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

"Be Heard's fifth acquisition is an important step forward," said Peter Scott, executive chairman
Be Heard Group raises £6.2mln as it buys London based creative agency, The Corner
The company’s ‘buy and build’ strategy is still bearing fruit

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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Be Heard Group PLC Timeline

May 03 2018

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