Norman Broadbent plc Publishes Interim Results
Norman Broadbent plc Publishes Interim Results for the six months to 30 June 2010 Norman Broadbent plc, a leading provider of executive search, and leadership consultancy services, announces its interim results for the six month period ended 30 June 2010. Financial Highlights Revenue of 3.26 million (2009: 3.43 million), with an increase in core executive search revenues to 3.06 million (2009: 2.83 million). Return to profitability resulting in profit before tax of 974,000, including a one off gain of 822,000, (2009: loss of 660,000). Earnings per share of 32.84p (2009: loss per share of 28.45p). Transformation of balance sheet through a reduction in the Norman Broadbent acquisition cost of 3.46 million and capital raising of 2.04 million, resulting in net assets of 910,000 (2009: deficit of 2.40 million). Operational Highlights Successful integration of business under core Norman Broadbent brand. Move to single London location in St James Square Increased levels of activity in core Executive Search market with revenues increasing by 8.3% to 3.06 million. Launch of NB: Board Interim , a joint venture with Russam GMS. Successful recruitment campaign with three new key search consultants hired to date. Ongoing discussions in connection with further overseas expansion. Pierce Casey, Chairman, said: The six months to 30 June 2010 have transformed the Group. We have completed the recapitalisation of the Company, the re-negotiation of the deferred consideration due on the Norman Broadbent acquisition, the integration of our brands under the Norman Broadbent name and the move to a single head office in St James Square.
We have returned to profitability and now have the financial resources available to expand our operations both in the UK and overseas. As a result we are well placed to take advantage of increasing levels of activity in our core markets both in the UK and overseas. It is already evident that a re-capitalised Norman Broadbent is ideally positioned to both retain and attract top calibre talent.