Be Heard Group PLC (LON:BHRD), the digital marketing services group, is pleased to announce its Full Year Results for the twelve months ended 31st December 2016.
Headline Financial Results for the period
| £’000 | ||
| Billings | 28,854 | |
| Net Revenue | 9,490 | |
| Trading EBITDA (i) | 2,396 | at a margin to net revenue of 25% |
| Operating Profit (adjusted ii) | 810 | |
| Loss per share (diluted) | £(0.01) |
(i) represents Operating Profit (adjusted) prior to central group costs.
(ii) adjusted to exclude depreciation, amortisation & impairment of intangibles, acquisition & listing costs and share based payments.
Operational Highlights
Acquisition of second partner company MMT (May) and third partner company Kameleon (December) to expand the Group’s service offering into user experience, design and build (MMT) and content marketing (Kameleon)
Strong underlying net revenue growth of c.16% based on full year performance of the three partners in the Group at 31 December 2016
At agenda21:
- New MD and FD appointed, freeing Co-founders to focus on strategy and business development
- Major client wins include SEO business for Vodafone and lead digital agency for Domestic & General
- Industry recognition in The Drum’s Digital Census Report 2016, ranking second 2nd overall among media agencies
At MMT:
- Industry recognition at the 2016 RAR Digital Awards and in the 2016 Econsultancy Top 100 Digital Agencies Report
- New management structure including appointment of COO to free Co-founders as at agenda21
- Major client wins include Vodafone, BGL Group, Centaur Media and Euromoney
Post period end:
- Acquired fourth partner company Freemavens – funded via a cash placing of £2.1m
- First Group pitch involving all four Partner companies for an international opportunity
- Robin Price appointed COO in addition to existing role as CFO
Outlook
- Early months of the year have seen the business trading well and in line with management expectations
- Particularly strong Q1 growth at MMT as group cross referrals start to impact
- Increasing number of opportunities for partner companies to work together – this will continue to be a primary focus in 2017 as we move to co-locate our operations
- We continue to explore a strong and growing pipeline of acquisition opportunities, in line with our strategy
Peter Scott, Executive Chairman said: In our first full year of trading we made our second and third acquisitions, identified our fourth, which we acquired just post year end, made clear progress in building links across the group and helping our partners develop, and strengthened both the Executive team and the Board.
The numbers at this stage show our growing scale but do not represent the size of our ambition; nevertheless I am delighted with the foundations we now have in place and what we have achieved this year.
We are already seeing the first instances of our partners working together to offer better services to clients by solving complex problems in the connected world. We’ll continue to connect our businesses under the banner of experience, innovation and excellence and we are confident that great things will happen.
