http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Mon, 19 Feb 2018 13:42:03 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20180206163759_13523777/ Tue, 06 Feb 2018 16:37:59 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20180206163759_13523777/ <![CDATA[News - Be Heard enters 2018 with strong pipeline after deferral of some contracts ]]> http://www.proactiveinvestors.co.uk/companies/news/189507/be-heard-enters-2018-with-strong-pipeline-after-deferral-of-some-contracts-189507.html Digital marketing services group Be Heard Group PLC (LON:BHRD) had mixed news on Wednesday, reporting strong revenue growth but lowering profits guidance.

Across the group, the organic revenue growth of the operating companies in 2017 was up 24% on 2016. Despite that, profitability for 2017 is expected to be below market expectations due to a number of unexpected factors.

READ: Be Heard expects content marketing agency Kameleon to return to profitability in final quarter

The MMT, agenda21 and Freemavens units experienced a reduction in activity towards the end of the year and some deferral of existing and new contracts to 2018. 

These developments occurred very late in the year, leaving the group little or no time to adjust costs, which meant lower revenue resulted in lower margins. In addition, MMT suffered cost overruns on a substantial contract and although this has now been addressed, it may result in a write-off of certain non-recoverable costs in 2017.

As mentioned last month, the group’s Kameleon unit has continued its recovery and was profitable in the final quarter of 2017. Be Heard expects Kameleon to trade profitably through 2018.

“The deferral of certain contracts from the last quarter of 2017 to the first quarter of 2018, means that the group enters the new year with a strong pipeline and management remain confident about the trading outlook for 2018,” Be Heard’s trading statement said.

Management

On the subject of management, founder and executive chairman Peter Scott is to become group chief executive with immediate effect, focusing on the integration and development of Be Heard’s operations and offering.

Non-executive director David Morrison has been appointed non-executive chairman.

The board has decided to separate the roles of chief financial officer (CFO) and chief operating officer, and thus is on the look-out for a CFO; in the meantime, Robin Price will continue in both roles.

"Whilst we expect profitability in 2017 to be below expectations, Be Heard's new business momentum is proof of the demand for fast-moving, agile digital specialists operating seamlessly to deliver a better service to clients in today's increasingly complex market place. We see this trend gathering pace and remain confident of further progress in 2018," said David Morrison.

Shares in Be Heard opened at 2.48p, down from 2.83p overnight.

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Thu, 04 Jan 2018 08:16:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/189507/be-heard-enters-2018-with-strong-pipeline-after-deferral-of-some-contracts-189507.html
<![CDATA[RNS press release - Trading Update and Board Changes ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20180104070003_13484624/ Thu, 04 Jan 2018 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20180104070003_13484624/ <![CDATA[News - Be Heard expects content marketing agency Kameleon to return to profitability in final quarter ]]> http://www.proactiveinvestors.co.uk/companies/news/188897/be-heard-expects-content-marketing-agency-kameleon-to-return-to-profitability-in-final-quarter-188897.html Be Heard Group PLC (LON:BHRD) has said that, after a challenging first half, it anticipates its content marketing agency, Kameleon will return to profitability in the final quarter of the financial year following excellent new business wins in recent weeks. 

The AIM listed digital marketing services group said Kameleon secured several new clients during the second half as part of an integrated solution involving at least two Be Heard agencies.

READ: Be Heard Group raises £6.2mln as it buys London based creative agency, The Corner

The firm added that, recognising the potential for greater collaboration across group agencies to drive new business development, Kameleon has relocated its team to the same office as agenda21 at Be Heard's headquarters on Frith Street in London. 

Be Heard said it sees continuing benefits to both companies resulting from the move.

It added that the improved performance has come under a new leadership team led by Richard Armstrong, who co-founded Kameleon in 2008 as chief strategy officer.

Kameleon CEO changes

The firm said Armstrong has been promoted to CEO of Kameleon, replacing Mark Webster who has left the business by mutual consent. 

It added that Webster's participation in any future earn out due to Kameleon vendors has also been cancelled.

Peter Scott, Be Heard’s executive chairman commented: “Kameleon's new contracts are further 'proof of concept' for Be Heard's digital marketing proposition - large, blue chip corporates are coming to us because we are connecting specialist digital skills that help clients navigate the complex customer journey. 

“This is underlined by the ten clients who have chosen to engage two or more Be Heard companies so far this year.”

He added: “Be Heard enters 2018 with good momentum as a result of the new business won across the Group in the latter part of this year."

In late afternoon trading Be Heard shares were 3.6% higher at 2.88p.

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Fri, 15 Dec 2017 15:36:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/188897/be-heard-expects-content-marketing-agency-kameleon-to-return-to-profitability-in-final-quarter-188897.html
<![CDATA[RNS press release - Update on progress at Kameleon ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171215145153_13467823/ Fri, 15 Dec 2017 14:51:53 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171215145153_13467823/ <![CDATA[RNS press release - Notice of Board resignation ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171207122050_13457717/ Thu, 07 Dec 2017 12:20:50 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171207122050_13457717/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171129135608_13448050/ Wed, 29 Nov 2017 13:56:08 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171129135608_13448050/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171129135530_13448049/ Wed, 29 Nov 2017 13:55:30 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171129135530_13448049/ <![CDATA[RNS press release - Result of General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171128070006_13445513/ Tue, 28 Nov 2017 07:00:06 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171128070006_13445513/ <![CDATA[News - Be Heard Group raises £6.2mln as it buys London based creative agency, The Corner ]]> http://www.proactiveinvestors.co.uk/companies/news/187080/be-heard-group-raises-62mln-as-it-buys-london-based-creative-agency-the-corner-187080.html Digital marketing services group Be Heard Group PLC (LON:BHRD) has raised £6.2mln to help fund the acquisition of London based creative agency The Corner Communications (London) Ltd.

The group issued 78mln shares at 2.8p to raise £2.2 million gross in a placing and £4mln via issuing convertible loan notes.

READ: London taxi firm Addison Lee jumps in with Be Heard

"Be Heard's fifth acquisition is an important step forward. We are building a digital marketing services group for the connected world - to help brands and marketers meet today's challenges across the customer journey," Peter Scott, the executive chairman, told investors on Friday.

The initial consideration for the acquisition is £7.95mln with a further maximum deferred earn-out consideration payable of up to £4.05mln, making a maximum of £12mln.

The Corner Communications is an award winning agency, with a focus on brand and creative strategy, communication planning, digital design and social marketing. Notably, 70% of its net revenue is retained or contracted.

It has strong client relationships across the charity, entertainment, FMCG, retail sports and travel sectors.

Be Heard says it remains confident in the firm's full year results, underpinned by excellent new business performance in the first half continuing into the second.

READ: Be Heard Group joining the dots

Across the group, 36 new clients have been won since the beginning of year, including Addison Lee, GSK, MasterCard, Pittsburgh Paint Group and Pret A Manger, supporting the group's business strategy.

In September, the firm said it was on course to hit full-year targets after a strong start to the year.

The top-line growth was eye-popping, albeit pepped up considerably by some shrewd acquisitions.

Net revenue for the group rose to £8.3mln from £3.3mln in the first half of the previous year, while billings rose to £16.0mln from £14.7mln.

The company’s ‘buy and build’ strategy is bearing fruit, with the acquired units small enough to be agile and responsive to clients’ needs, while the opportunities for those units to work together means the group can offer a broad spectrum of services.

Be Heard shares nudged 0.17% higher in early deals on Friday to 2.88p.

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Fri, 10 Nov 2017 08:57:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187080/be-heard-group-raises-62mln-as-it-buys-london-based-creative-agency-the-corner-187080.html
<![CDATA[RNS press release - Results of Placing ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171110080211_13427394/ Fri, 10 Nov 2017 08:02:11 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171110080211_13427394/ <![CDATA[RNS press release - Replacement: Proposed Fundraising ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171109165135_13426778/ Thu, 09 Nov 2017 16:51:35 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171109165135_13426778/ <![CDATA[RNS press release - Acquisition of The Corner ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171109163501_13426766/ Thu, 09 Nov 2017 16:35:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171109163501_13426766/ <![CDATA[News - London taxi firm Addison Lee jumps in with Be Heard ]]> http://www.proactiveinvestors.co.uk/companies/news/185772/london-taxi-firm-addison-lee-jumps-in-with-be-heard-185772.html Digital marketing specialist Be Heard Group PLC (LON:BHRD) has secured a new contract win with London taxi giant Addison Lee.

Be Heard’s digital media and analytics agency, agenda21, has been selected to help drive Addison Lee’s business expansion both in the capital as well as other parts of the UK.

READ: Be Heard Group joining the dots

agenda21 helps companies to focus their digital marketing strategy and make it more effective through the analysis and “smarter use of complex data”.

Addison is a big player in the London cab market and you’ll often see their cars – often a black Ford Galaxy – waiting outside the entrances of big companies’ offices.

In fact, Be Heard estimates that 80% of firms on the FTSE 100 index have a customer account with the taxi operator.

READ: Be Heard "has encouraging momentum", Numis Securities says

"I am delighted that a global leader like Addison Lee has chosen us to lead its digital marketing activity,” said Be Heard chief executive Peter Scott.

“This confirms our view that corporates require agile and fast-moving digital specialists to help them connect with today's customers.”

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Wed, 18 Oct 2017 07:24:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/185772/london-taxi-firm-addison-lee-jumps-in-with-be-heard-185772.html
<![CDATA[RNS press release - Contract win with Addison Lee ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171018070005_13400233/ Wed, 18 Oct 2017 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171018070005_13400233/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171009171501_13390932/ Mon, 09 Oct 2017 17:15:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20171009171501_13390932/ <![CDATA[News - Be Heard Group joining the dots ]]> http://www.proactiveinvestors.co.uk/companies/news/181923/be-heard-group-joining-the-dots-181923.html Digital marketing services group Be Heard Group PLC (LON:BHRD) is on course to hit full-year targets after a strong start to the year.

The top-line growth was eye-popping, albeit pepped up considerably by what looks like some shrewd acquisitions.

Net revenue for the group rose to £8.3mln from £3.3mln in the first half of the previous year, while billings rose to £16.0mln from £14.7mln.

The company’s ‘buy and build’ strategy is bearing fruit, with the acquired units small enough to be agile and responsive to clients’ needs, while the opportunities for those units to work together means the group can offer a broad spectrum of services. Encouragingly, half-year results revealed eight clients are now served by two or more companies within the group, and those clients generated 23% of the revenues in the first half of the year.

Current trading is strong, the company said in September, with additional assignments from existing clients, such as Axelos, ComparetheMarket, Hodder, Unilever and Vodafone, while new clients, such as Autotrader and Pittsburgh Paint Group, have signed up.

"Current visibility on revenues and progress underpins the board's confidence that the group will deliver full year results in line with market expectations and strong run-rate profitability by the year end,” said Peter Scott, executive chairman of Be Heard.

Decent pedigree

The group was set up by Scott, who started his working life with Ogilvy and Mather and co-founded WCRS, which to quote his biography ‘morphed’ into Aegis under his tenure as boss.

The business was eventually sold to Japanese rival Dentsu for £3.2bn. After that he created Engine Group, which was sold to private equity for £100mln in 2014.

The company, which made its debut on Aim in November 2015 following a reverse into Mithril Capital, is currently valued at £22mln.

The short-to-medium term plan is to turn it into a £100mln turnover business focused on digital marketing – be that user experience (UX), driving traffic to sites, content or data analytics.

Scott and the team have spotted a gap in the marketplace, according to Paul Richards, an investment analyst at Numis Securities.

“While the global holding groups continue to add revenue and capability through acquisition, they are often perceived as less able to innovate and adapt as quickly as the smaller, digital specialist,” he said in a research note.

However, the smaller digital specialists lack the access to capital, talent and experience to scale and win larger clients. Be Heard plans to build a mid-sized network that combines scale, expertise and agility.

Interconnected and agile

Be Heard intends to build an agile, interconnected group at the intersection of marketing services, technology and e-commerce.

“As a group, we need to be really flexible,” Richard Costa-D’Sa, chief growth officer at Be Heard, told Proactive Investors.

“Because of the way we’ve structured ourselves, we aren’t encumbered by those legacy structures,” he said, referring to the way Be Heard’s business model differs from the lumbering industry giants of yesteryear.  

Vodafone UK is one of the group’s flagship accounts, and the ambition, according to Costa-D’Sa, “is to have more Vodafones”.

READ Be Heard hails rapid delivery of microsite for Vodafone UK

“They’re a client that is naturally seeing the opportunity of working with multiple parts of our business – not as a hard-sell, cross-sell; it’s a natural, actually.

“If we’re doing your web site, we need to understand how you do SEO [search engine optimisation], because it’s great having a beautifully designed web site but if it’s not optimised for that first page of Google, why do you even build it?” asks Costa-D’Sa.

Building a dynasty

Scott’s approach to his buy-and-build programme is to offer companies a leg-up. Okay, it isn’t a purely altruistic gesture.

He is acquiring businesses with a mix of cash (around 65% of the initial consideration) and equity along with an earn-out, usually over three years.

With money in the bank and a reputation for not paying over the odds, there’s enough in the coffers to fund the short term deal flow.

The company has said it is comfortable doing four deals a year and it has the support of a pretty impressive roster of institutional investors (which includes Gresham House, Artemis and Schroders) if it wants to come back to the market to top up its cash pile.

Entrepreneur, investor and Saracens owner Nigel Wray is also a backer.

Acceleration into growth in 2017

The company’s net revenue in 2016 clocked in at £9.49mln, in line with house broker Numis’s forecast.

Numis sees the top line doubling in 2017, and earnings per share rising from a negligible loss to 0.22p.

It’s possible to have some sympathy for the Numis team as there is every chance Be Heard will make a nonsense of those projections by announcing another acquisition or two.

In the meantime, Numis notes that the cross-referral of business across the group remains a key priority.

“We are pleased to see that BeHeard has made further progress in this area and two or more group companies now service Vodafone, Essilor, Northumbria Water, Wiltshire Farm Foods and BDO,” Numis said in a note issued after Be Heard’s annual general meeting in May.

The broker has a ‘buy’ recommendation on the stock and a target price of 5p. 

“We believe BeHeard has encouraging momentum and continue to view the shares as undervalued at current levels,” the broker said.

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Mon, 11 Sep 2017 11:07:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/181923/be-heard-group-joining-the-dots-181923.html
<![CDATA[News - Be Heard "has encouraging momentum", Numis Securities says ]]> http://www.proactiveinvestors.co.uk/companies/news/183727/be-heard-has-encouraging-momentum-numis-securities-says-183727.html Be Heard Group PLC (LON:BHRD) saw “exceptional revenue growth” in the first half and expects the growth rate to pick up in the second half.

The acquisitive digital marketing company is making progress with its cross-selling initiatives, and reported in its half-year results that eight clients are now served by two or more companies within the group, and those clients generated 23% of the revenues in the first half of the year.

The longest serving agencies within the group – agenda21 and MMT Digital – notched up year-on-year revenue rises of 21% and 44% respectively, and while its Kameleon content agency made a loss in the first half, partly as a result of a lull in activity as a result of the uncertainty caused by the General Election, it is expected to return to profit in the second half.

WATCH: Be Heard sounding good to investors

Net revenue for the group rose to £8.3mln from £3.3mln in the first half of the previous year, while billings rose to £16.0mln from £14.7mln.

More than 85% of forecast 2017 revenue is billed or confirmed, Be Heard said.

Adjusted operating profit before central group costs are factored in rose to £1.2mln from £0.7mln the previous year.

The group is investing heavily to support its growth ambitions, and the first half of the year saw administrative expenses more than double to £11.35mln from £5.47mln, which contributed to a deepening of the loss before tax to £3.03mln from £2.18mln the previous year.

Current trading is strong, the company said, with additional assignments from existing clients, such as Axelos, ComparetheMarket, Hodder, Unilever and Vodafone, while new clients, such as Autotrader and Pittsburgh Paint Group, have signed up.

READ: Be Heard Group joining the dots

"Current visibility on revenues and progress underpins the board's confidence that the group will deliver full year results in line with market expectations and strong run-rate profitability by the year end,” said Peter Scott, executive chairman of Be Heard.

“We expect performance in the second half of the year to outperform the first half, with new business wins feeding through, increasing cross-fertilisation and the rollout of new proprietary products and services such as Content Compass and Trend Rider,” Scott added.

“As expected, EBITDA [underlying earnings] was curtailed in the half to £1.2m due to continued investment across the business in addition to headwinds at Kameleon. We maintain our 2017 revenue forecast and view our 2018 estimate as conservative, though trim 2017 PBT/EPS to £2.0m/0.22p (£2.3m/0.25p) reflecting increased investment,” said Numis Securities, which rates the shares a ‘buy’.

The consensus forecast for profit before tax prior to this morning’s results announcement was £2.17mln, while analysts had 0.23p pencilled in for earnings per share.

“We believe BeHeard has encouraging momentum and continue to view the shares as undervalued at current levels,” the broker said.

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Mon, 11 Sep 2017 10:20:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183727/be-heard-has-encouraging-momentum-numis-securities-says-183727.html
<![CDATA[RNS press release - Half-year Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170911070003_13357488/ Mon, 11 Sep 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170911070003_13357488/ <![CDATA[RNS press release - Notice of Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170905105029_13352183/ Tue, 05 Sep 2017 10:50:29 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170905105029_13352183/ <![CDATA[News - Be Heard change to MMT earn-out will benefit both sides ]]> http://www.proactiveinvestors.co.uk/companies/news/182979/be-heard-change-to-mmt-earn-out-will-benefit-both-sides-182979.html Be Heard Group PLC (LON:BHRD), the digital marketing services group, has changed the terms of the earn-out deal agreed as part of the acquisition of the user experience business MMT.

The company said in a statement that the new deal will benefit both sides of the transaction.

The switch has been made to three annual fixed payments of £3.233mln rather than being assessed on a performance basis.

WATCH: Be Heard sounding good to investors

MMT will have to achieve revenues greater than those posted for 2015. The earn-out will be paid 65% in cash and 35% in shares.

The net effect is to bring the deal cap down £3mln to £17.5mln.

To date, Be Heard has paid MMT’s former owners £7.8mln.

"We see this as a very positive move that benefits both our shareholders and our partners at MMT," said chairman Peter Scott.

READ: Be Heard Group joining the dots ]]>
Fri, 25 Aug 2017 08:23:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/182979/be-heard-change-to-mmt-earn-out-will-benefit-both-sides-182979.html
<![CDATA[RNS press release - Revision to MMT Limited earn out arrangements ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170825070003_13341512/ Fri, 25 Aug 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170825070003_13341512/ <![CDATA[Media files - Be Heard sounding good to investors ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7888/be-heard-sounding-good-to-investors-7888.html Fri, 04 Aug 2017 12:04:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7888/be-heard-sounding-good-to-investors-7888.html <![CDATA[News - Be Heard hails rapid delivery of microsite for Vodafone UK ]]> http://www.proactiveinvestors.co.uk/companies/news/181916/be-heard-hails-rapid-delivery-of-microsite-for-vodafone-uk-181916.html Be Heard Group PLC (LON:BHRD), the digital marketing services group, has whipped out Vodafone Labs, a microsite launched by Vodafone UK, in double-quick time.

The new microsite – a kind of tributary from the main web site – will showcase Vodafone UK's latest innovations in technology and act as a platform for attracting new talent to Vodafone's digital team.

Be Heard’s digital agency MMT Digital and its digital analytics and search engine optimisation unit agenda21 developed the launch iteration in just two weeks, Be Heard said.

READ: Be Heard confident of full-year outlook after strong first half

Jon Davies, head of digital at Vodafone UK, said the content and messages on the group’s new site “represent our big ambition to be a leader across our industry and beyond”.

“Transforming what we deliver and how we deliver is at the centre of Vodafone Labs. Feedback from inside and outside the business has been fantastic and we are looking forward to continuing the story of digital Innovation in Vodafone."

WATCH: 'We're in a unique place' - Be Heard's new growth officer Richard Costa-D’Sa

Richard Costa-D’Sa, chief growth officer at Be Heard, said the rapid turnaround of the project demonstrates how Be Heard’s partner companies can work together quickly and effectively.

“Our partnership method and agile culture can make the difference to brands wanting to achieve real impact in today's fast-moving digitally-powered world. I believe that drawing together partners to deliver powerful shared projects like this will be an engine for sustained growth at Be Heard," Costa-D’Sa said.

 

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Thu, 03 Aug 2017 09:53:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/181916/be-heard-hails-rapid-delivery-of-microsite-for-vodafone-uk-181916.html
<![CDATA[RNS press release - Be Heard Partners and Vodafone Microsite Launch ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170803080001_13318077/ Thu, 03 Aug 2017 08:00:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170803080001_13318077/ <![CDATA[News - Be Heard confident of full-year outlook after strong first half ]]> http://www.proactiveinvestors.co.uk/companies/news/181827/be-heard-confident-of-full-year-outlook-after-strong-first-half-181827.html Digital marketing services group Be Heard Group PLC (LON:BHRD) is confident of hitting full-year targets, as well it might be after first half net revenue soared.

Net revenue grew 155% to £8.4mln in the first half of 2017 from £3.3mln the year before, thanks in part to a full six months' worth of contributions this time around from MMT and Kameleon, plus a first-time contribution from Freemavens, acquired in February of this year.

Management highlighted strong performances at its agenda21 and MMT Digital units, which enjoyed a high volume of new business wins.

The scale of new business success at MMT called for investment in additional employees and facilities ahead of plan, leading to an increase in costs to support future contracted work.

The company's content agency, Kameleon, did see a slowdown in activity in the run-up to the General Election, but has since started to recover.

Despite macro economic and political uncertainties the group has a strong  pipeline of work from existing and new clients for the second half of the year, with 73% of current forecast revenue for 2017 billed or committed.  

In addition, the board is encouraged by the increasing number of opportunities for its partner companies to work together to deliver connected solutions for clients, a key element of Be Heard's growth strategy.

Talking of the board, Be Heard (AIM: BHRD), David Morrison, the chief executive of Prospect Investment Management - an investor in early stage growth companies - has been appointed as a non-executive director. 

"His experience in identifying and developing early stage growth companies will be valuable to our strategy of acquiring and connecting best-in-class partner agencies," said Peter Scott, the executive chairman of Be Heard.

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Wed, 02 Aug 2017 07:43:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/181827/be-heard-confident-of-full-year-outlook-after-strong-first-half-181827.html
<![CDATA[RNS press release - Appointment of Non-Executive Director ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170802070010_13316054/ Wed, 02 Aug 2017 07:00:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170802070010_13316054/ <![CDATA[RNS press release - Strong revenue growth in first half ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170802070009_13316039/ Wed, 02 Aug 2017 07:00:09 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170802070009_13316039/ <![CDATA[RNS press release - Revolving Credit Facility ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170707070003_13287109/ Fri, 07 Jul 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170707070003_13287109/ <![CDATA[RNS press release - Appointment of Nomad and Joint Broker ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170703070003_13280680/ Mon, 03 Jul 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170703070003_13280680/ <![CDATA[Media files - 'We're in a unique place' - Be Heard's new growth officer Richard Costa-D’Sa ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7670/-we-re-in-a-unique-place-be-heard-s-new-growth-officer-richard-costa-dsa-7670.html Wed, 21 Jun 2017 11:29:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7670/-we-re-in-a-unique-place-be-heard-s-new-growth-officer-richard-costa-dsa-7670.html <![CDATA[RNS press release - Appointment of Richard Costa-D'Sa ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170620080002_13266237/ Tue, 20 Jun 2017 08:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170620080002_13266237/ <![CDATA[News - Be Heard's digital agency MMT comes away with more awards ]]> http://www.proactiveinvestors.co.uk/companies/news/179404/be-heard-s-digital-agency-mmt-comes-away-with-more-awards-179404.html Be Heard PLC's (LON:BHRD) digital agency MMT Limited came away from Wednesday evening's 2017 RAR (recommended agency register) Digital Awards clutching a host of accolades.

MMT was voted best agency for software development , web design, web development, usability, and best mobile agency.

Notably, these marketing industry awards are voted for by clients and over 45,000 ratings were submitted by clients for plaudits in 20 categories.

MMT has received 14 RAR digital awards in the last three years.

Peter Scott, executive chairman of Be Heard said: "This further demonstrates exactly why we knew the Agency would be a great addition to Be Heard.

"It is our stated aim to help brands maximise their return on investment from digital marketing, so client validation is the best kind."

Shares nudged 0.7% to 3.575p.

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Fri, 16 Jun 2017 14:49:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/179404/be-heard-s-digital-agency-mmt-comes-away-with-more-awards-179404.html
<![CDATA[RNS press release - MMT Digital wins 5 awards at RAR Digital Awards ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170616080001_13263000/ Fri, 16 Jun 2017 08:00:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170616080001_13263000/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170510172039_13221334/ Wed, 10 May 2017 17:20:39 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170510172039_13221334/ <![CDATA[Media files - 'A busy few months' for Be Heard - Executive Chairman Peter Scott ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7434/-a-busy-few-months-for-be-heard-executive-chairman-peter-scott-7434.html Wed, 10 May 2017 15:34:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7434/-a-busy-few-months-for-be-heard-executive-chairman-peter-scott-7434.html <![CDATA[News - Digital marketer Be Heard makes promising start to 2017 ]]> http://www.proactiveinvestors.co.uk/companies/news/177574/digital-marketer-be-heard-makes-promising-start-to-2017-177574.html Digital marketing group Be Heard PLC (LON:BHRD) has made a good start to 2017 with its MMT arm in particular growing strongly as group cross referrals start to impact, executive chairrman Peter Scott told its annual meeting.

He highlighted business wins with Cath Kidston, BDO and Brakes at agenda21, PPG, Sense, Save the Children and Gowling WLG at MMT Digital and Clyde & Co, the Society of Petroleum Engineers and ACCA at Kameleon.

WATCH: 'A busy few months' for Be Heard - Executive Chairman Peter Scott

In February, Be Heard also entered the big data and analytics space with the acquisition of a 75% stake in Freemavens, an analytics and insight consultancy.

Key product developments in 2017 include a new Artificial Intelligence-optimised media trading service at agenda21, said Scott.

“We continue to explore a strong and growing pipeline of earnings enhancing acquisition opportunities in line with our strategy of building a high-performance pure-play digital marketing services group."

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Wed, 10 May 2017 08:47:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/177574/digital-marketer-be-heard-makes-promising-start-to-2017-177574.html
<![CDATA[RNS press release - AGM Statement ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170510070008_13219945/ Wed, 10 May 2017 07:00:08 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170510070008_13219945/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170503120628_13212794/ Wed, 03 May 2017 12:06:28 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170503120628_13212794/ <![CDATA[RNS press release - Posting of Annual Report and Notice of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170419070008_13196313/ Wed, 19 Apr 2017 07:00:08 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170419070008_13196313/ <![CDATA[News - N+1 Singer believes Be Heard Group looks “modestly rated” given the firm’s potential ]]> http://www.proactiveinvestors.co.uk/companies/news/176441/n1-singer-believes-be-heard-group-looks-modestly-rated-given-the-firms-potential-176441.html Broker N+1 Singer believes that shares in digital marketing specialist Be Heard Group PLC (LON:BHRD) look “modestly rated” given the group’s potential.

In a note to clients following a “speed dating” lunch with the management of five companies not under its normal coverage, analyst Johnathan Barrett concluded that Be Heard is: “An attractively positioned mid-size group is likely to draw a lot of attention from the larger global mega-agencies that are highly acquisitive.”

He pointed out that the group’s “experienced management team is building a modern focused digital marketing services group operating at the crucial intersection between marketing, technology and e-commerce.”

WATCH: Be Heard chairman says “2017 started off extraordinarily well” … CLICK HERE: For a daily round-up of all the Proactive news …

The analyst said: “This is perhaps the most difficult, but important area for many businesses seeking to effectively market and sell products.”

Expects added scale …

He added: “So far Be Heard has bought specialists in the consumer experience/e-commerce, data analytics, digital media planning/buying and content creation.

“Cross-selling has already taken off as the key services are offered as integrated solutions. We expect more services to be added to scale the group and exploit the huge opportunity.”

Barrett concluded: “Be Heard should be able to grow faster than average given its business mix. Further enhancement of the proposition(s) should make this level of growth stronger and more sustainable.”

The analyst also provided bullish estimates for Be Heard’s results over the next few years, forecasting adjusted pretax profit of £2.6mln for full-year 2017, up from £0.7mln in 2016, on revenues of £19.5mln, up from £9.5mln.

For full-year 3018, the analyst estimates adjusted pretax profit rising to £2.7mln on revenues of £22.0mln.

Reverse debut …

Be Heard made its debut on AIM back in November following a reverse into Mithril Capital.

The shares were steady in morning trading today at 3.82p having gained around 6% in-the year-to-date.

READ: Dowgate bullish on Be Heard …

Earlier this month, broker Dowgate Capital repeated a ‘buy’ rating on Be Heard shares with a price target of 5.2p.

Dowgate’s analysts reckoned that Be Heard has everything in place to be a success on the junior market.

CLICK HERE: For a daily round-up of all the Proactive news … ]]>
Thu, 13 Apr 2017 10:37:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/176441/n1-singer-believes-be-heard-group-looks-modestly-rated-given-the-firms-potential-176441.html
<![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170406084109_13185958/ Thu, 06 Apr 2017 08:41:09 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170406084109_13185958/ <![CDATA[RNS press release - Issue of Shares ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170405080004_13184187/ Wed, 05 Apr 2017 08:00:04 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170405080004_13184187/ <![CDATA[News - Broker bullish on Be Heard, claims investors are “starting to listen” ]]> http://www.proactiveinvestors.co.uk/companies/news/175929/broker-bullish-on-be-heard-claims-investors-are-starting-to-listen-175929.html City broker Dowgate Capital has repeated its ‘buy’ recommendation for Be Heard Group PLC (LON:BHRD),  claiming that investors are “starting to listen” to the digital marketing specialist’s story.

Be Heard made its debut on AIM back in November following a reverse into Mithril Capital and Dowgate reckons it has everything in place to be a success on the junior market.

“Be Heard benefits from a proven management team with an excellent track record, that is gaining from the synergy value of new acquisitions against the background of a marketing industry entering the next phase of an exciting digital revolution,” said analyst Jason Roberston.

Speaking of management, chairman and founder Peter Scott heads up what Robertson calls a “high calibre” senior team.

Given Scott’s previous successes at WCRS (sold for £3.2bn) and Engine Group (sold for £100mln), the analyst says investors “will be hoping history repeats itself”.

Importantly, Be Heard also gives investors the opportunity to take a stake in the booming digital advertising and marketing space.

Robertson estimates that internet advertising overtook traditional advertising back in 2015, and expects it to represent 60% of the ad market in the near future.

“Be Heard is uniquely positioned as a pure play digital business, seeking to acquire and connect a cluster of best-in-class mid-size agencies,” explains the analyst.

Robertson also notes that Be Heard has a track record of acquiring businesses for reasonable prices, especially when compared to some of its larger peers.

“Be Heard’s first four acquisitions have averaged a multiple of 5-6x EBITDA [underlying earnings].

“This appears cheap when compared to acquisitions made by others that have tended to be in the range of x10 to x22, with mid-size acquisitions and those paying a premium for scale, in the x16-x20 range.”

Robertson has the stock as a ‘buy’ with a price target of 5.2p.

Shares were up 2.5% to 3.95p early on Tuesday afternoon.

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Tue, 04 Apr 2017 12:20:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/175929/broker-bullish-on-be-heard-claims-investors-are-starting-to-listen-175929.html
<![CDATA[RNS press release - Director/PDMR Shareholding ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170330140954_13177462/ Thu, 30 Mar 2017 14:09:54 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170330140954_13177462/ <![CDATA[Media files - '2017 has started off extraordinarily well' says Be Heard chairman Peter Scott ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7195/-2017-has-started-off-extraordinarily-well-says-be-heard-chairman-peter-scott-7195.html Thu, 30 Mar 2017 09:30:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7195/-2017-has-started-off-extraordinarily-well-says-be-heard-chairman-peter-scott-7195.html <![CDATA[News - Digital marketing specialist Be Heard Group has strong acquisition pipeline ]]> http://www.proactiveinvestors.co.uk/companies/news/175654/digital-marketing-specialist-be-heard-group-has-strong-acquisition-pipeline-175654.html Prelims from the digital marketing specialist Be Heard Group PLC (LON:BHRD) charted a period of significant expansion as it started to deliver on its buy and build strategy.

It made acquisitions two (MMT) and three (Kameleon), expanding its offering into user experience, design and build and content marketing.

It also landed significant new clients including Vodafone, BGL Group, Centaur Media and Euromoney.

WATCH: Be Heard boss says 2017 started "extraordinarly well" ...

Be Heard said the current year has started strongly. MMT in particular is doing well thanks in part to cross referrals.

The company said it has a strong and growing pipeline of acquisition opportunities.

The group was set up by Peter Scott, who started his working life with Ogilvy and Mather and co-founded WCRS, which to quote his biography ‘morphed’ into Aegis under his tenure as boss.

The business was eventually sold to Japanese rival Dentsu for £3.2bn. After that he created Engine Group, which was sold to private equity for £100mln in 2014.

The company, which made its debut on AIM last November following a reverse into Mithril Capital, is currently valued at £28mln.

The short-to-medium term plan is to turn it into a £100mln turnover business focused on digital marketing – be that user experience (UX), driving traffic to sites, content or data analytics.

Scott and the team have spotted a gap in the marketplace, explained analyst Numis analyst Paul Richards in a recent research note.

“While the global holding groups continue to add revenue and capability through acquisition, they are often perceived as less able to innovate and adapt as quickly as the smaller, digital specialist,” he said.

However, the smaller digital specialists lack the access to capital, talent and experience to scale and win larger clients. Be Heard plans to build a mid-sized network that combines scale, expertise and agility.

Be Heard’s net revenues for the 12 months to December 31 were just under £9.5mln, giving underlying earnings of £2.4mln.

Year earlier comparisons were essentially meaningless as the company in its current form has only existed a matter of months.

Chairman Scott said: “The numbers at this stage show our growing scale but do not represent the size of our ambition; nevertheless I am delighted with the foundations we now have in place and what we have achieved this year.

“We are already seeing the first instances of our partners working together to offer better services to clients by solving complex problems in the connected world. We'll continue to connect our businesses under the banner of experience, innovation and excellence and we are confident that great things will happen." 

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Thu, 30 Mar 2017 07:31:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/175654/digital-marketing-specialist-be-heard-group-has-strong-acquisition-pipeline-175654.html
<![CDATA[RNS press release - Final Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170330070010_13176418/ Thu, 30 Mar 2017 07:00:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/14299/LSE20170330070010_13176418/ <![CDATA[Media files - Acquisition 'gives us an entry point into big data and analytics', says Be Heard chairman ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6887/acquisition-gives-us-an-entry-point-into-big-data-and-analytics-says-be-heard-chairman-6887.html Wed, 08 Feb 2017 10:29:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6887/acquisition-gives-us-an-entry-point-into-big-data-and-analytics-says-be-heard-chairman-6887.html <![CDATA[News - Be Heard moves into analytics with £1.7mln purchase ]]> http://www.proactiveinvestors.co.uk/companies/news/172761/be-heard-moves-into-analytics-with-17mln-purchase-172761.html The growing digital market group Be Heard Group PLC (LON:BHRD) is branching into analytics with a £1.7mln deal.

It is handing over a mix of paper and cash for a 75% stake in a company called Freemavens as well as paying off its debts.

Be Heard also announced it is launching a £2.1mln stock placing at 3.6p a share - a modest discount to last night - to fund the transaction.

The company says the purchase of Freemavens provides it with an “entry point” in to the emerging areas of big data and analytics.

It also adds a fourth leg to the business that consists currently of digital media planning, user experience, design and build, and content and creative services.

The transaction comes just two months after it agreed to pay over £4mln for Kameleon Worldwide, a content marketing agency.

Bolt-ons ...

These ‘bolt-on’ deals are part of Be Heard’s buy-and-build strategy led by industry veteran Peter Scott who wants to create an integrated alternative to global marketing giants.

"The Freemavens team will give Be Heard industry leading analytics capability, and once bedded into our group will augment and enhance the work we do for clients,” said chairman Scott.

“Intelligent use of data underpins all decision making; our intention is to develop the analytics capability at Be Heard as a central function and resource for our clients.

“Bringing the exceptional Freemavens team into the fold is, I believe, a bold first step."   

In the year just gone Freemavens delivered revenues of £1.72mln and adjusted EBITDA of £410,000.

In an update on its own trading performance, Be Heard said 2016 was in line with expectations.

Trading since the start of 2017 has begun well, it added, with the integration of Kameleon “proceeding to plan”.

“Significant new clients have been won across the group over the last six months and we are beginning to see the benefit to clients of the group's ever broadening digital expertise,” it added.

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Tue, 07 Feb 2017 07:30:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172761/be-heard-moves-into-analytics-with-17mln-purchase-172761.html