Be Heard Group PLC – Final Results

Be Heard Group PLC – Final Results

Final Results For The Year Ended 31 December 2018, good revenue growth with improved operational efficiencies.

Financial Highlights

  • Group revenue increased by 51% to £29.5m (2017: £19.6m)
  • Like-for-like  revenue growth of +15%
  • Adjusted EBITDA (1) increased by 90% to £3.0m (2017: £1.6m)
  • Adjusted operating Margin (2) increased by 2.1% to 10.3% (2017: 8.2%)
  • Loss from operations £(9.7)m after non-cash impairment charge of goodwill and intangibles of £8.4m and £1.7m of exceptional costs (2017: £(3.9m))
  • Cash generation improved by £2.4m with cash generated from continuing operation of £0.8m
  • Net debt at £(0.8)m (3) after earn-out payments (2017: net cash £2.1m)
  • Earnout balance at £15.1m (December 2017: £19.9m)

Operational Highlights

  • Group delivers strong organic growth
  • Marked improvement in H2 2019 with revenues of £15m and EBITDA of £2.4m
  • Notable client wins include Vodafone, Enterprise, GSK, L'Occitane and Equifax
  • Aligned cost base to appropriate and sustainable levels
  • Improved operating margins
  • 9 consecutive months of profitability to February 2019
  • Group management and operational capability strengthened
  • Agreement in principle to convert majority of 2019 earn-out liability to 3-year (renewable) loan notes.

David Morrison, Non-Executive Chairman of Be Heard Plc, commented:

"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.

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."

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