Norman Broadbent delivers 'resilient performance' in Q3

16th Oct 2024 08:00

(Sharecast News) - Professional services firm Norman Broadbent said on Wednesday that it had delivered a "resilient performance" in Q3, with September recording its highest net fee income so far this year.

However, while Norman Broadbent said Q3 was "the strongest quarter of the year", with NFI up marginally against Q2, it said NFI income of £2.3m was still 18% lower year-on-year. NFI to end of Q3 came to £6.8m, down 14% on 2023 but up 36% on 2022.

The AIM-listed group said revenues were down 16% in Q3 at £2.7m.

Norman Broadbent also highlighted that the highest monthly value of new retainers was in September, 33% above the year-to-date monthly average.

Chief executive 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 Q2 making Q3 the strongest of the year so far.

"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."

As of 1020 BST, Norman Broadbent shares were up 4.0% at 6.50p.

Reporting by Iain Gilbert at Sharecast.com