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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.

Financial highlights

&middot Revenue increased to &pound3.49 million from &pound3.26 million, an increase of 5.8 per cent on a reduced executive search headcount

&middot Operating profit of &pound0.45 million before restructuring costs, compared to &pound0.20 million in the same period in 2010

&middot Equity shareholders' funds increased to &pound2.8 million (2010: &pound0.978 million)

Share placing

&middot &pound1.75m raised through a placing of 2,692,308 new ordinary shares at 65p per share

&middot Addition of new institutional investors to the Company's share register

&middot Funds intended to be utilised for strategic growth


&middot New, substantially increased, invoice discounting facilities have been put in place in anticipation of strong 2012 UK organic growth

Operational highlights

&middot Following retirement of Group CEO Andrew Garner on 31 May, Pierce Casey has become executive chairman

&middot 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

&middot Jock Lennox appointed chairman of HADIL, the Company's board assessment and evaluation subsidiary

&middot Interim joint venture with Alium progressing well

&middot Strong results from the Company's Middle Eastern licensee

&middot Expectation of an Asian office opening in the next six months

&middot Discussions continue on French and German openings, although market uncertainty makes the Company cautious in the short term

&middot 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."


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