H1 2026 Trading Update
Norman Broadbent plc reported a strong second quarter for 2026, with Net Fee Income (NFI) reaching £3.1 million, a significant increase from £2.2 million in the first quarter, and surpassing the prior year's second quarter performance. For the first half of 2026, total NFI was £5.3 million, down from £6.0 million in the record first half of the previous year. The company has added three net new fee earners in the first half and secured four more for the second half, with further recruitment planned. The acquisition of Society Limited in February 2026 complements organic growth, and the company continues to explore strategic M&A. The board is confident in delivering a record NFI for the second half of the year, driven by improving momentum and increased work in progress.
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Norman Broadbent (AIM: NBB), a leading Executive Search and Interim Management firm with an ambitious growth plan to scale the business through disciplined investment in fee-earning capacity, is pleased to announce its trading update for the second quarter ended 30 June 2026 ("Q2 26").
Headlines
- NFI of £3.1m for Q2 26 reflects a significant increase on Q1 26 NFI of £2.2m. Momentum has improved significantly year to date after a slow January, as we rebuilt the pipeline following the strong finish to 2025
- Overall H1 26 NFI was £5.3m against a record first half performance in the prior year of £6.0m
- Three net new fee earners started in the first half, with an additional four fee earners secured to join in the second half. Further recruitment is planned in line with the growth strategy
- Complemented the organic growth strategy with the acquisition of Society Limited in February 2026. The Group continues to look at targeted M&A to accelerate growth where it makes strategic and financial sense to do so
- The improving NFI momentum year to date and increased level of work in progress underpin the Board's confidence in delivering a record level of NFI for the second half of the year
Kevin Davidson, CEO of Norman Broadbent, said:
"We are very encouraged to update the market on our positive trading performance in the second quarter. To deliver NFI above £3m, and ahead of the same period last year, for a quarter where the events in the Middle East were a constant, is a standout performance by the team. Continued geopolitical uncertainty, and political change in the UK, is impacting business confidence and therefore clients are taking longer to make hiring decisions. However, we have delivered a strong quarter and are reassured by the strong pick-up in retainer income which is a leading indicator for shortlist and placement fees. This is testament to the trust our clients place in our people and our brand.
We continue to make great strides in delivering on our strategic goals for 2026 and beyond: investing in headcount growth and developing the team to drive our fee-earner capacity; expanding our international footprint; and broadening our leadership consulting and advisory proposition. As we deliver on our strategic goals we remain laser focused on short term performance, exceptional client delivery and leveraging our winning culture."
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