18th Apr 2018 13:31
LONDON (Alliance News) - Digital marketing services group Be Heard Group PLC said on Wednesday costs continued to exert pressure as its loss for 2017 widened despite revenue more than doubling.
Be Heard reported a pretax loss of GBP4.0 million, widened from GBP3.7 million in 2016, on revenue of GBP19.6 million, more than doubled from GBP9.5 million.
The loss was mostly due to a rise in administrative costs at GBP23.4 million from GBP13.1 million, as well as impairment costs from goodwill and intangibles.
The significant revenue growth came from organic growth in subsidiaries MMT, Freemavens and agenda21, as well as increased demand, with 46 new clients wins.
Billings came in at GBP34.7 million, up 20% from GBP28.9 million.
Be Heard said it has advanced phase one of its strategy, which was to build an integrated end-to-end platform to offer digital marketing services, and will move on to the second phase, to increase its organic revenue by encouraging collaboration across its partner agencies.
"Against a backdrop of weakness in the sector, we have seen strong new business momentum in 2018 to date, at both group and partner company levels, after some existing clients were slow out of the blocks in the first quarter. We are optimistic of further progress in the year ahead as we help clients navigate the digital customer journey," said Chief Executive Peter Scott.
Shares in Be Heard Group were up 2.7% at 2.08 pence on Wednesday.
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