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

The period saw strong new business performance with 25 new client wins including Addison Lee, GSK, Save the Children, Unilever Food Solutions and Vodafone Enterprise
Digital revenue
73% of current forecast revenue for 2017 has been billed or is committed

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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Be Heard Group Timeline

Big Picture
September 11 2017

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