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(Alliance News) - Norman Broadbent PLC on Thursday said it swung to profit in the first half of 2019 as it has restructured its business.
The professional services firm said it swung to a pretax profit of GBP16,000 in the six months to the end of June compared to a GBP265,000 loss reported a year earlier, as revenue rose by 13% to GBP5.3 million from GBP4.7 million. Net fee income in the first half increased by 7% to GBP3.5 million.
The company explained that its improved performance reflects the change from a predominantly single service executive search business to an enterprise providing its clients with an integrated range of offerings geared specifically to customers' needs.
The rebalancing of Norman's service mix saw the company establishing Executive Search business, with existing Interim and Solutions divisions both growing, the company noted.
"I am pleased to report that the first six months of 2019 have seen continued positive top line growth. We also recorded a small profit before tax - the first for many years. The return to profitability in the first half is an extremely important milestone for the group," said Chief Executive Mike Brennan.
Norman shares were trading 1.2% lower on Thursday in London at 8.15 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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