08:00 Thu 19 Jul 2018
Be Heard Group PLC - Pre-close trading update
Pre-close trading update
Highlights
· Group revenues in excess of
· Like for like revenue growth of 15%.
· Notable wins from Aviva, GSK, blu, and Equifax.
·
· EBITDA guidance adjusted to reflect investment in business development, service capacity and provision for client spend volatility.
· Cost reductions implemented to support investment and underpin H2 2018 and 2019.
· Latest industry estimates suggest an uptick in
The Group recorded strong overall growth in revenues and +15 per cent on a pro-forma basis, in the six months ended
First half and full year earnings progress will not mirror the high rate of revenue growth. We expect our margins to reflect the increased costs associated with winning new business, uncertainty around contract timing and moreover, client spend volatility. To mitigate this, we have begun a process of reducing costs, streamlining our business and centralising Group functions where appropriate. We expect to see the benefits of these actions in the second half of 2018, with the full effect in 2019.
The Board now expects adjusted EBITDA1 for the year ending
The Board remains confident that
Half year results announcement
- ENDS -
Note 1: Adjusted EBITDA is Earnings Before Interest Tax Depreciation and Amortisation and excludes; share based payments charge, abortive costs and restructuring/ redundancy costs.
Enquiries
Peter Scott, Chief Executive Officer
Simon Pyper, Chief Financial Officer
N+1 Singer +44 20 7496 3000
Mark Taylor / Lauren Kettle
Dowgate +44 20 3903 7715
James Serjeant
Jamie Ricketts / Niamh Fogarty
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