Norman Broadbent plc announces its unaudited results for the six months ended 30 June 2011
Norman Broadbent plc
Norman Broadbent plc, a leading provider of executive search, and leadership consultancy services, today announces its unaudited results for the six months ended 30 June 2011.
· Revenue increased to £3.49 million from £3.26 million, an increase of 5.8 per cent on a reduced executive search headcount
· Operating profit of £0.45 million before restructuring costs, compared to £0.20 million in the same period in 2010
· Equity shareholders' funds increased to £2.8 million (2010: £0.978 million)
· £1.75m raised through a placing of 2,692,308 new ordinary shares at 65p per share
· Addition of new institutional investors to the Company's share register
· Funds intended to be utilised for strategic growth
· New, substantially increased, invoice discounting facilities have been put in place in anticipation of strong 2012 UK organic growth
· Following retirement of Group CEO Andrew Garner on 31 May, Pierce Casey has become executive chairman
· Eight senior appointments in the UK search practice announced in the last month, including three managing directors: repositions the business to a Tier 1 firm under Sue O'Brien, UK CEO
· Jock Lennox appointed chairman of HADIL, the Company's board assessment and evaluation subsidiary
· Interim joint venture with Alium progressing well
· Strong results from the Company's Middle Eastern licensee
· Expectation of an Asian office opening in the next six months
· Discussions continue on French and German openings, although market uncertainty makes the Company cautious in the short term
· New client wins are encouraging
Pierce Casey, executive chairman said:
"With our eight UK search appointments (all from top tier competitors) we believe that 2012 should see a substantial increase in UK search revenue. Moreover, our board level interim and assessment offerings in the UK are developing well, albeit from modest bases.
Internationally, we remain focused on developing a presence in Asia and mainland Europe.
The outlook for the Company in 2012 and beyond looks bright."