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At the Annual General Meeting of Norman Broadbent plc NBB:LSE to be held today, Pierce Casey, Chairman, will make the following statement:
"The board is pleased to advise shareholders that the Company traded profitably in the six months ended 30 June 2010. The turnaround from operating losses in the same period last year, resulted from increased revenues in our search business, coupled with reduced costs. Current trading is encouraging with increased levels of repeat business from existing clients combined with new wins and we expect this trend to continue in the second half of the year.
"Following the recent share placing which raised 2.03 million Pounds and the 3.46 million Pounds reduction in the deferred acquisition liability the balance sheet as at 30 June 2010 is strong, including cash balances in excess of 1 million Pounds. It is anticipated that interim results will be released in early September.
"The board is actively pursuing development opportunities to add to our existing network of offices in the UK, Spain, Italy, Canada and the Middle East."
In early trading Norman Broadbent's shares were unchanged at 85 Pence.