Norman Broadbent (AIM:NBB) reported net fee income (NFI) of £2.2m for the quarter ended 31 March, down from £3m a year earlier, but reiterated that it expects further NFI growth in FY26 in line with prior expectations.
The executive recruitment specialist said the Q1 decline reflects a strong comparative period after a record 2025, when a “material element” of NFI expected in January was pulled into December. In a statement, the firm added the monthly run‑rate “markedly improved after January” and current visibility supports confidence for the year.
Management continued to invest in fee‑earning capacity, securing four net new fee earners through organic recruitment and completing the acquisition of Society in February 2026, which added five full‑time staff and broadened the Group’s platform capability. The board flagged that quarter‑to‑quarter progress is likely to be non‑linear and that it is monitoring events in the Middle East.
"Together with our current visibility, this encouraging performance underpins our confidence in a further year of NFI growth in FY26, in line with our expectations," said Kevin Davidson, CEO of Norman Broadbent
