The recruitment firm also said it had activated a new invoice facility in early 2021, resulting in improved cashflow for the group
Norman Broadbent PLC (LON:NBB) has reported positive earnings for 2020 despite disruption caused by the Coronavirus (COVID-19) pandemic as well as an increase in gross margins.
In its results for the year to December 31, 2020, the recruitment and business group reported earnings (EBITDA) of £69,000 compared with £238,000 in the prior year, while revenues came in at £7.8mln from £11.5mln in 2019.
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The company said the reduction in turnover was a “direct result” of the pandemic, although it said the decrease in income had been “largely mitigated by quick and decisive cost control measures”.
Norman Broadbent also said it had secured a £250,000 coronavirus business interruption loan in December, while also highlighting an “Improved” mix for net fee income during the year with 25% of the group total generated by internal referrals, which it said evidenced a “collaborative business culture”.
Into the current year, the company said a new invoice finance facility has become active in early 2021, resulting in improved cashflow for the group.
“The Group came into 2020 with good momentum and plans for further growth. We opened a new office in the North of England, relocated to better Central London offices, and were actively seeking to appoint additional team members in both centres. Then, like many businesses, we were impacted by the COVID-19 pandemic,” chief executive Mike Brennan said in a statement.
“The early and very decisive actions taken by us, combined with our broader portfolio of services and collaborative and innovative culture, meant we were better placed to respond to these challenges than others. It was not easy, but our team rose to the challenge! I would like to thank our shareholders for their continuing support, and our clients for placing their trust in us. I would also like to pay a personal tribute to our team who showed real commitment during the COVID-19 crisis. It is an honour to be their CEO, and I am proud of their achievements, much of which is down to their hard work, loyalty, and dedication,” he added.
Read More: Norman Broadbent PLC maintains positive earnings despite pandemic