Proactive Investors - Norman Broadbent Plc (LON:NBB) shares soared higher in Tuesday’s early deals as the executive recruiter and management consultancy firm flagged to investors a 29% rise in net fee income (NFI) in the three months ended 31 December 2022.
The AIM-quoted small-cap, in a statement, said NFI amounted to £2.34 million in Q4 2022 which as well as being up 29% year-on-year was also 40% above the average for the firm’s previous three quarters.
As a result of its strong fourth quarter, Norman Broadbent reported £7.34mln of NFI for the full year marking a 27% improvement on 2021.
The company said it expects upcoming financial results to confirm positive earnings (EBITDA) of around £100,000 up from its £303,000 EBITDA loss last year.
"I am delighted with our Q4 2022 performance and the achievements of the team in 2022 as a whole,” said chief executive Kevin Davidson in the statement. “As planned, the company generated positive annual EBITDA whilst also growing headcount significantly, thus building the platform for continued profitable growth in future years.”
Davidson also commented on goals for the coming years, pitching a target of £1.25mln annual EBITDA by 2025, eyeing organic growth as well as potential acquisitions.
In London, Norman Broadbent shares jumped 2.4p or 68% higher changing hands at 5.9p each, setting the firm’s market worth at just over £3mln.