Executive search and recruitment firm Norman Broadbent (NBB: LSE) announced its unaudited interim results for the six months ended 30 June 2017 with revenue of £3.29 million, a decrease of 2.2% from £3.36 million last year.

The group stated that it had undergone significant restructuring including changes in personnel, offerings and processes across the business during the period.

"The company has completed phase one of its restructuring and is now well positioned to move forward with confidence and anticipates announcing the details of an equity placing later this morning as we move into Phase Two of our plan,” Mike Brennan, CEO of Norman Broadbent, said.

Earlier this year, the Board announced the appointment of Gary Browning as a Consultant and Strategic Adviser in August 2017.  Furthermore, James Webber, Group CFO, informed the Board of his intention to resign from the company in August. The group added that an offer has been extended to a potential candidate and that it was in the final stage of an appointment.

Norman Broadbent also announced plans to raise up to GBP 1.23 million  to accelerate growth.

Broken down by business segment revenue during the year was as follows:

The group stated that its Executive Search segment underwent substantial restructuring during the first six months of 2017. This has included significant investment in new hires, including the appointment of Tim Hammett as Managing Partner and the departure of a number of underperforming legacy consultants.

Meanwhile, Interim Management was re-launched at the end of 2016 with the hiring of Angela Hickmore as Managing Director. While still an early stage business, the Board stated that it is pleased with its progress to date. 

In Leadership Consulting, the group stated that the segment performed well. On 4 July 2017, Leadership Consulting won a contract with a FTSE 250 company to provide executive assessment, research and insight services over a three-year period. Norman Broadbent expects the benefits of this to take effect in Q4 2017.

In Solutions, Norman Broadbent stated that its performance was in line with expectations and the management focus for the segment is to increase headcount in order to grow the business to adequate scale.

“The business is now positioned to move onto Phase Two of its business plan which aims to build on the work carried out to date, upscale all of our businesses and become self-funding and profitable. In order to fund Phase Two, the company has been in discussion with its existing institutional shareholders and a number of new investors and anticipates shortly announcing the details of a proposed placing to raise up to £1.23 million,” Brennan said.

As of last trade, Norman Broadbent PLC (NBB:LSE) traded at 11.00, no change on the day and 54.39% above the 52 week low of 7.13 set on 7 August 2017. Based on its current share price the company has a market value of £4.58 million.