Norman Broadbent shares increased 4.1% to 6.7p in late afternoon trading, following a revenue decline to £6.5 million in its FY 2021 against £7.8 million year-on-year.
The professional services company announced a net fee income slide to £5.8 million compared to £6.2 million the last year, alongside an EBITDA before restructuring costs of £5,000 against £69,000.
Norman Broadbent highlighted an EBITDA post-restructuring costs loss of £308,000, which reflected the exit of former executive and leadership consulting team members.
The company had consolidated net assets of £836,000 against £1.1 million in 2020, with a net current liabilities loss of £505,000 compared to £504,000 the year before.
Otherwise, net cash outflow from operations was £446,000 from an inflow of £515,000 the last year, with net cash inflow from financing activities amounting to £607,000 against £492,000, including £372,000 linked to a successful subscription equity raise supported by the firm’s existing shareholders.
Norman Broadbent also confirmed £952,000 in 2021 compared to £577,000 in 2020 in funds drawn down against the revolving invoice discounting facility against UK trade receivables of £1.7 million from £1.4 million the previous year.
“While 2021 was a challenging year for Norman Broadbent, the appointment of a new Chair in July, my appointment as CEO in September and Sean Buchan as Group Managing Director in November has put the business on a very different and a much more positive trajectory,” said Norman Broadbent CEO Kevin Davidson.
“The new management team has implemented a new strategic plan, focussed on accelerated, sustainable and profitable growth through acquisition and development of quality fee earning talent in the UK and internationally, combined with greater concentration on high margin Board and Executive Search business and a continually expanding Interim contractor book.”
“The Board and I would like to thank the entire team for their dedication, our shareholders for their continuing support, and our clients for placing their trust in us. We look forward to the future together.”