Norman Broadbent PLC reaps benefits of broader activity spread

What it does

Executive search still accounts for the majority of sales but customers are increasingly using the other services () provides.

It started as a traditional executive search firm but under new management it added a number of divisions including solutions, interim management, consulting and executive search.

How it is doing

The group returned to profit in 2019 on the back of a 22% increase in revenues to £11.5mln from £9.4mln in 2018.

Group net fee income climbed 15% to £7.6mln from £6.6mln the year before.

The turnaround had already been demonstrated in the first half, when it reported an operating profit of £55,000, swinging from a £234,000 loss in the prior year.

In early March, the company expanded its operations in Northern England with the opening of a new office in Cheshire county, which it said was in response to “increasing client demand”.

What the boss says: Mike Brennan, chief executive

“The continued growth in revenue and our return to full-year profitability after several years of losses is an extremely important milestone for Norman Broadbent.”

“As we move forward into 2020 these results further evidence that our strategy of building a more diversified, innovative and relevant business is working. Our diversification strategy has created a more balanced group offering clients a range of consulting, research-related, and impactful leadership advisory & acquisition solutions.”

Video

https://www.youtube.com/watch?v=UGu4zMtFN9g

Blue sky

Potential to expand by acquisition as size of business increases.