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(Alliance News) - Norman Broadbent PLC on Monday said revenue surged in the first quarter as new fee earners drove profit growth.
Norman Broadbent shares rose 23% to 6.45 pence each in London on Monday morning.
The London-based recruitment firm said revenue for the first quarter of 2023 was GBP2.9 million, up 67% from GBP1.8 million a year ago.
Net fee income increased by 66% to GBP2.4 million, compared to GBP1.5 million in the first quarter last year, with the increase due to growth in both executive search and interim management.
Looking ahead, the firm said it is experiencing "excellent forward momentum," noting that its pipeline of contracted revenue at March 31 was GBP2.6 million.
The company added that all fee earners hired in 2022 are generating revenue, with an additional four fee earners hired in the first quarter, covering Digital & Technology, Investor Practice, Industrial and Change & Transformation. Norman Broadbent said the new fee earners are also driving growth in profit.
Chief Executive Kevin Davidson said: "I am delighted to announce positive trading in Q1 which is continuing this quarter and the profitable growth of NBB. The investments made in our people, processes and supporting technologies over the past 18 months have, as planned, provided the foundations necessary to accelerate growth over the coming years in a sustainable fashion."
By Harvey Dorset, Alliance News reporter
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