Shares in Norman Broadbent surged as the professional-services company reported an increase in revenue and net fee income in the third quarter, defying macroeconomic pressures. The company also highlighted its strong momentum.

Positive Market Reaction

As of 0805 GMT, shares were up by 14% or 0.75 pence, reaching 6.25 pence.

Impressive Financial Results

Norman Broadbent, listed on the London stock exchange, revealed that its revenue soared by 60% to £3.2 million ($3.9 million).

Over the course of the year leading up to the end of the third quarter, net fee income - the company's preferred metric - rose by more than 58%. This increase was driven by sustained average fee growth as well as the addition of productive headcount across key industries. Notably, third quarter NFI increased by 65% to £2.8 million.

Furthermore, the company stated that the pipeline of contracted revenue by the end of the period amounted to £2.1 million, compared to £1.3 million in the previous year.

Promising Future Outlook

"The investments made in our people, processes, and supporting technologies have begun to deliver encouraging results, and we have ambitious and sustainable growth plans," stated Chief Executive Kevin Davidson.

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