Norman Broadbent, the UK-headquartered senior and board executive recruiter, has seen increases in both revenue and gross profit (GP), in a year in which it finalised a three-year reorganisation of the company to focus solely on the UK. 

The reorganisation saw the company regain complete control of the Norman Broadbent brand worldwide through the termination of franchise licences.

Over the course of the year, the company also sold its 51% stake in a Belgian subsidiary and its 20% stake in Norman Broadbent Spain. 

It is also in the process of winding up its small operations in Singapore and the US, in line with the reinforced UK focus.

Its financial statement for the year ended 31 December 2014, released this morning, shows revenue from continued operations increased 11% to £7.6m, (2013: £6.8m). GP from continuing operations increased 6% to £7.1m (2013: 6.7m).

The group incurred an operating loss from continued operations of £900k (2013: £1.2m), reflecting continued investment in new start-up businesses Arcus Global Partners (AGP – its recruitment process outsourcing brand), Norman Broadbent Interim Management and Social Media Search.

Those new businesses returned revenues of £1.8m (2013: £600k).

However, operating profit in the group’s main business of executive search in the UK increased 273% to £525k (2013: £141k).

The consolidation of the business saw a decrease in income from royalty payments to £76k (2013: £212k).

Also announced this morning was the departure of chairman Pierce Casey, who will retire on 30 June. 

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