Barkers Norman Broadbent announce financial results

Barkers Norman Broadbent continues to improve its performance and prepares for the upturn

BNB announce preliminary results for 2002


Highlights:
Pre tax losses before exceptional items reduced to 2.9m (from 9.4m in 2001)

Despite the National Press Recruitment Advertising Index dropping by 26% year on year to a level 43% below its August 2000 peak, Barkers turnover was down only 8.6% on 2001 and trading so far this year has been ahead of the same period in 2002

BNB increased its strong presence in buoyant public sector recruitment market, has invested in key people and teams to build in sectors such as Energy and Consumer/FMCG and is continuing to look to invest in companies and people to develop other strong sector offerings

Barkers Norman Broadbent (BNB Resources PLC) today announces it has reduced its pretax losses before exceptional items from 9.4m in 2001 to 2.9m in 2002. In trading results that reflect the prolonged difficult market conditions experienced in 2002, turnover from continuing businesses has dropped from 132.9m in 2001 to 116.9m. Despite the 43% collapse of the recruitment advertising index from its 2000 peak, Barkers remained the second largest recruitment communications business in the UK, due to a strong presence in the highly competitive public sector recruitment marketplace.

Trading so far in 2003 has been ahead of the same period in 2002. BNB works with Microsoft as a sole supplier of recruitment services and has worked with them to achieve number one status as the most attractive employer in the Sunday Times Top 100 poll. In addition, BNB provides human capital solutions to Shell, the Department of Health and the Learning and Skills Council. BNB has an aggregate active client base of over 600 including many within the FTSE 250 providing recruitment solutions and the supply of candidates on a retained basis from graduate to board level positions. Barkers was named Agency of the Year at the Birmingham Evening Post and Mail Recruitment Advertising Awards and the Yorkshire Post Awards and was nominated for several other industry awards. Norman Broadbent is investing heavily in servicing particular growth areas of the economy and has recruited a five-strong Energy and Natural resources team and a former local authority head as managing director of the public sector division.

Paul Turner, Group Finance Director, comments, Barkers and Norman Broadbent represent two of the most long-standing brands in the industry. Like everyone else in the UK, we have found the last year difficult, but by increasing productivity, continuing our excellent work with blue chip clients and controlling costs, we are weathering the storm.