FINANCIALS: Norman Broadbent grows despite challenging conditions
27 September 2012
International executive search and leadership consultancy firm Norman Broadbent grew its revenue by 15% to £4m in the six months ended 30 June 2012 compared with £3.5m in 2011.
Thu, 27 Sep 2012
International executive search and leadership consultancy firm Norman Broadbent grew its revenue by 15% to £4m in the six months ended 30 June 2012 compared with £3.5m in 2011.
According to unaudited results announced today, core UK executive search revenues increased by 20% to £3.5m (£2.9m in 2011).Operating profit fell from £452k to £255k before restructuring costs, as operating expenses grew by 20%, reflecting the higher salary costs and the additional costs of operating new offices in Singapore and the US.
Profits before tax rose slightly from £30k to £43k.
The results follow a major restructuring of the company, which included a share placing in May 2011 raising £1.75m, the appointment of 10 senior executives and the creation of a new board.
The company says it is in discussions with potential acquisition targets and teams are underway, with progress expected before the year end.
Looking ahead, the company says: “Recent data on UK and European growth prospects suggest a robust recovery is some way off. However, September revenues look satisfactory and the outlook for the last quarter of 2012 appears encouraging, albeit there is limited visibility particularly in view of heightened geo-political tensions and macroeconomic uncertainties across the globe.”
International executive search and leadership consultancy firm Norman Broadbent grew its revenue by 15% to £4m in the six months ended 30 June 2012 compared with £3.5m in 2011.
According to unaudited results announced today, core UK executive search revenues increased by 20% to £3.5m (£2.9m in 2011).Operating profit fell from £452k to £255k before restructuring costs, as operating expenses grew by 20%, reflecting the higher salary costs and the additional costs of operating new offices in Singapore and the US.
Profits before tax rose slightly from £30k to £43k.
The results follow a major restructuring of the company, which included a share placing in May 2011 raising £1.75m, the appointment of 10 senior executives and the creation of a new board.
The company says it is in discussions with potential acquisition targets and teams are underway, with progress expected before the year end.
Looking ahead, the company says: “Recent data on UK and European growth prospects suggest a robust recovery is some way off. However, September revenues look satisfactory and the outlook for the last quarter of 2012 appears encouraging, albeit there is limited visibility particularly in view of heightened geo-political tensions and macroeconomic uncertainties across the globe.”
