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(Alliance News) - Norman Broadbent PLC on Tuesday said it anticipated net fee income to have surged in 2023, leading to a swing to profit.
The London-based recruitment firm said net fee income in 2023 rose 44% to GBP10.5 million from GBP7.3 million in 2022. Underlying earnings before interest, tax, depreciation and amortisation
surged to about GBP900,000 from just GBP100,000.
Further, it expects 2023 pretax profit of GBP300,000, swung from a loss of GBP300,000.
Noting challenging markets conditions, Chief Executive Officer Kevin Davidson said: "While being cognisant of the macroeconomic headwinds, the strong momentum established across the business and some easing of inflationary pressures in the economy mean that we are increasingly confident in our ability to overachieve against our previously stated target of GBP1.25 million of EBITDA in 2025." Underlying Ebitda was GBP93,000 in 2022.
The company had released its 2022 results on May 31, 2023.
Norman shares fell 2.8% to 7.05 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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