Norman Broadbent

NBB · AIM · Industrial Goods and Services · mcap £4.7m · 231.0p

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Financials · LTM to 30 Jun 26

Source: results 15 Sep 26 ↗

Revenue: £14.5m
Operating profit: −£390k
Net income: −£413k
Free cash flow: −£973k
Net debt: £803k
Market cap: £4.7m
EV / EBIT: –
FCF yield: −20.8%
Price / book: 2.9×

Latest half-year · H1 26 vs H1 25 results 15 Sep 26 ↗

Revenue: £6.8m
Operating profit: −£515k
Net income: −£534k
Cash from operations: −£2.1m

Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

As reported Key figures · multi-year

Income statement Balance sheet Cash flow

Latest interim Latest annual

Half-year Results, published 15 Sep 26 · read the announcement ↗

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME · For the six months ended 30 June 2026

	Six months ended 30 June 2026 (unaudited) £'000	Six months ended 30 June 2025 (unaudited) £'000	Year ended 31 December 2025 (audited) £'000
Revenue	6,807	7,436	15,141
Cost of Sales	(1,489)	(1,432)	(2,872)
Gross profit (Net Fee Income)	5,318	6,004	12,269
Operating expenses	(5,833)	(5,481)	(11,621)
Operating profit / (loss) from continued operations	(515)	523	648
Interest receivable	5	-	4
Interest payable	(24)	(24)	(32)
Profit / (loss) before tax	(534)	499	620
Taxation	-	-	-
Total comprehensive (loss) / income for the period	(534)	499	620
Profit / (loss) per share
- Basic 26.1p* 32.4p*	(26.6p)
- Diluted 26.1p* 31.7p*	(26.6p)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION · As at 30 June 2026

	As at 30 June 2026 (unaudited) £'000	As at 30 June 2025 (unaudited) £'000	As at 31 December 2025 (audited) £'000
Non-current assets
Intangible assets	1,363	1,363	1,363
Property, plant and equipment	693	364	223
Total non-current assets	2,056	1,727	1,586
Current assets
Trade and other receivables	3,108	2,920	2,980
Cash and cash equivalents	114	174	1,540
Total current assets	3,222	3,094	4,520
Total assets	5,278	4,821	6,106
Current Liabilities
Trade and other payables	2,081	2,676	3,802
Bank Loans	917	-	-
Lease liabilities	375	271	118
Total current liabilities	3,373	2,947	3,920
Net current assets / (liabilities)	(151)	147	600
Non-current Liabilities
Lease liabilities	271	38	60
Total non-current liabilities	271	38	60
Total liabilities	3,644	2,985	3,980
Total assets less total liabilities	1,634	1,836	2,126
Equity
Issued share capital	96	6,396	6,396
Share premium account	-	14,233	14,233
Own shares reserve	(21)	(26)	(26)
Retained earnings	1,559	(18,767)	(18,477)
Total equity	1,634	1,836	2,126

CONSOLIDATED STATEMENT OF CASH FLOWS · For the six months ended 30 June 2026

	Six months ended 30 June 2026 (unaudited) £'000	Six months ended 30 June 2025 (unaudited) £'000	Year ended 31 December 2025 (audited) £'000
Cash flows from operating activities
(Loss) / profit before taxation	(534)	499	620
Depreciation of property, plant and equipment	210	211	422
Share based payment charge	19	56	225
Negative goodwill on acquisition of subsidiary	(3)	-	-
Net finance cost	24	24	32
(Increase) / decrease in trade and other receivables	(66)	(654)	(714)
Increase / (decrease) in trade and other payables	(1,762)	141	1,267
Net cash (used in) / generated by operating activities	(2,112)	277	1,852
Cash flows from investing activities and servicing of finance
Net finance cost	(8)	(8)	(8)
Cash in subsidiary at acquisition	14	-	-
Payments to acquire tangible fixed assets	(21)	(8)	(13)
Net cash (used in) / generated by investing activities	(15)	(16)	(21)
Cash flows from financing activities
Repayment of borrowings	-	(117)	(117)
Increase in invoice discounting	917	-	-
Payment of finance lease liabilities	(206)	(209)	(413)
Share issue costs	(10)	-	-
Proceeds from sale of fractional shares	-	3	3
Net cash from / (used in) financing activities	701	(323)	(527)
Net (decrease) / increase in cash and cash equivalents	(1,426)	(62)	1,304
Cash and cash equivalents at beginning of period	1,540	236	236
Cash and cash equivalents at end of period	114	174	1,540

Final Results, published 25 Mar 26 · read the announcement ↗

Consolidated Income Statement · For the year ended 31 December 2025

	2025 £'000	2024 £'000
Revenue	15,141	10,919
Cost of sales	(2,872)	(1,605)
Gross profit	12,269	9,314
Operating expenses	(11,621)	(9,416)
Operating profit / (loss)	648	(102)
Interest receivable	4	-
Interest payable	(32)	(56)
Profit / ( loss) before tax	620	(158)
Taxation	-	-
Profit / (loss) for the year	620	(158)
Earnings per share
Profit / (loss) per share
- Basic (restated) (8.5)p 4	8	31.9p
- Diluted (restated) (8.5)p 4	8	31.6p

Consolidated Statement of Financial Position

	2025 £'000	2024 £'000
Non-current assets
Intangible assets	1,363	1,363
Property, plant and equipment	223	567
Total non-current assets	1,586	1,930
Current assets
Trade and other receivables	2,980	2,266
Cash and cash equivalents	1,540	236
Total current assets	4,520	2,502
Current liabilities
Trade and other payables	3,802	2,535
Bank overdraft and interest-bearing loans	-	54
Lease liabilities	118	387
Total current liabilities	3,920	2,976
Net current assets / (liabilities)	600	(474)
Non-current liabilities
Bank loans	-	59
Lease liabilities	60	119
Total non-current liabilities	60	178
Total liabilities	3,980	3,154
Total assets less total liabilities	2,126	1,278
Equity
Issued share capital	6,396	6,396
Share premium account	14,233	14,233
Own shares	(26)	(26)
Retained earnings	(18,477)	(19,325)
Total equity	2,126	1,278

Consolidated Statement of Cash Flows · For the year ended 31 December 2025

	2025 £'000	2024 £'000
Cash flows from operating activities
Profit / (loss) before taxation	620	(158)
Depreciation / impairment of property, plant and equipment	422	285
Share based payment charge	225	61
Net finance cost	32	56
(Increase) / decrease in trade and other receivables	(714)	635
Increase / (decrease) in trade and other payables	1,267	(858)
Net cash generated from operating activities	1,852	21
Cash flows from investing activities and servicing of finance
Net finance cost	(8)	(23)
Payments to acquire tangible fixed assets	(13)	(50)
Net cash used in investing activities	(21)	(73)
Cash flows from financing activities
Repayments of borrowings	(117)	(62)
Payment of lease liabilities	(413)	(256)
Decrease in invoice discounting	-	(159)
Proceeds from sale of fractional shares	3	-
Net cash used in financing activities	(527)	(477)
Net increase / (decrease) in cash and cash equivalents	1,304	(529)
Cash and cash equivalents at beginning of period	236	765
Cash and cash equivalents at end of period	1,540	236

As published in the company's results announcement: every line, heading and subtotal, read automatically from the text. Figures in brackets are negative; units as stated in the column headings.

Income statement Cash flow Balance sheet

Annual Half-yearly

Latest report: H1 26 (six months to 30 Jun 26), published 15 Sep 26 · read the results ↗

£m unless stated · newest first · italic = calculated (LTM, H2 = FY − H1) · hover a value for its source

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	14.5	15.1	10.9
Gross profit	11.6	12.3	9.3
Adjusted EBITDA	–	1.3	0.3
Operating profit	(0.4)	0.6	(0.1)
Depreciation (owned assets)	0.4	0.4	–
Share-based payments	0.2	0.2	0.1
Operating profit to net income
Finance costs	(0.0)	(0.0)	(0.1)
Profit before tax	(0.4)	0.6	(0.2)
Tax	0.0	0.0	–
Net income (owners)	(0.4)	0.6	(0.2)
Per share
EPS basic	(20.3p)	32.4p	(8.5p)
EPS diluted	(21.0p)	31.7p	(8.5p)

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	6.8	−8%	7.7	7.4
Gross profit	5.3	−11%	6.3	6.0
Operating profit	(0.5)	n/m	0.1	0.5
Depreciation (owned assets)	0.2	0%	0.2	0.2
Share-based payments	0.0	n/m	0.2	0.1
Operating profit to net income
Finance costs	(0.0)	n/m	(0.0)	(0.0)
Profit before tax	(0.5)	n/m	0.1	0.5
Tax	0.0	n/m	0.0	0.0
Net income (owners)	(0.5)	n/m	0.1	0.5
Per share
EPS basic	(26.6p)	–	6.3p	26.1p
EPS diluted	(26.6p)	–	5.6p	26.1p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	(0.5)	1.9	0.0
Interest paid	(0.0)	(0.0)	–
Investing activities
Capex (PP&E)	(0.0)	(0.0)	(0.1)
Financing activities
Lease principal paid	(0.4)	(0.4)	(0.3)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	(2.1)	n/m	1.6	0.3
Interest paid	(0.0)	n/m	0.0	(0.0)
Investing activities
Capex (PP&E)	(0.0)	n/m	(0.0)	(0.0)
Financing activities
Lease principal paid	(0.2)	−1%	(0.2)	(0.2)

	Latest Jun 26	FY 25	FY 24
Non-current assets
Other intangibles	1.4	1.4	1.4
Property, plant & equipment	0.7	0.2	0.6
Non-current assets	2.1	1.6	–
Current assets
Trade receivables	3.1	3.0	2.3
Cash	0.1	1.5	0.2
Current assets	3.2	4.5	2.5
Total assets	5.3	6.1	–
Current liabilities
Trade payables	2.1	3.8	2.5
Borrowings, current	0.9	0.0	0.1
Lease liabilities, current	0.4	0.1	0.4
Current liabilities	3.4	3.9	3.0
Non-current liabilities
Borrowings, non-current	–	0.0	0.1
Lease liabilities, non-current	0.3	0.1	0.1
Non-current liabilities	0.3	0.1	0.2
Total liabilities	3.6	4.0	3.2
Equity
Total equity	1.6	2.1	1.3
Net cash and other figures
Net cash / (debt) ex leases	(0.8)	1.5	0.1

	H1 26	H2 25	H1 25	H2 24
Non-current assets
Other intangibles	1.4	1.4	1.4	1.4
Property, plant & equipment	0.7	0.2	0.4	0.6
Non-current assets	2.1	1.6	1.7	–
Current assets
Trade receivables	3.1	3.0	2.9	2.3
Cash	0.1	1.5	0.2	0.2
Current assets	3.2	4.5	3.1	2.5
Total assets	5.3	6.1	4.8	–
Current liabilities
Trade payables	2.1	3.8	2.7	2.5
Borrowings, current	0.9	0.0	0.0	0.1
Lease liabilities, current	0.4	0.1	0.3	0.4
Current liabilities	3.4	3.9	2.9	3.0
Non-current liabilities
Borrowings, non-current	–	0.0	–	0.1
Lease liabilities, non-current	0.3	0.1	0.0	0.1
Non-current liabilities	0.3	0.1	0.0	0.2
Total liabilities	3.6	4.0	3.0	3.2
Equity
Total equity	1.6	2.1	1.8	1.3
Net cash and other figures
Net cash / (debt) ex leases	(0.8)	1.5	0.2	0.1

Line items extracted automatically from each results announcement; when a later report restates a period, the later figure is shown. LTM and H2 are calculated from reported periods. Check the source before relying on a figure.

Company filings. Not investment advice.