Norman Broadbent PLC on Wednesday said it swung to a pretax loss during 2024 as revenue fell, but said it started 2025 with its ‘best ever quarter’.
The London-based recruitment firm said it swung to a pretax loss of £158,000 in 2024 from a profit of £309,000 in 2023.
Revenue fell 11% to £10.9 million from £12.3 million, while operating expenses were down 7.4% to £9.4 million from £10.2 million.
Net fee income was £9.3 million, down 11% from £10.5 million.
Norman Broadbent said the first quarter of 2025 was its ‘best ever quarter’, with net fee income up 40% to £3.0 million for the quarter from £2.2 million a year ago.
It said it has contracted future revenue of £2.4 million heading into the second quarter, up 51% from £1.6 million a year ago.
Looking ahead, the company said it expects the labour market to ‘remain unpredictable’ for at least the first half of 2025.
It says it remains committed to its medium-term earnings before interest, tax, depreciation and amortisation target of £1.3 million.
Underlying Ebitda fell 67% to £300,000 in 2024 from £900,000 in 2023.
Chief Executive Officer Kevin Davidson said: ‘I am proud of the team’s continued dedication in the face of an incredibly challenging labour market...While the macro uncertainty is set to persist in the near-term, to have started the year with our strongest ever quarter is encouraging and testament to the progress we have made.
‘Norman Broadbent is now a far more resilient business capable of navigating challenging conditions. With strong foundations, we are well-positioned to take full advantage of a market recovery when it comes and remain confident in our ability to drive long-term, sustainable growth.’
Shares in Norman Broadbent closed flat at 2.60 pence in London on Wednesday.
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