Norman Broadbent, the London-listed executive search and recruitment firm, yesterday reported first quarter net fee income (NFI) of £2.15 million, down 12% against record breaking Q1 2023 (£2.43 million) and 47% up on Q1 2022 (£1.46 million).

In its trading update for the quarter ended 31 March 2024, Kevin Davidson, CEO of Norman Broadbent, said, "We are comfortable with how the year has begun, with variance in quarterly NFI distribution typical over the course of a year and, of course, in the context of a still challenging macroeconomic environment.”

Norman Broadbent reported strong uptick in activity levels seen to date in Q2 2024 with substantial increases in both the volume and value of proposals. The group also highlighted five additional fee earners starting in Q2 & Q3 2024, covering digital and technology, investor practice (PE/VC (private equity/venture capital), life sciences and industrial (energy and aviation).

Davidson said, “We have made a strong start to the second quarter and, while the quarterly growth rate may continue to fluctuate, our overall trajectory remains positive. Our stated ambition is to deliver EBITDA in excess of £1.25 million in FY2025 and we remain confident in our ability to achieve that.”

“We have invested further in, and will continue to identify and carefully assess, potential new hires who can deliver NFI rapidly and, crucially, be additive to the high performance and collaborative culture we have created. In addition to adding quality people, we continue to focus on productivity, efficiency improvements and enhanced processes within the company wherever possible,” Davidson added.

Norman Broadbent shares closed yesterday at £9.75, no change on the day. The company has a market cap of £5.79 million.