28th Feb 2020 15:33
(Alliance News) - Norman Broadbent PLC said Friday Chief Financial Officer Will Gerrand plans to leave the firm in the "near future" to pursue "other business interests".
The management consultant said Gerrand informed the company of his intention to step down following the "positive" trading update issued towards the end of January.
Norman Broadbent said it has returned to profitability in 2019 due to continued growth in revenue and improved operating results in the second half.
"A turnaround and transformation of this scale is pleasing, particularly when many in our industry are referencing lower than anticipated UK trading and significant disruption in the second half of 2019 due to political and Brexit uncertainty," the company said in January.
For 2019, Norman Broadbent said it expects to record a 22% year-on-year rise in group revenue to GBP11.5 million. Group net fee income is predicted to rise 15% to GBP7.6 million.
In a statement on Friday, Norman Broadbent said a process is underway to find Gerrand's replacement.
"As we approach the release of our 2019 full year results (scheduled for early April), a further announcement on this will be made in due course," the company said.
Chief Executive Mike Brennan added: "Will has been an excellent CFO and colleague during a crucial phase in our history as we returned Norman Broadbent to profitability and became cash generating. Will leaves with the appreciation and best wishes of the board and colleagues."
Shares in Norman Broadbent were down 6.4% in London on Friday afternoon at 7.02 pence each.
By Paul McGowan; [email protected]
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