(Alliance News) - Norman Broadbent PLC on Wednesday said its annual business performance had returned to pre-pandemic levels, with revenue up and its loss narrowed.
The London-based recruitment firm said its pretax loss for 2022 narrowed to GBP338,000 from GBP573,000. Revenue was up 34% to GBP8.7 million from GBP6.5 million, which the company said reflected its "refreshed culture" built on investments in new technology, business processes, and brand image.
Norman Broadbent did not declare a final dividend.
"2022 was a pivotal year in the turnaround of Norman Broadbent. Our strategic objective was to establish the platform necessary to support and accelerate sustainable growth," said Chief Executive Officer Keith Davidson.
"I am delighted that all of these objectives were met and, with considerable forward momentum taking us into 2023, I am confident that we have the business back on a very positive trajectory."
Looking forward, the company's outlook is positive. Despite macro-economic headwinds, the company said it was confident that it could continue rapid growth and deliver positive and sustained earnings before interest, tax, depreciation, and amortization.
Chair Peter Searle said: "The board's strategy for sustainably profitable expansion has been vindicated and will continue through the remainder of 2023 and into 2024.
"The company's accelerated growth continued in the first quarter of 2023 both at the top and bottom lines. With a number of new hires still to join, we expect this trend to continue for the remaining quarters of the year."
Norman Broadbent shares were untraded at 5.75 pence in London on Wednesday.
By Will Neill, Alliance News reporter
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Norman Broadb (NBB)