Norman Broadbent PLC to emerge stronger than ever from pandemic

What it does

Executive search still accounts for the majority of sales but customers are increasingly using the other services () provides.

It started as a traditional executive search firm but under the current management has added a number of divisions including solutions, interim management and consulting.

How it’s doing

In October the firm acquired the outstanding minority interest of 25% of Norman Broadbent Interim Management Limited from Angela Hickmore, managing director at NBIM and Norman Broadbent Solutions.

The company reported earnings (EBITDA) of £11,000 for the six months ended June 30, a period covering the UK’s lockdown period, compared to £111,000 a year ago. There was a slight decline of net fee income (NFI) of 5.7% due to the disruption.

What the boss says: Mike Brennan, chief executive

“I am pleased to report that the first six months of 2020 showed positive EBITDA, and, despite [coronavirus], we saw only a minimal decline in NFI of 5.7%. This remarkable achievement is down to the dedication of my colleagues and our strategy of building an innovative, diversified, and agile group.”

“These factors, coupled with our willingness to take difficult decisions quickly and early on in the pandemic, meant we were well placed to respond to market challenges and uncertainties.”

“We have proven our strategy is working, and our leadership team has the bandwidth to build the group further. With this in mind, and despite these challenging times, we are actively seeking growth opportunities in the form of key strategic appointments to the group, M&A initiatives, and partnerships/strategic ‘tuck-ins’.”

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