Norman Broadbent Q4 net fee income down in strongest quarter of 2024
Norman Broadbent Q4 net fee income down in strongest quarter of 2024

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Norman Broadbent reported group net fee income of £2.5 million, slightly down on the comparable period in the preceding year (Q4 2023: £2.6 million) and the company’s strongest quarter of the year.
The company noted that net fee income in Q4 2024 was 10% above the Q1-Q3 2024 average.
Retainer income, a key driver of recurring revenue, was up 44% year-on-year and 34% higher than the 2024 quarterly average.
The executive search and interim management firm also reported net fee income for the full year 2024 of £9.3 million, down 13% on a record FY23 (FY23: £10.5 million).
Underlying EBITDAfor the full year is expected to be more than £0.25 million, down from a record £0.9 million in FY23.
For FY 2024, the loss before tax is approximately £0.2 million, reflecting market conditions and strategic investment, a decline from FY23’s £0.3 million profit.
Year-end net cash stood at £0.1 million, down on £0.4 million as of 31 December 2023.
“Despite persistent macroeconomic and labour market challenges, the company delivered its second-best annual trading performance in over a decade, achieving healthy underlying EBITDA and, pleasingly, ended the year with a positive net cash position,” Kevin Davidson, CEO of Norman Broadbent, said in a press release.
Norman Broadbent says positive momentum has continued into 2025 with contracted revenues up 40% year-on-year to £2.1 million (FY24: £1.5 million; FY23: £1.8 million).
“Whilst we expect market headwinds to persist for at least the first half of 2025, the momentum generated in Q4 FY24 puts us in a strong position relative to many of our peers,” Davidson said. “Following the successful business turnaround, the company has demonstrated its resilience and ability to perform in tough conditions, reinforcing our confidence in the future.”
Davidson also said the group is exploring ways to expand its international presence, while actively seeking synergistic acquisition opportunities to establish an industry consolidation platform.
“We remain confident in delivering our previously stated target of £1.25 million of EBITDA in the medium term,” Davidson added. “Whilst our ability to achieve this in 2025 will be heavily influenced by macro conditions and the timing of any market recovery, the company is in excellent shape and well placed to rapidly capitalise when conditions improve.”
Norman Broadbent shares last traded at £3.75, up 20.97% on the day and 36.36% above the 52-week low of £2.75 set on 14 January 2025. The company has a market cap of £1.84 million.