Update and Change of Board role

1 November 2022

Norman Broadbent plc

(the "Company")

Update and Change of Board role

Norman Broadbent plc (AIM: NBB), a leading quoted Executive Search and Interim Management firm offering a diversified portfolio of integrated Leadership Acquisition & Advisory Services, announces that, following its encouraging interim results for the six months ended 30 June 2022 ("H1 2022"),which were released on 16 August 2022, it has continued to gain momentum in terms of quality headcount growth and Net Fee Income which is now forecast to come in well above £7.0 million for the year ending 31 December 2022 ( "FY22") (FY21: £5.8million). In particular, the growth seen in H1 2022 is expected to continue in the second half of FY22. 

The brand refresh and new website launch (www.normanbroadbent.com) have been very well received and new offices in Edinburgh and Aberdeen have now been established, gaining very positive market interest.

Change of Board role 

The Company also announces that the role of Peter Searle who was appointed as its Executive Chairman on 15 June 2021 has changed to Non-Executive Chairman with immediate effect. Peter remains fully committed to the Company, will continue to stay involved in the business and lead the Board with a particular focus on strategic initiatives. 

Further to its announcement of 23 August 2022, the Company announces that the search for a replacement CFO is at an advanced stage and it will provide a further update in due course.

Peter Searle, Non-Executive Chairman of the Company, commented:

"The strong values and performance focused leadership shown by Kevin Davidson, the Company's Chief Executive, and his team over the last 12 months has considerably turned around the Company's prospects. The Board and I are very excited to be playing our part in shaping that future. 

Kevin will continue to implement his successful strategy of operational excellence and investment in people to drive profitable growth and to make Norman Broadbent a diverse, inclusive, destination culture for the executive search and interim leadership industry."

For further Information, please contact:

Norman Broadbent plc       020 7484 0000

Peter Searle, Chairman

Kevin Davidson, CEO

Steve Smith, CFO

Shore Capital        020 7408 4090

Nominated Adviser and Broker

Tom Griffiths / Tom Knibbs (Corporate Advisory)

Henry Willcocks (Corporate Broking)