Norman Broadbent PLC says broader services offering helping it
Actions taken at the start of the pandemic enabled the company largely to offset a drop in group net fee income
Norman Broadbent (), the recruitment and professional services firm, said it stayed in profit in 2020 despite the adverse impact of the coronavirus pandemic.
The AIM-listed group said actions taken at the start of the pandemic had enabled it largely to offset a drop in group net fee income of 18% to £6.2mln in the year to end December 2020.
Gross margins increased to 79% (2019: 66%), with cost-cutting measures introduced at the start of the lockdowns in March meaning positive underlying profits [EBITDA] for the full year.
Debtors days had also improved boosting liquidity, said Broadbent, aided by a £250,000 six-year term Coronavirus Business Interruption Loan.
In a statement, Mike Brennan, group chief executive, said: “The strategy of building a broader portfolio of services stood us in good stead in the run-up to, and during, the pandemic.
“Notwithstanding the uncertain economic environment, our goal this year is to strive to grow NFI back towards 2019 levels whilst continuing to build upon our successes in 2020 in carefully managing our cost base.”
Read More: Norman Broadbent PLC says broader services offering helping it