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Norman Broadbent net fee income up; contracted work pipeline strong

11th Jul 2023 11:18

(Alliance News) - Norman Broadbent PLC on Tuesday reported net fee income growth in the first half of the year and expects to report higher earnings before interest, tax, depreciation and amortisation.

The London-based recruitment firm said for the six-months ended June 30, Ebitda is expected to be around GBP250,000, up from GBP50,000 a year prior.

It said net fee income in the first half of 2023 grew by 57% to GBP5.2 million from GBP3.3 million the year before.

Looking ahead, Norman Broadbent said its pipeline of contracted work remains strong, with GBP2.3 million of contracted revenue in place going into the third quarter of 2023, up from GBP1.0 million during the same period a year ago.

Additionally, the company said it is on track to deliver its Ebitda target of GBP1.3 million by 2025.

Chief Executive Officer Kevin Davidson said: "We are delighted with the progress the entire business continues to make. Our considerable growth in NFI is translating into positive Ebitda and greatly improved financial performance whilst we continue to invest heavily in business transformation.

"Despite the challenging macroeconomic conditions, we have, for some time, believed that the company is well positioned in the correct markets at the appropriate level to ensure continued growth and success.

Shares in Norman Broadbent were up 4.6% at 5.75 pence each in London on Tuesday morning.

By Sabrina Penty, Alliance News reporter

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