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Norman Broadbent

  • BY: Andrew Hore |
  • POSTED: 31/08/2016 |

Executive search and recruitment services provider Norman Broadbent is raising £2.3m at 9.5p a share.

Norman Broadbent is still losing money even though it has restructured its operations and exited overseas businesses. Mike Brennan has been appointed as chief executive and he is assessing the group’s core brands and services. 

The additional cash will be used to invest in broadening the range of services offered , including providing research services. Long-term contracted revenues will be built up and overall margins will be improved.

One of the focuses will be the building up of an interim executive business and a managing director has been recruited from a rival.

The strategy is predominantly based on organic growth and there is a target of 50 fee earners by the end of 2018. Net fee income could grow to £13m by 2019. There will be a first half loss of up to £150,000 but a profit could be achieved by the second half of 2017. 

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