FINANCIALS: Norman Broadbent boosts revenue and cuts losses

Norman Broadbent has reduced losses and increased revenue by 42% year-on-year, according to interim results for the six months to 30 June 2018.

Results from the talent acquisition and advisory services provider reveal group revenue rose by £1.37m to £4.7m, while net fee income also increased 27% to £3.3m from £700k in the same period of last year.

The group also managed to reduce losses after tax to £300k from £400k in H1 2017 in a period in which it relocated to new Central London offices, which brought in annual savings of £300k.

Commenting on the group’s performance, CEO Mike Brennan said: “As phase two of our transformation maintains momentum, we are increasingly and consistently delivering high-quality innovative solutions for clients, often combining a number of our different service lines.

“From an NFI perspective, we have created a more balanced group combining recurring annuity revenue, with a range of consulting, research-related and high-quality fully-retained talent acquisition fees.

“Having posted a loss of £1m in H2 2017, I am pleased with the significant improvement in H1 2018, reducing the loss to £0.3m.”

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