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Norman Broadbent remains EBITDA positive despite H1 revenue drop
28th Jul 2020 09:48
(Sharecast News) - Professional services firm Norman Broadbent expects to record positive earnings before interest, tax, depreciation and amortisation for the six months ended 30 June despite falling revenues.
Norman Broadbent said on Tuesday that net fee income had declined "less than 10%" in the first half of the year as a result of disruptions arising from the Covid-19 pandemic but noted that it had managed to remain EBITDA positive throughout the period.
The AIM-listed group credited the performance to early and decisive action to align its cost base to changed circumstances and to put in place necessary technical solutions and working protocols enabling it to continue serving clients despite Downing Street's lockdown measures.
Chief operating officer Steve Smith said: "With the group posting positive EBITDA for H1 2020, and with revenues only slightly down, our diversification strategy has demonstrated Norman Broadbent's resilience and relevance.
"As the group continues to offer clients bespoke solutions incorporating consulting, interim, research and insight and high‐quality fully retained talent acquisition services, looking ahead, we continue to see a diversified pipeline of business going into H2."
Elsewhere, Norman Broadbent appointed former Essentia and IDE Group director Alan Howarth as non-executive chairman with effect from 1 August.
As of 1300 BST, Norman Broadbent shares were down 4.17% at 5.51p.
Norman Broadbent said on Tuesday that net fee income had declined "less than 10%" in the first half of the year as a result of disruptions arising from the Covid-19 pandemic but noted that it had managed to remain EBITDA positive throughout the period.
The AIM-listed group credited the performance to early and decisive action to align its cost base to changed circumstances and to put in place necessary technical solutions and working protocols enabling it to continue serving clients despite Downing Street's lockdown measures.
Chief operating officer Steve Smith said: "With the group posting positive EBITDA for H1 2020, and with revenues only slightly down, our diversification strategy has demonstrated Norman Broadbent's resilience and relevance.
"As the group continues to offer clients bespoke solutions incorporating consulting, interim, research and insight and high‐quality fully retained talent acquisition services, looking ahead, we continue to see a diversified pipeline of business going into H2."
Elsewhere, Norman Broadbent appointed former Essentia and IDE Group director Alan Howarth as non-executive chairman with effect from 1 August.
As of 1300 BST, Norman Broadbent shares were down 4.17% at 5.51p.