FINANCIALS: Norman Broadbent shows positive future as NFI rises

Professional services staffing specialist Norman Broadbent has reduced losses and seen net fee income rise 32% year-on-year.

This is according to an unaudited trading update for the year to 31 December 2018, released this morning.

The update reveals group NFI rose to £6.6m from £1.6m in 2017, with revenue up 40% on the previous year to £9.2m and losses before tax down 55% to £700k. 

Across the group’s divisions, the interim management division’s NFI increased by £0.8m (+109%) to £1.5m, the executive search division saw NFI increase by £0.7m (+24%) to £3.7m and the solutions division saw NFI rise by £0.4m (+45%) to £1.2m.

Elaborating on the group’s performance, CEO Mike Brennan said: “Our 2018 unaudited results evidence our continued positive momentum, as a result of consistently delivering high quality innovative solutions for clients. There is positive trajectory in topline growth and a further significant reduction of losses.

“At EBITDA level, we are confident that we will see losses reduce as NFI continues to rise in 2019. We continue to invest in talent to support the growth in the company, which impacts costs in the short term, but operational efficiencies continue to kick-in and we maintain a tight control over costs.”

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