Shrinking full list refugee BNB, known for its Barkers and Norman Broadbent brands, blamed the prolonged recruitment slump for its poor calendar 2002 numbers. Continuing turnover dropped 12% to £116.9m, against a year that was itself 13.4% lower than in 2000. That said, falling sales were partially offset by £16m of costs that were stripped out of the business. Year-end net debt was £2.5m, down from £6.5m. The cost cuts allowed pre-exceptional pre-tax losses to reduce to £2.9m from £9.4m, and losses after exceptionals came in at £4.5m (£18.9m). Within the Norman Broadbent recruitment business, private clients were cutting back but there was greater activity in the public sector. Nevertheless, overall Broadbent sales sagged 37% to £10.2m, and the board does 'not anticipate any underlying recovery' in the permanent recruitment markets in which it trades. Gloomy stuff indeed. BNB, which raised £4m in December through a placing and open offer at 10p a share, insists it has 'adequate' working capital for the foreseeable future. Best avoided.