Turnover has increased at Norman Broadbent in “very challenging” conditions, according to the executive search firm’s final results for the year ended 31 December 2009.

The group’s results reveal:

·     Turnover rose 84% to £6.03m

·     Trading loss before exceptional items of £1.35m

·     Cost of liquidating subsidiary and goodwill impairment charge of £2.11m

Since year end, the group changed its name from Garner to Norman Broadbent and embarked on a successful negotiation of a £3.46m reduction of the deferred consideration payable for the Norman Broadbent companies.

Andrew Garner, chairman, says: “Needless to say, 2009 was a very challenging year for most businesses and for Norman Broadbent it was no different.  Global search firms reported a reduction in fees of 25-30% in 2009 compared with 2008, which is consistent with group performance.

“However, in 2010 an injection of over £2m in capital together with renegotiated and reduced liabilities and a change of name to Norman Broadbent place the group in its current strong position with a robust balance sheet and prominent global brand.”