LONDON (Alliance News) - Be Heard Group PLC on Monday reported a sharp rise in revenue but a widened loss for 2018 on a goodwill impairment charge.
Shares in the digital advertising, marketing and communication services provider were up 9.1% Monday at 1.26 pence each in morning trade.
In 2018, Be Heard's pretax loss widened to GBP10.3 million from a GBP4.0 million the year before. The company's revenue jumped 51% to GBP29.5 million from GBP19.6 million in 2017.
Be Heard's largest business, MMT, reported a 48% rise in revenue to GBP13.9 million. Be Heard attributed the rise to MMT "delivering quality solutions for clients to timetable and to budget". The increase came from existing clients and "a number" of referrals.
Be Heard's administrative expenses increased 68% in 2018 to GBP39.2 million from GBP23.4 million, with termination payments increasing tenfold to GBP1.4 million and impairment of goodwill more than tripling to GBP7.2 million.
"In spite of a difficult start to the year, which gave rise to senior management changes, the company has made considerable progress and finished the year strongly. The results for the second six months show a marked improvement when compared to the first half and reflect the focus of the new management team on operational effectiveness, profitability and cash generation," said Non-Exec Chair David Morrison.
Morrison added: "The new financial year has started positively, against an unsettling market environment and the financial constraints of the group. Assuming reasonable trading weather ahead, I expect to be able to report positive news as the year progresses."
