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(Alliance News) - Norman Broadbent PLC on Friday said it has returned to profitability in 2019 due to continued growth in revenue and improved operating results in the second half.
Shares in Norman Broadbent were trading 20% higher on Thursday morning in London at 9.50 pence each.
"A turnaround and transformation of this scale is pleasing, particularly when many in our industry are referencing lower than anticipated UK trading and significant disruption in H2 2019 due to political and Brexit uncertainty," the company said.
For 2019, the company expects to record a 22% year-on-year rise in group revenue to GBP11.5 million. Group net fee income is predicted to rise 15% to GBP7.6 million.
In 2018, the recruitment firm posted revenue of GBP9.4 million and a pretax loss of GBP741,000. Net fee income totaled GBP6.6 million.
"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. As we move forward into 2020, these results further evidence that our strategy of building a more diversified, innovative and relevant business is working," said Chief Executive Mike Brennan.
By Ife Taiwo; ifetaiwo@alliancenews.com
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