Norman Broadbent hails 'successful 2025' but notes 'uncertain' climate

(Corrects to confirm that the company is reporting its full-year results, not half-year as stated in the London Market Early Call.)

Norman Broadbent PLC on Wednesday reported double-digit annual growth in net fee income and a swing to profit, although it expects ‘non-linear’ progress in the current market environment.

The London-based recruitment firm reported revenue of £15.1 million for 2025, up 39% from £10.9 million in 2024.

Net fee income, or gross profit, climbed 32% to £12.3 million from £9.3 million. Underlying earnings before interest, tax, depreciation and amortisation, which excludes share based payment charges and restructuring costs, more than quadrupled to £1.3 million from approximately £300,000.

Norman Broadbent said this reflects its strongest trading performance in over a decade, despite the tough market backdrop, and meets the £1.25 million medium-term Ebitda target it set four years ago. The Ebitda margin widened to 11% from 3%.

‘This performance was achieved against a backdrop of macroeconomic uncertainty and I am grateful for the dedication of the entire team in closing out a successful 2025,’ Chief Executive Kevin Davidson commented.

Norman Broadbent swung to pretax and post-tax profit of £620,000 for the year, against 2024’s £158,000 loss. It also flipped to basic earnings per share of 31.9p, and diluted EPS of 31.6p, from an 8.5p basic and diluted loss.

Cash & equivalents totalled £1.5 million as of December 31, up from £236,000 one year prior.

Looking ahead, Davidson continued: ‘In a market where the outlook remains uncertain, particularly with the backdrop of geopolitical uncertainty in the Middle East, we will continue to focus on controlling what we can control...After an exceptionally strong fourth quarter to close 2025, the team is also focused on building the pipeline to achieve our objectives for the current financial year.

‘Whilst progress in this market environment will be non-linear, we have a strong balance sheet, a business that has proven itself in tough markets and a strategic plan that is delivering results.’

Norman Broadbent’s 2026 priorities are investing in growth by increasing its fee-earning capacity by at least 20%; expanding its global footprint; and a ‘measured’ broadening of its leadership consulting and advisory proposition.

‘As we drive the business forward through the next stage of our growth plan, our future success will continue to be based on our resolute focus on disciplined investment to drive NFI growth and on operational efficiency,’ Davidson added.

Norman Broadbent shares were marginally higher at 235.05 pence on Wednesday in London.

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