Norman Broadbent PLC Q1 2023 Trading Update (1110A)

TIDMNBB

RNS Number : 1110A

Norman Broadbent PLC

22 May 2023

22 May 2023

Norman Broadbent plc

("Norman Broadbent", "NBB" or the "Company")

Q1 2023 TRADING UPDATE

Norman Broadbent (AIM: NBB), a leading London quoted Executive Search and Interim Management firm offering a diversified portfolio of integrated Leadership Acquisition & Advisory Services, is pleased to announce its Quarter 1 2023 trading update.

Q1 2023 Highlights

   -- Revenue up 67% to GBP2.92m (Q1 2022: GBP1.75m) 
 
   -- Net Fee Income ("NFI") up 66% to GBP2.43m (Q1 2022: GBP1.46m) with strong growth in both executive search and 
      interim management 
 
   -- Excellent forward momentum with pipeline of contracted revenue at the end of Q1 2023 of GBP2.57m 
 
   -- All fee earners hired in 2022 now generating revenue 
 
   -- 4 additional fee earners hired in Q1 2023 covering Digital and Technology, Investor Practice (PE/VC), Industrial 
      (Automotive) and Change and Transformation 
 
   -- Profitability continues to grow as new fee earning hires are ever more accretive to the bottom line 

The Company expects to publish its audited consolidated results for the year ended 31 December 2022 later this month.

Kevin Davidson, CEO of Norman Broadbent plc, said: "I am delighted to announce positive trading in Q1 which is continuing this quarter and the profitable growth of NBB. The investments made in our people, processes and supporting technologies over the past 18 months have, as planned, provided the foundations necessary to accelerate growth over the coming years in a sustainable fashion. Thanks as always to the team and to those supportive shareholders for the working capital provided last year in the form of the Convertible Loan Note which we are delighted to have repaid half of in a prudent fashion."

For further Information, please contact:

   Norman Broadbent plc                                                              020 7484 0000 

Kevin Davidson, CEO

Mehr Malik, CFO

   Shore Capital ( Nominated Adviser and Broker)                           020 7408 4090 

Tom Griffiths / Tom Knibbs (Corporate Advisory)

Henry Willcocks (Corporate Broking)

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May 22, 2023 02:00 ET (06:00 GMT)