LONDON (Alliance News) - Norman Broadbent PLC Friday said its pretax loss widened in 2014 as the recruitment company counted the costs of investing in its start-up businesses in emerging markets and regaining control of its brand around the world, although it returned to profitability in the first quarter of this year.
The company's pretax loss widened to GBP1.6 million in 2014 from GBP1.2 million in the prior year, even as revenue increased by 12% to GBP7.6 million and operating expenses rose by 1% to GBP8.0 million.
Norman Broadbent said it returned to profitability in the first quarter of 2015.
"I am pleased to report that in the first quarter of 2015, both revenue and profitability has exceeded management's expectations. The board is encouraged and looks to the future with some confidence," Executive Chairman Pierce Casey said in a statement.
Norman Broadbent said that Casey has decided to retire as chairman on June 30.
Scanes Bentley, who has been a partner for 12 years at Accenture, has joined the company as non-executive chairman-elect.
"In view of his wide industry experience and large shareholding the board is pleased to note that Mr Casey has offered to nominate through his private investment office an experienced non-executive director in the short term," the company said.
Shares in Norman Broadbent were untraded on Friday. The stock last traded at 19.00 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Norman Broadb (NBB)