Be Heard Group PLC (LON:BHRD), the digital marketing services group, has seen business momentum pick up after some existing clients were slow out of the blocks.
The company, which lowered profit guidance for 2017 back in January as a result of some contracts not getting over the line before the year-end, said profits for 2017 were in line with January's guidance.
WATCH: Be Heard's business model 'fully justified' & enjoying solid organic growth
Billings climbed to £34.67mln from £28.85mln in 2017 while net revenue more than doubled to £19.55mln from £9.49mln, including a 25% increase in organic net revenue.
Administrative expenses rose to £23.43mln from £13.13mln, which included £2.6mln in amortisation and a £3.8mln impairment charge, resulting in the loss before tax widening slightly to £3.95mln from £3.66mln in 2016.
"2017 was only our second year as Be Heard. Phase one of our strategy is well advanced - building an integrated, end-to-end platform to offer connected, digital marketing services. We now have 330 digital experts covering data and analytics, integrated creative, media, content and UX, design and build. We continue to see an immense opportunity ahead for Be Heard, as the traditional holding groups scramble to adapt to changing client needs,2 said Peter Scott, the group's chief executive.
"The group's focus is now shifting to the next phase of our strategy - driving organic revenue growth by maximising collaboration across our 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," Scott said.
Another day, another reward! Congratulations on all the hard work and good luck! https://t.co/9mPeni5LZA
— Be Heard Group (@Be_Heard_Group) April 12, 2018