Norman Broadbent PLC on Tuesday said it anticipated net fee income to have surged in 2023, leading to a swing to profit.

The London-based recruitment firm said net fee income in 2023 rose 44% to £10.5 million from £7.3 million in 2022. Underlying earnings before interest, tax, depreciation and amortisation

surged to about £900,000 from just £100,000.

Further, it expects 2023 pretax profit of £300,000, swung from a loss of £300,000.

Noting challenging markets conditions, Chief Executive Officer Kevin Davidson said: ‘While being cognisant of the macroeconomic headwinds, the strong momentum established across the business and some easing of inflationary pressures in the economy mean that we are increasingly confident in our ability to overachieve against our previously stated target of £1.25 million of EBITDA in 2025.’ Underlying Ebitda was £93,000 in 2022.

The company had released its 2022 results on May 31, 2023.

Norman shares fell 2.8% to 7.05 pence each on Tuesday afternoon in London.

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