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(Alliance News) - Senior leadership recruitment firm Norman Broadbent PLC said Friday its 2018 losses narrowed sharply as revenue surged as it continued to benefit from the diversification of its business.
In 2018, pretax loss improved to GBP741,000 from GBP1.6 million the year prior. This was after revenue jumped to GBP9.4 million from GBP6.5 million the year before, representing its highest revenue in a decade.
"Our 2018 results evidence continued positive momentum," Norman Broadbent Chief Executive Officer Mike Brennan said. "They show positive trajectory in top line growth, and a further significant reduction of losses."
Norman Broadbent does not pay a dividend.
"Our long stated goal has been to diversify the business offering clients a wider range of high-value services," Brennan added. "The diversification strategy is clearly working. We have created a more balanced group combining recurring annuity revenue, with a range of consulting, research-related and high-quality fully-retained talent acquisition fees."
Shares in Norman Broadbent were untraded at 9.03 pence in London on Friday.