London-listed executive search and recruitment firm Norman Broadbent (NBB: LSE) reported revenue of £9.4 million for the full year ended 31 December 2018, an increase of 44% when compared to the previous year and the highest annual revenue in over ten years for the group.

The group posted its operating performance, a loss of £0.7 million, which was an improvement over 2017’s loss of £1.6 million. The group’s 2018 operating performance includes a one-off increase in the provision for office dilapidations of £0.1 million relating to former offices.

Mike Brennan, Group CEO of Norman Broadbent Group, commented, "Our 2018 results evidence continued positive momentum. They show positive trajectory in top line growth, and a further significant reduction of losses. Our results have been driven by a strong and collegiate culture delivering high quality, impactful, and innovative solutions to clients.”

Norman Broadbent Executive Search (NBES) remains the most significant part of the group and has undergone the most change in the past two years. During 2018, revenue increased by 22% to £3.7 million, and the loss before tax reduced by 74%.

“The process of change in NBES, subject to scale, is now complete and the foundations for a return to profit have been laid with increased activity evidenced by 2018's Q4 being the best performance for a number of years,” the company stated.

Norman Broadbent Interim Management generated net revenues (after interim costs) of £1.4 million resulting in a profit of £87,000 (2017: loss £237,000). The group said it anticipates seeing continued growth in this part of the business.

Norman Broadbent Solutions saw revenue increase to £1.1 million (2017: £842,000) and a return to a profit before tax of £74,000 (2017: loss before tax of £14,000).

Norman Broadbent Leadership Consulting was not able to replicate the success of 2017, as turnover (after associate costs) reduced from £516,000 in 2017 to £239,000 in 2018, resulting in a loss before tax of £38,000 in 2018 compared with a profit before tax of £294,000 in 2017.

In trading on Friday, Norman Broadbent shares closed at £9.50, no change on the day. Based on its current share price the company has a market value of £4.98 million.