Record H1 2025 from Norman Broadbent: what stood out and why it matters
Norman Broadbent has delivered a record first half. Net fee income (NFI – the search industry’s gross profit measure) jumped 34% to £6.0 million, and underlying EBITDA (earnings before interest, tax, depreciation and amortisation, excluding share-based payments and exceptionals) rose 540% to £0.8 million. The Group swung to a £0.5 million profit and moved into a £0.2 million net cash position after repaying remaining Covid-era borrowings.
In a market that has been sluggish for years, those are punchy numbers. Management says the turnaround plan is now “successfully delivered” and the platform is in place to scale. The caveat: they expect positive EBITDA in H2, but “not as strong as the first half’s record performance”.
Key numbers investors should know
| Metric | H1 2025 | H1 2024 | Change |
|---|---|---|---|
| Revenue | £7.436m | £5.042m | +47% |
| Net Fee Income (NFI) | £6.004m | £4.477m | +34% |
| Underlying EBITDA | £0.826m | £0.129m | +540% |
| EBITDA margin | 14% | 3% | +11pp |
| Profit/(loss) for the period | £0.499m | £(0.073)m | n/a |
| Net cash/(debt) (excl. leases) | £0.174m | £(0.671)m | +£0.9m |
| Cash generated by operations | £0.277m | £(1.010)m | +£1.3m |
Where the growth came from
Revenue climbed to £7.4 million as both executive search and interim management accelerated. Search revenue reached £5.311 million and Interim Management £2.071 million, while Leadership Consulting contributed £0.054 million. Importantly, the company says the volume and value of mandates rose 37% and 36% respectively versus H1 2024, leaving the strongest backlog on record heading into summer.
The kicker is productivity. Management highlights that NFI growth was achieved with no net increase in fee earner headcount in the period, thanks to upgraded talent and maturing hires. When revenue rises without adding producers, margins usually follow – hence the leap from a 3% to 14% EBITDA margin.
Cash, balance sheet and debt: a cleaner setup
Net cash (excluding leases) was £0.174 million at 30 June 2025, compared with £0.671 million of net debt a year ago. The remaining CBILS loan (£0.1 million) was repaid in April, aided by a £0.1 million historical rates refund. The invoice discounting facility sat in credit at period end, so there was no outstanding bank debt (excluding lease liabilities).
Equity shareholders’ funds increased to £1.8 million (30 June 2024: £1.4 million). Working capital is clearly tighter than year-end (cash was £0.236 million at December), but the direction of travel year-on-year is positive and operations generated £0.3 million of cash in H1. Trade receivables rose to £2.9 million, consistent with heavier trading.
Strategy execution: five pillars now bearing fruit
People and culture driving productivity
The first job back in 2021 was the culture reset. Recognition from Best Companies in 2024 and 2025 suggests that work has stuck. Between 2021 and 2025, average fees per established billing consultant rose 64%, and headcount increased from 39 to 59 by mid-2025. That combination – better-calibre people and higher average fees – underpins the margin expansion we’re seeing.
Brand and market positioning back at the top end
Refreshed branding, tighter commercial terms and the re-established board practice have repositioned Norman Broadbent at the higher, better-paying end of the market. Management says the average fee per assignment doubled within roughly 18 months of the refresh. Thought leadership and events have helped rebuild visibility with senior decision makers.
Research and delivery: scalable execution
Research capacity and tooling have been upgraded, with each researcher now supporting around two fee earners (up from 1.4 three years ago). Client stickiness looks high: 72% of H1 projects came from existing clients, 100% of clients in post-project surveys said they would work with the firm again, and 99% of candidates said the same.
Business focus and new service levers
Executive search remains the primary growth engine, with sectors such as chemicals, aviation and aerospace, power and utilities, renewables, natural resources, and transport and infrastructure leading the way. Retail & Consumer now contributes about 15% of NFI, and life sciences has been re-established. Interim Management’s brand is improving too – the Institute of Interim Management ranking moved to 29 in 2025 from the 40s and 50s previously.
New levers are being added. An AI-powered assessment tool has launched, available within searches and as a standalone product. The company also made its first international hires in the US and UAE, signalling intent to grow outside the UK.
Geographic and mix snapshot
- UK revenue: £4.891 million
- Rest of World revenue: £2.545 million
- Search revenue: £5.311 million
- Interim Management revenue: £2.071 million
- Leadership Consulting revenue: £0.054 million
The UK remains the anchor, but international mandates are meaningful, and the new US/UAE hires should support the next phase.
My take: quality of earnings looks better, but mind H2
There is a lot to like. Revenue growth is broad-based, productivity is improving without adding fee earners, and the balance sheet is cleaner with net cash and no bank debt outstanding (excluding leases). The 11 percentage point jump in EBITDA margin tells you the operating model scales when the top line moves.
Cash generation is heading the right way, though still modest at £0.3 million in H1, and working capital will remain a swing factor in a search-led model. The guidance that H2 EBITDA will be positive but below H1 is sensible given macro conditions and the usual second-half execution risk. It does, however, temper near-term momentum.
What to watch next
- Backlog conversion in H2: management flagged the largest ever backlog entering summer. How much lands as revenue and cash?
- Margin resilience: can the 14% EBITDA margin be defended if growth cools, or do we see some give-back with investment and mix?
- International push: early signs from the new US and UAE hires, and the split between UK and Rest of World revenues.
- Interim Management traction: the stronger brand ranking should help – do we see a bigger contribution in FY 2025/26?
- AI assessment tool monetisation: uptake as a standalone product and uplift within search fees.
Bottom line
Norman Broadbent has put points on the board: record NFI, sharply higher EBITDA, a return to profit and a shift to net cash. The operating platform looks stronger, and the client satisfaction data is excellent. The message for investors is straightforward: the turnaround has moved into growth mode, with a realistic note of caution on H2 pacing. If they can keep converting the record backlog and maintain discipline on costs, there is more to go at.
