fee Income ("NFI") of £2.15m,
down 12% against record breaking Q1 2023 (£2.43m) and 47% up on Q1
2022 (£1.46m)
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|
·
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Strong uptick in activity levels
seen to date in Q2 2024 with substantial increases in both the
volume and value of proposals
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·
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5 additional fee earners starting in
Q2 & Q3 2024, covering Digital and Technology, Investor
Practice (PE/VC), Life Sciences and Industrial (Energy and
Aviation)
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Kevin Davidson, CEO of Norman Broadbent plc,
said:
"We are comfortable with how the year has begun, with variance
in quarterly NFI distribution typical over the course of a year
and, of course, in the context of a still challenging macroeconomic
environment.
We
have made a strong start to the second quarter and, while the
quarterly growth rate may continue to fluctuate, our overall
trajectory remains positive. Our stated ambition is to deliver
EBITDA in excess of £1.25 million in FY2025 and we remain confident
in our ability to achieve that.
We
have invested further in, and will continue to identify and
carefully assess, potential new hires who can deliver NFI rapidly
and, crucially, be additive to the high performance and
collaborative culture we have created. In addition to adding
quality people, we continue to focus on productivity, efficiency
improvements and enhanced processes within the Company wherever
possible."
Contacts:
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Norman Broadbent
plc
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+44 (0)20 7484
0000
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Kevin Davidson, CEO
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Mehr Malik, CFO
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Shore Capital (Nominated Adviser and
Broker)
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+44 (0)20 7408
4090
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Tom
Griffiths / Tom Knibbs (Corporate Advisory)
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Henry Willcocks (Corporate
Broking)
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Alma (Financial Communications
Adviser)
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+44 (0)20 3405 0205
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Rebecca Sanders-Hewett
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normanbroadbent@almastrategic.com
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Kinvara Verdon
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David Ison
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About Norman Broadbent:
Norman Broadbent (AIM: NBB) is a
professional services firm focused on executive search, senior
interim management solutions and bespoke leadership advisory
services working across the UK and internationally.
Established as the first
UK-headquartered search firm in 1979, the firm has a 40+ year track
record of shaping leadership across industries including Consumer,
Financial Services, Industrials, Life Sciences, Investor and
TMT.
www.normanbroadbent.com