Norman Broadbent PLC on Wednesday said it expects to see a ‘solid momentum’ into the next financial year despite a drop in revenue.

In 2021, the London-based recruitment firm said it saw positive annual earnings before interest, taxes, depreciation and amortization before restructuring costs.

Pretax loss widened to £573,000 from £193,000 in the previous year.

Revenue fell to £6.5 million, compared to £7.8 million the year before.

However, the firm returned to growth in the fourth quarter with 20% year on year improvement in net fee income for the quarter and a 38% increase on the average for the first three quarters.

‘There is a very high level of engagement and growing momentum within the business which is generating better outcomes for clients, higher net fee income per individual whilst also enhancing our employer brand proposition through a more cohesive, dynamic and energised culture,’ the company noted.

Chief Executive Officer Kevin Davidson said: ‘We delivered a very robust [fourth quarter] whilst greatly strengthening leadership and fashioning the changes needed to bring Norman Broadbent back to a leading position in executive search and interim management in the UK and internationally. Great strides have been made and we are excited about the future at a resurgent Norman Broadbent.’

Norman Broadbent did not declare a final dividend.

Shares were down 7.7% at 6.00 pence each on Wednesday afternoon in London.

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