FINANCIALS: Norman Broadbent reveals losses but points to progress

Norman Broadbent says increased losses in 2017 have masked “considerable” progress made in the second phase of the turnaround of its business.

This is according to a financial statement covering the full year 2017, released by the talent acquisition and advisory services provider this morning.

The results reveal overall revenue increased by £0.86m (+15%) to £6.5m.

Across the group, NB Interim revenues increased by £1.1m (140%), NB Leadership Consulting revenues increased by £0.4m (148%), NB Solutions revenue increased by £0.2m (45%), while recently launched Research & Insight service also started to contribute to the bottom line. 

However, the group saw a decline in revenues of its search business of £900k, down 23% year-on-year, while the group’s loss after tax increased by £0.6m (60%) to £1.6m. The group added these losses reflected restructuring costs and associated short-term impact on fee earner numbers in the search business.

Commenting on the group’s performance, group CEO Mike Brennan acknowledged the group’s increased loss from continuing operations was disappointing but concealed “considerable” progress made in the implementation of Phase 2 of its turnaround.

“This progress has been against the backdrop of a fundamental change in how we go about our business. There has been a relentless focus on the quality of our work and people, the development of a more collegiate approach to servicing our client’s needs, including leveraging the synergies between our brands to devise innovative solutions for our clients rather than industry standard offerings. 

“The positive impact of these changes was reflected in the Q4 revenue run rates of the underlying business units. This trend has continued into 2018.”

Looking ahead, in a trading update the group said Q4 2017 revealed strongest quarter for new wins and revenue during the last financial year – a positive trend that has continued into Q1 2018.

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