Norman Broadbent PLC Trading Update (1177N)
18 Mayo 2020 - 01:00AM
UK Regulatory
TIDMNBB
RNS Number : 1177N
Norman Broadbent PLC
18 May 2020
Norman Broadbent plc
("Norman Broadbent" or "the Group")
Trading Update
The Norman Broadbent Group (AIM: NBB), a leading London quoted
Professional Services firm offering a diversified portfolio of
integrated Leadership Acquisition & Advisory Services (Board
& Leadership Search, Senior Interim Management, Research &
Insight, Leadership Consulting & Assessment, and
executive-level Talent Solutions) is pleased to provide an update
on year-to-date trading and the timing of its results.
As reported in January, Norman Broadbent returned to
profitability for the full year to 31 December 2019. This return to
profitability evidenced the success of the Group's strategy,
turnaround, and transformation.
2019 preliminary results highlights included:
-- Group Revenues increased year-on-year by 22% to GBP11.5m (2018 GBP9.4m)
-- Group Net Fee Income ("NFI") increased year-on-year by 15% to GBP7.6m (2018 GBP6.6m)
-- Group returned to full year profit
The table below represents the progress made by the Group since
2017.
2017 2018 2019
Group revenue (GBPm) 6.5 9.4 11.5
Net fee income (GBPm) 5.0 6.6 7.6
Building on the 2019 results, the Group commenced 2020
positively. Despite lockdown impacting markets in March and April,
the Group recorded a 12% increase in NFI (Jan-April 2020) compared
to the same four-month period in 2019. Significantly, the Group saw
strong contributions from Interim and Solutions offsetting
challenging general market conditions for Search.
As concerns about COVID-19 began to emerge, management began
proactively planning. This enabled the Group to move swiftly in
March. Staffing changes were made ensuring the Group was
appropriately positioned for any period of uncertainty.
Accordingly, a small number of staff were furloughed or released
from their contracts with the remaining team members moving quickly
to remote working.
As the Group embraced technology to assist in remote working and
continued candidate and client interaction, trading has continued
uninterrupted as staff seamlessly adapted to the new working
environment. This not only highlights the agility of the Norman
Broadbent team, but also evidences the strength of the 40-year old
brand, and the Group's more diverse portfolio of services, which
are particularly relevant in today's markets.
The first six weeks of the lockdown were characterised by the
predictable slowing of Search activity. However, as the Group now
has a wider range of services creating greater balance and
substantial resilience, the Interim and Solutions markets have
yielded business opportunities from new and existing clients. There
is also interest in the Group's Research & Insight services as
clients prepare and plan for the post-COVID era. In addition, the
investment made over recent years in digital marketing is
continuing to impact results positively as business is developed
with new and existing clients. Whilst there has been some reduction
in revenues, to date these have been offset by the sensible and
prudent cost measures taken.
Additional emphasis has been placed on cash collections and
reduction in debtor days in 2020. This, combined with positive
EBITDA in March and April, has helped protect cashflow and the
Group's cash position. In addition, management has prudently
applied for government schemes where appropriate.
Prior to lockdown, the Group successfully relocated its London
office to Millbank Tower whilst also opening new operations in the
North. A full risk assessment of the Group's office accommodation
has taken place and, as of Monday May 18(th) , staff will be able
to return to a safe working environment compliant with UK
government guidelines. The efficiency and size available in both
offices means that full social distancing and a 'safe to work
environment' can be achieved with no incremental cost.
The Group had planned to publish its 2019 results in April 2020.
However, in common with numerous other companies, the completion of
the audit and hence the publication of results has been delayed by
COVID-19. We will provide a further update to shareholders in due
course relating to the timing of the publication of these audited
results.
Group CEO Mike Brennan said:
"On behalf of the Board, I would like to take this opportunity
to thank the Norman Broadbent team for their exceptional work this
year and, particularly, during this recent challenging period. I
would also like to welcome Steve Smith, our new Group CFO &
COO, to the Board, replacing Will Gerrand. Steve, along with the
Senior Leadership Team, has been exceptional in helping us navigate
these choppy waters. The health and safety of our staff and
stakeholders is of paramount importance, and I am delighted that we
have been able to continue working safely and uninterrupted whilst
maintaining high levels of client service, all achieved whilst
working remotely. I am genuinely proud of our team - they have
pulled together at this difficult time and clearly exhibited the
strong values which bind us together."
For further information, please contact:
Norman Broadbent Group plc
Mike Brennan (CEO) and Steve Smith (CFO & COO) - 020 7484
0000
WH Ireland Limited
(Nominated Adviser and Broker)
Adrian Hadden - 020 7220 1666
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END
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