(Alliance News) - Norman Broadbent PLC on Thursday said that it remains confident in meeting its goals for the next financial year, despite seeing net fee income drop in the first quarter of 2024.
For the quarter ended March 31, the London-based recruitment firm posted net fee income of GBP2.2 million, down 12% against GBP2.4 million a year prior.
However, Norman Broadbent explained that the first quarter of last year had been a "record breaking", emphasising that net fee income was 47% higher than GBP1.5 million in 2022.
It also noted a "strong uptick" in activity levels to date in the second quarter, boosted by "substantial increases" in both the "volume and value" of proposals.
"We have made a strong start to the second quarter and, while the quarterly growth rate may continue to fluctuate, our overall trajectory remains positive. Our stated ambition is to deliver [earnings before interest, tax, depreciation and amortisation] in excess of GBP1.3 million in FY25 and we remain confident in our ability to achieve that," said Chief Executive Officer Kevin Davidson.
"In addition to adding quality people, we continue to focus on productivity, efficiency improvements and enhanced processes within the company wherever possible."
Shares in Norman Broadbent were down 7.7% at 9.00 pence each in London on Thursday at noon.
By Holly Beveridge, Alliance News reporter
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Norman Broadb (NBB)