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(Alliance News) - Norman Broadbent PLC on Monday reported double-digit earnings growth in 2019 and a positive start to 2020.
The AIM-listed professional services firm said revenue increased by 22% in 2019 to GBP11.5 million. Net fee income increased year-on-year by 15% to GBP7.6 million from GBP6.6 million.
Building on its 2019 results, the company said it commenced 2020 positively. Despite the Covid-19 lockdown impacting markets in March and April, Norman Broadbent said it recorded a 12% increase in net fee income in the four months to the end of April compared to the same period in 2019.
The company said staffing changes were made ensuring it was appropriately positioned for any period of uncertainty caused by Covid-19.
Additional emphasis has been placed on cash collections and reduction in debtor days in 2020, Norman Broadbent highlighted. This, combined with positive earnings before interest, tax, depreciation and amortisation in March and April, has helped protect cashflow and the company's cash position.
"On behalf of the board, I would like to take this opportunity to thank the Norman Broadbent team for their exceptional work this year and, particularly, during this recent challenging period," said Mike Brennan.
"I am genuinely proud of our team - they have pulled together at this difficult time and clearly exhibited the strong values which bind us together," added Brennan.
Norman Broadbent shares were trading 6.5% higher in London on Monday at 6.12 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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