“We are delighted with this fresh injection of capital into the company and the strong demonstration of support from our investors,” said chief executive Kevin Davidson.
Norman Broadbent PLC (AIM:NBB) raised £297,380 before expenses with a premium priced share placing.
Some 4.4mln shares were issued at a price of 6.75p each.
“We are delighted with this fresh injection of capital into the company and the strong demonstration of support from our investors,” said chief executive Kevin Davidson.
“Since joining Norman Broadbent three weeks ago, I have been incredibly impressed by the fundamentals of the business, notably, the quality and engagement of the entire team and the strength of the brand across diverse markets.
“This capital will enable us to accelerate our growth plans both domestically and internationally within executive search, interim management and our other supporting service lines.”
Norman Broadbent also today reported what executive chair Peter Searle described as a solid set of first half results, with positive earnings (EBITDA) for the six months.
The recruitment firm had £3.09mln of turnover, made a gross profit of £2.74mln and a £143,000 loss after tax.
In the results statement the company highlighted that it had seen an improvement in debtor days, which had reduced to 54 by the end of the half, and that operating expenses had reduced by 17%.
The company noted that continuing disruption due to Covid-19 meant that NFI reduced by 30% to £3.1mln for the period by cost cutting meant that the business unit will remain EBITDA positive.
“These are a solid set of results and it’s pleasing to see positive EBITDA in the first half of 2021 despite the continued disruption due to the Covid-19 pandemic,” Searle said.
“We now have the leadership team in place to begin leveraging the full potential of the Norman Broadbent brand which remains highly respected across executive search and interim markets.”
Chief financial officer Steve Smith, meanwhile, added: “During the first half of 2021, the Group replaced it’s back office systems and simplified it’s structure.
“Additionally, leases on our offices in London and Knutsford were renewed at significantly improved terms. These initiatives have secured capacity for considerable growth whilst also reducing our fixed cost base, enabling increased investment across our fee earning teams.”
Directors Peter Searle, Kevin Davidson, Steve Smith, and Fiona McAnena participated in the share placing.
Read More: Norman Broadbent Plc seals premium-priced placing and releases ‘solid