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International executive search firm Norman Broadbent (NBB:LSE) posted revenue of £7.6 million for the 2012 financial year, an increase of nearly +11% from the prior year when the firm recorded revenue of £6.9 million.
Gross profit in the period totalled £7.42 million, a jump of +9% from a year ago. Operating profit before non-recurring restructuring costs remained almost flat at £293,000 compared with £301,000 in the previous year. During 2012, the firm made an operating loss of £38,000, compared to £501,000 in 2011. In the year, the loss after tax also narrowed to £115,000 from £561,000.
Pierce Casey, executive chairman of Norman Broadbent, said the brand should continue to strengthen throughout 2013.”We remain committed to achieving increased market share in the UK search market whilst pursuing geographical and product diversification on a cost efficient basis. This allows us to enhance our relationship with our UK clients, attract new clients and to develop scale through overseas revenues.”
But current trading is challenging. UK search revenues for the first quarter of 2013 were lower than the first quarter in 2012. However, the firm has expanded into the US, Singapore and France where business operations are progressing well. Looking ahead, the executive recruiter expects to expand operations and profits over the next five years.
Norman Broadbent is a UK-based executive search and leadership consultancy with services including executive assessment, board evaluation, coaching, and applied business research.