Norman Broadbent, the executive search provider, has returned to profitability in the first half of the year with a pre-tax profit of £974,000, compared with a loss of £660,000 in the same period of 2009.

The results include a one-off gain of £822,000 on the disposal of BNB Recruitment Consultancy, a wholly-owned subsidiary that was placed into creditors’ voluntary liquidation during the period.

The company’s revenues fell slightly to £3.3m in the six months to 30 June, compared with £3.4m in 2009. However, sales in its core executive search business rose to £3.1m in the six month period, compared with £2.8m a year earlier.

The six months saw the company move to a single location in London, launch a joint venture with Russam GMS and complete a successful recruitment campaign which added three new key search consultants. It is in ongoing discussions to expand further overseas.

Pierce Casey, chairman, says: “The six months have transformed the group … We have returned to profitability and now have the financial resources available to expand our operations both in the UK and overseas.

“As a result we are well placed to take advantage of increasing levels of activity in our core markets both in the UK and overseas. It is already evident that a re-capitalised Norman Broadbent is ideally positioned to both retain and attract top calibre talent,” he added.