FINANCIALS: Norman Broadbent operating profit down but still in black before restructuring costs
Tue, 19 Jun 2012
Executive search firm Norman Broadbent saw revenues rise during 2011, and while it registered an operating loss, this was only after restructuring costs were taken into account.
Revenues rose from £6.1m to £6.9m between 2010 and 2011, with group operating profit before restructuring costs down from £373k to £301k.
Restructuring costs also rose significantly, meaning that while the company registered an operating profit of £229k in the previous year, it lost £501k in 2011.
The company notes that 2011 “was a year of significant change in terms of the core London executive search team”. It had 10 new senior appointments, eight of which came in during the second half of the year, affecting revenues.
In Q1 of 2012, executive search revenue was up 16% on Q1 2011.
In 2011, the company launched new subsidiaries in Singapore and the US.