Norman Broadbent PLC FY2020 Trading Update (6780M)
January 25 2021 - 1:00AM
UK Regulatory
TIDMNBB
RNS Number : 6780M
Norman Broadbent PLC
25 January 2021
Norman Broadbent plc
("Norman Broadbent", "NBB" or the "Group")
FY2020 Trading Update
Norman Broadbent (AIM: NBB) - a leading London quoted
Professional Services firm offering a diversified portfolio of
integrated Leadership Acquisition & Advisory Services -
provides the following unaudited trading update relating to the
twelve months ended 31 December 2020.
Following the unprecedented events of 2020, the Board is pleased
to provide the following trading update:
Highlights and Financial Information:
-- Management moved early and decisively at start of pandemic
-- Group Net Fee Income decreased YoY by 18% to GBP6.2m (2019: GBP7.6m)
-- Gross margin percentage increased to 79% (2019: 66%)
-- Swift cost control measures at onset of pandemic largely
offset decrease in Net Fee Income leading to positive Group EBITDA
for the full year 2020
-- Improved Group liquidity following significant improvement in Debtor Days
-- Secured a GBP250,000 six-year term Coronavirus Business Interruption Loan
-- A new GBP1.5m Invoice Finance Facility to become active in early 2021
-- Pre-audit work commenced - Group anticipates releasing the
full results for FY2020 in April 2021
-- Strategic hires made across 'thrive' sectors and internal promotions to new leadership roles
-- Established digital marketing and client engagement initiatives came into their own in 2020.
Mike Brennan, Group CEO of Norman Broadbent, commented:
"2020 was unprecedented yet, despite these unparalleled times,
the Norman Broadbent team pulled through and performed. The
strategy of building a broader portfolio of services - one we have
pursued since I joined the business - stood us in good stead in the
run up to, and during, the pandemic. Our broader, more relevant,
portfolio of services has enabled us to help clients as they faced
their own challenges in 2020. Although our objectives remain the
same, the pandemic has amplified them. Put simply, our aim is to
help clients manage and successfully drive change, mitigate risk,
grow, and succeed.
Notwithstanding the uncertain economic environment, our goal
this year is to strive to grow NFI back towards 2019 levels whilst
continuing to build upon our successes in 2020 in carefully
managing our cost base.
After a tough 2020, I would again like to thank my colleagues
for their hard work, innovation and commitment, our clients for
placing their continued trust in us, and our supportive
shareholders."
Steve Smith, Group CFO/COO of Norman Broadbent, said
"Under the circumstances these are good results reflecting well
on our team and strategy. As the pandemic forced businesses to
rethink strategy, pivot and change, our clients have increasingly
seen us as a problem-solving partner offering a bespoke mix of
progressive high--quality Search, Interim Management, Research
& Insight, Assessment & Development solutions. Our
collaborative innovative culture coupled with the trusted Norman
Broadbent brand has made us proven business partner, especially
during these difficult times.
Looking ahead, we continue to seek growth opportunities and are
actively pursuing M&A opportunities, long-term partnerships,
and strategic 'tuck-ins'."
For further information please contact:
Norman Broadbent plc
Mike Brennan / Steve Smith - 020 7484 0000
WH Ireland Limited
Adrian Hadden / Jessica Cave / Darshan Patel - 020 7220 1666
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END
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