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UK – Norman Broadbent expects full-year net fee income growth in positive market update

November 02, 2022

London-listed executive search and recruitment firm Norman Broadbent (NBB:LSE) released an update yesterday.

The group said that following its interim results for the six months ended June 30, 2022, it continued to gain momentum in terms of quality headcount growth and net commission income, which is now expected to well over £7.0 million for the year ending. December 31, 2022 (FY21: £5.8 million). The growth seen in the first half of 2022 is expected to continue in the second half of FY22.

The group said the refresh of its brand and the launch of its new website had been “very well received” and new offices in Edinburgh and Aberdeen, Scotland, had now been established, generating positive interest on the market.

The company also announced that the role of Peter Searle, who was appointed executive chairman on June 15, 2021, has changed to non-executive chairman with immediate effect. Searle said he remains fully committed to the company and will continue to remain involved with the company and lead the board with a particular focus on strategic initiatives.

On August 23, 2022, it was announced that Steve Smith intended to step down as CFO and COO to ‘pursue other business opportunities’. The company announced that the search for a replacement CFO is at an advanced stage and will provide a further update in due course.

Searle said, “The strong values ​​and performance-driven leadership demonstrated by Kevin Davidson, the Company’s Chief Executive Officer, and his team over the past 12 months has significantly changed the Company’s outlook. The Board and I are excited to play our part in shaping that future.

“Kevin will continue to execute on his successful strategy of operational excellence and investment in people to drive profitable growth and establish Norman Broadbent as a diverse and inclusive destination culture for the executive search and interim leadership industry. “, added Searle.