(Sharecast News) - Digital marketing outfit Be Heard saw losses widen in its last trading year as improved revenues were offset by asset write-downs and a slow start to the year.
Despite a 51% surge in revenues to £29.46m, pre-tax losses widened 160% to £10.3m in 2018 as a non-cash impairment charge on goodwill of £7.2m wiped out any improvement to the group's bottom line.
EBITDA increased by 90% to £3m.
The AIM-listed group highlighted that it had, in fact, turned a profit over the last nine months, with most of its woes stemming from global political and economic worries which knocked business confidence earlier in the year - resulting in clients' opting to spend less on marketing and Be Heard itself spending more to win new business, denting margins in the process.
However, Be Heard revealed that its "strong cost control" and ability to secure contracts with the likes of Vodafone and GlaxoSmithKline meant there had been a "marked improvement" in its second-half performance.
Chairman David Morrison said: "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."
Looking forward, Morrison said: "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."
As of 1100 GMT, Be Heard shares had ticked up 0.87% to 1.16p.