Norman Broadbent plc
Norman Broadbent Plc (AIM: NBB) is the only UK publicly listed executive search firm, providing retained executive search, senior interim management placements, and a developing portfolio of leadership consulting and advisory services (board effectiveness reviews, pre-deal management due diligence, succession planning). Founded in 1979, it operates mainly in the UK with growing activity in the US and Middle East, and has completed a four-year organic turnaround culminating in record FY25 results.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 24 Mar 2026 · 86 pages · Companies House
Norman Broadbent, the only UK-listed firm that finds senior executives for companies, grew revenue to £15.1m in the year to 31 December 2025, from £10.9m the year before. It made a profit before tax of £620k, against a loss of £158k a year earlier.
The report credits more work in executive search and interim management, growth abroad (especially the US and Middle East), and tight control of costs while still hiring. A measure of profit that leaves out some one-off and non-cash costs, such as share awards to staff and restructuring, reached £1.3m. That met a target set four years ago.
Cash at the year end was £1.5m, up from £236k, with no borrowings, and a lending facility of up to £2.0m was unused. Almost no new money was raised from shareholders and no dividend was paid. For 2026, management plans to add at least 20% more fee-earning staff, expand overseas and look at buying other firms. It warns that events in the Middle East make growth uncertain. The auditor gave a clean opinion and raised no doubt about the company's future.
Executive search placement fees, typically ~33% of placed executive's total compensation, billed in three equal tranches (retainer, shortlist, placement)
Fee structure of executive search is typically 33% of total compensation, split into three equal tranches
page 3Productivity enhancements and cost discipline
Our continued focus on productivity enhancements and cost discipline has helped drive meaningful improvements to profitability
page 6We set the strategic plan to transform Norman Broadbent...we set a medium-term underlying EBITDA target of £1.25 million. With the FY25 results we have both completed the turnaround phase...and delivered on this important financial commitment.
page 5No dividend recommended for FY25 (2024: £nil). Post year-end, a capital reorganisation was announced to eliminate the historic P&L deficit and create distributable reserves, enabling the Company to pay dividends where circumstances allow in future; however, the Company has no short-term plans to return to the dividend list.
page 2511 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 324 confirmed, 13 differ.
No figure has been restated: every figure a later report printed again, it printed the same.