Norman Broadbent sees operating profit slip
By BFN News | 08:25 AM | Friday 20 April, 2012
Norman Broadbent reveals revenue for the year rose to £6.9 million, an increase of 13 per cent, while operating profit before the well-flagged restructuring costs was £301,000, reduced from £373,000.
As anticipated, 2011 was a year of significant change in terms of the core London executive search team with 10 new senior appointments, eight of whom joined in the second half of the year.
The immediate impact of a substantial number of consultants leaving and joining, on a virtually overlapping basis, is a decline in short term revenue. Therefore, the modest 4 per cent increase in UK Executive Search revenue from £5.72 million to £5.93 million was satisfactory and in-line with our expectations.
At 8:25am: (LON:NBB) share price was 0p at 49p
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