Executive search firm Norman Broadbent has made a strong start to 2012.
Core UK search revenues are 16% ahead in the first quarter. The international network has expanded into Latin America and new subsidiaries set up in Singapore and the US – although there will be start-up costs.
There were restructuring costs of £802,000 last year and consultant changes held back revenue growth.
Revenues increased 13% to £6.9m in 2011. Much of that growth came from a full year contribution from Human Asset Development International Limited (HADIL). Underlying profit fell from £320,000 to £267,000.
Norman Broadbent raise £1.75m at 65p a share a year ago. Net debt was £84,000 at the end of 2011 and there is also £481,000 of deferred consideration.
At 49p a share, Norman Broadbent is valued at £5.2m.
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