NORMAN BROADBENT PLC - Interim results for the six months ended 30 June 2026

Norman Broadbent PLC’s H1 2026 investor update highlights renewed trading momentum, continued investment in growth and a strengthened platform for long-term expansion across executive search, interim management and leadership advisory services. Following record FY2025 results and a slower start to the year, net fee income recovered from £2.2 million in Q1 to £3.1 million in Q2, with retainer income increasing 28% quarter on quarter and momentum continuing into Q3. Underlying EBITDA was a loss of £0.2 million, reflecting planned investment in headcount, acquisition costs and challenging market conditions, while loss before tax was £0.5 million. The Group maintained a disciplined cost base and expects improved trading to support stronger cash generation in H2. Norman Broadbent’s growth strategy centres on expanding its core UK executive search offering, developing complementary leadership advisory services, increasing international capacity and scaling high-potential market verticals. The acquisition of Society has added a new civil society, education and public sector practice, while a UK Government framework award provides a minimum three-year opportunity. International expansion continued with new fee-earner appointments in the Middle East and Houston, alongside further investment in private equity, consumer markets and specialist sectors. With 71% of H1 revenue generated from repeat clients, the business retains a strong relationship-led platform. Management remains confident in delivering a strong second half, supported by a healthy work-in-progress balance, improved pipeline visibility and continued organic growth initiatives.