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Norman Broadbent shares jump as quarterly revenue climbs 60%

12th Oct 2023 10:59

(Alliance News) - Norman Broadbent PLC shares rose on Thursday, after it said revenue in the third quarter of 2023 climbed 60%.

Shares in the London-based recruitment firm rose 23% to 6.75 pence each in London on Thursday morning.

In a trading update on the company's third quarter, Norman Broadbent said it continued to see "strong trading", despite macro economic pressures.

In the period it delivered revenue of GBP3.2 million, up 60% from GBP2.0 million year-on-year.

Net fee income rose 65% to GBP2.8 million from GBP1.7 million. In the year-to-date, NFI rose 58% to GBP7.9 million from GBP5.0 million.

It said this has been driven by "sustained average fee growth and additional productive headcount across key sectors."

Looking ahead, Norman Broadbent said it is now confident of delivering and exceeding its prior target of GBP1.3 million earnings before interest, tax, depreciation and amortisation by 2025.

Chief Executive Kevin Davidson said: "This will be driven by the continued elevation of performance and productivity within the established team and high-quality headcount growth across our core market sectors, as we have successfully delivered over the past two years."

By Sophie Rose, Alliance News reporter

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