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Norman Broadbent plc Final Results for the year ended 31 December 2010

Norman Broadbent plc Final Results for the year ended 31 December 2010

Norman Broadbent plc, a leading provider of executive search, and leadership consultancy services, announces its audited results for the year ended 31 December 2010.

Financial Highlights

Revenue increased to 6.1 million (2009: 6 million), with executive search revenues up 9% to 5.7 million (2009: 5.2 million)

Profit before tax of 1.0 million including gain on disposal of 0.8 million (2009 : loss of 3.45 million),

Operating profit of 229,000 (2009: loss of 3.2 million), after restructuring costs

Adjusted earnings per share of 5.69p (2009: loss per share of 56.57p)

Restructuring programme implemented in 2009 resulted in a reduction of operating expenditure of 22% to 5.8million (2009: 7.4million)

2m cash raised through equity placement during year

Equity shareholders' funds increased to 978,000 (2009: deficit of 2.4million)

Proposed Share Placing Announced Today

1.75m through a proposed placing of 2,692,308 new ordinary shares at 65p per share

Additional capital raised will be issued to support growth strategy

Subject to shareholder approval at Annual General Meeting
Operational Highlights

Transformational year - operational integration of Norman Broadbent and Garner International

Revenue per consultant and per assignment increased significantly (consultant headcount of 20 in 2010 compared with 29 in 2009)

Acquisition of board assessment, coaching and development business, Human Asset Development International Limited ("HADIL")

Andrew Garner, founder of Garner and architect of current group to retire on 30 June 2011

Organic strategy to double search revenues by 2014

Expansion of HADIL, additional international licensed businesses and new international offices to provide extra growth

Pierce Casey, Executive Chairman, said:

"2010 has been a transformational year for Norman Broadbent which has seen the successful operational integration of the executive search businesses of Norman Broadbent and Garner International under the Norman Broadbent brand, a brand which has 30 years of positive, high profile, board level recognition.

"Trading in the first quarter of 2011 has been both profitable and satisfactory. Notwithstanding the time lag in revenue generation through the active recruitment of new senior executives, the outlook for 2011 as a whole remains positive.

"Longer term, we are committed to creating a top tier executive search business across a variety of territories, in tandem with a broader suite of human capital services, including executive assessment, evaluation, coaching and an enhanced board level interim service."


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