Executive search and recruitment firm Norman Broadbent (NBB: LSE) announced its final results for the full year ended 31 December 2017 with revenue of £6.5 million, an increase of 15.2% compared to last year.

Loss after tax increased by £0.6 million to £1.6 million reflecting restructuring costs and associated short term impact on fee earner numbers in Search but masked a strong Q4 2017 performance.

Norman Broadbent added that for the full year it reported lower, but higher quality headcount. Furthermore, it stated that new businesses grew substantially in line with the strategy to create a more balanced business of high quality revenue.

During the year, the group undertook phase two of its turnaround programme, which included a relocation of office, the raising of £1.2 million in September, and the appointment of key executives.

In 2017, the group appointed William Gerrand as Chief Financial Officer and Chief Operating Officer. Norman Broadbent also appointed Tim Hammett as Head of Norman Broadbent Executive Search during the year.

Norman Broadbent Executive Search was the part of the group most significantly impacted by the costs associated with the implementation of the restructuring during 2017. This resulted in a number of staff exits and new hires. During this period revenue declined by 24% to £3.0 million.

Norman Broadbent Interim Management generated net revenues of £0.7 million, up from £0.1 million in 2016. The group invested heavily in 2017 in rebuilding its Interim business.

For the Norman Broadbent Solutions, revenue increased to £0.8 million from £0.5 million.

In the Norman Broadbent Leadership Consulting segment, revenue was £0.5 million, up from £0.2 million in 2016.

Norman Broadbent’s recently launched Research & Insight service also began to contribute.

Mike Brennan, Group Chief Executive, commented, “I can report that the first quarter of 2018 at revenue and EBITDA level was ahead of the Board’s plan. While significant progress has been made in terms of new services, hires and our premises move, collegiate working, there is still a way to go in completing this phase of our transformation.”

“The ongoing reinvention of Norman Broadbent Group is progressing,” Brennan said. “Our broader, more integrated service proposition is landing well with clients, the business is increasingly competitive, and culturally we are more innovative and collegiate. In summary, the group is now more relevant and competitive in terms of pricing, proposition and people.”

In trading today, Norman Broadbent 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 £5.93 million.