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Norman Broadbent confirms revenue increase of 4.5% in half year results

Financial highlights:

Revenue from continuing operations increased by 4.5 per cent to &pound3.82m (2013: &pound3.65m)

Gross profit from continuing operations increased by 7 per cent to &pound3.70m (2013:  &pound3.46m)

UK executive search profit before tax increased by 8 per cent to &pound0.23m (2013: &pound0.21m)

UK executive search revenue per billing consultant increasing by 4 per cent

Revenue from our two new subsidiary businesses, AGP and Connecting Corporates (rebranded Social Media Search), increased by &pound0.7m to &pound0.9m (2013: &pound0.2m)  

Adjusted operating loss from continuing operations was &pound0.4m* (2013: &pound0.3m) reflecting, the continued investment AGP and Social Media Search  

Group cash and cash equivalents were &pound0.24m (31 December 2013: &pound0.6m)  

No bank debt

Net assets of &pound1.7m (2013: &pound3.0m)  

*     Before non-recurring exceptional items  

Operational highlights

James Webber, Group CFO and COO, will be joining the PLC Board with immediate effect

Strong momentum in new subsidiary businesses, specifically in the growth areas of RPO solutions and social media consultancy

In the first six months of 2014, our new subsidiary businesses contributed 60 per cent more revenue to the Group than the 12 months ended 31 December 2013

Two new senior hires in Norman Broadbent Interim Management

Completed refocusing of the Norman Broadbent brand worldwide

Streamlined the Group by selling our 51% subsidiary Norman Broadbent SPRL and mutually agreeing to end our license agreement and selling our 20 percent holding in NBS Norman Broadbent SA    

Pierce Casey, chairman of Norman Broadbent, said, “In the first six months of 2014 we continued to invest in growing our enhanced suite of service offerings alongside focusing on improving profit margin in our core executive search business.  

"I am pleased to report that since the period end UK executive search / leadership consulting, executive interim, RPO (within AGP) and social media search are all trading and trending well, whilst we are dealing with a somewhat disappointing performance from the traditional contingent offering of AGP.  

Finally, the Board is delighted to announce that James Webber, Group CFO and COO, will be joining the PLC Board with immediate effect.”    

Last year the company saw a group operating loss as a result of investment in its subsidary businessess and its discontinued Paris office, however this year it has started to see positive development in its subsidaries, as reflected in its results.

The company has stated it will aim to keep the pace of its profitable core business as its subsidary businesses move towards profitability.

It's pharma, HR, digital and technology businesses have performed exceptionally well, while its CIO and CFO divisions are seeing good results and an uptick in Q3 and Q4 means its retail division is also looking promising.

These results are also available from the Company's website at http://www.normanbroadbent.com/. 

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