Norman Broadbent reaches milestone with full-year profitability
The professional services firm demonstrated a turnaround and returned to profit after seeing revenues increase by 22% to £11.5m from £9.4m in the previous year, with its second half proving better than the first.
The group’s net fee income also increased in 2019 by 15% to £7.6m compared to £6.6m in 2018 and £5m in 2017, respectively.
The company noted its progress as ‘pleasing’ after political uncertainty had resulted in certain players in the industry recording lower than anticipated results in the second half of 2019.
Shares in Norman Broadbent reacted positively and were trading 14.29% higher at 9p on Friday morning.
"The continued growth in revenue and our return to full-year profitability after several years of losses is an extremely important milestone for Norman Broadbent,” said Chief Executive, Mike Brennan.
“As we move forward into 2020 these results further evidence that our strategy of building a more diversified, innovative and relevant business is working,” he added.
Meanwhile, the group also announced the opening of a North-West office in March, adding that a team had been hired and were fully operational.
Looking ahead, the group said that it anticipates releasing its full results for FY2019 in early April.
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