Norman Broadbent PLC on Wednesday said its third-quarter revenue has fallen more than 15% amid ‘challenging’ market conditions.
The London-based recruitment firm said revenue in the third quarter that ended September 30 was £2.7 million, down 16% from £3.2 million in 2023.
Net fee income for the three-month period was £2.3 million, falling 18% year-on-year from £2.8 million, while net fee income for the first nine months of 2024 was £6.8 million. This was a drop of 14% from £7.9 million last year.
However, in September, the company secured its highest monthly number of new retainers for the year to date, which was more than 33% above the monthly average so far.
Chief Executive Officer Kevin Davidson said: ‘Although market conditions continue to be challenging, I am pleased to report that we have held firm in our quarter-to-quarter performance, with a modest improvement on the second quarter making the third quarter the strongest of the year so far.
‘The standout performance in September was particularly gratifying and a welcome positive moving into the final quarter of the year, which is traditionally our strongest. While activity across our market remains subdued, following the UK Budget and US presidential election and hopefully easing geopolitical tensions, we remain optimistic of an improving backdrop in 2025.’
Shares in Norman Broadbent were up 7.0% at 6.69 pence in London on Wednesday morning.
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