24th May 2021 11:23
Norman Broadbent PLC - London-based recruitment and professional services firm - Sinks to pretax loss of GBP193,000 in 2020 from GBP84,000 profit in 2019. Annual revenue drops 32% to GBP7.8 million from GBP11.5 million, with net fee income falling 17% to GBP6.3 million from GBP7.6 million - which was blamed on coronavirus but was mitigated by "quick and decisive" cost control measures.
Chief Executive Mike Brennan says: "The group came into 2020 with good momentum and plans for further growth. We opened a new office in the north of England, relocated to better central London offices, and were actively seeking to appoint additional team members in both centres. Then, like many businesses, we were impacted by the Covid 19 pandemic.
"The early and decisive actions taken by us, combined with our broader portfolio of services have continued into 2021 and leave us better placed to respond to these challenges than many. Similarly, our collaborative and innovative culture will stand us in good stead when compared to more traditional and silo-ed competitors."
Current stock price: 6.98 pence, up 7.4% Monday
Year-to-date change: up 46%
By Paul McGowan; [email protected];
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