Norman Broadbent PLC Trading Update (8250P)
13 Febrero 2019 - 1:00AM
UK Regulatory
TIDMNBB
RNS Number : 8250P
Norman Broadbent PLC
13 February 2019
Norman Broadbent plc
("Norman Broadbent" "NBB" "the Company" or "the Group")
Trading Update
The Board (the "Board") of Norman Broadbent (AIM: NBB) today
provides an unaudited trading update ahead of its annual results in
respect of the year ended 31 December 2018.
Highlights
-- Significant progress towards a return to profitability
-- Group revenue increased by GBP2.6m (+40%) to GBP9.2m our
highest annual revenue in over 10 years
-- Group Net Fee Income ("NFI") increased by GBP1.6m (+32%) to GBP6.6m
-- 2018 Group operating performance (loss of GBP0.6m) a
significant improvement on 2017 (loss of GBP1.6m)
-- 2018 Group operating performance includes a one off increase
in the provision for office dilapidations of GBP0.1m relating to
our former offices
-- Loss before tax reduced by GBP0.9m (-55%) to a 2018 loss before tax of GBP0.7m
-- Interim Management NFI increased by GBP0.8m (+109%) to GBP1.5m
-- Executive Search NFI increased by GBP0.7m (+24%) to GBP3.7m
-- Solutions NFI increased by GBP0.4m (+45%) to GBP1.2m
-- Further improved NFI mix evidences ongoing creation of a more balanced Group
Mike Brennan, CEO of Norman Broadbent, said:
"Our 2018 unaudited results evidence our continued positive
momentum, as a result of consistently delivering high quality
innovative solutions for clients. There is positive trajectory in
top line growth and a further significant reduction of losses.
As stated in the 2018 Half Year results, 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. We enjoyed record 32% NFI growth during 2018 and are
confident of continued double digit growth in 2019, although given
the outstanding growth in 2018, being prudent, we are
understandably cautious about predicting a similar year-on-year NFI
% increase.
At EBITDA level, we are confident that we will continue seeing
losses reduce as NFI continues to rise in 2019. We continue to
invest in talent to support the growth in the Company, which
impacts costs in the short term, but operational efficiencies
continue to kick-in and we maintain a tight control over costs.
With the Group delivering a significant set of results, I would
like to thank my colleagues for their hard work, innovation and
commitment, our clients for placing their continued trust in us,
and our supportive shareholders."
For further information, please contact:
Norman Broadbent plc
Mike Brennan/Will Gerrand 020 7484 0000
WH Ireland Limited
Adrian Hadden/ Jessica Cave 020 7220 1666
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
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END
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