StockMarketWire.com - Digital marketing services group Be Heard reported wider annual losses as asset writedowns offset a jump in revenue.

In 2018, pre-tax losses widened to £10.3m from £3.95m a year earlier. Revenue grew 51% to £29.46m and like-for-like revenue grew 15%.

Losses were driven by a non-cash impairment charge to goodwill of £7.2m, of which £6.4m related to the carrying value of agenda21, £0.7m to The Corner and £0.2, related to Kameleon.

Adjusted earnings (EBITDA)increased by 90% to £3.0m for the year, and adjusted operating margin increased by 2.1% to 10.3%, from 8.2% in 2017.

'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 David Morrison, Non-Executive Chairman of Be Heard .

'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.'

At 8:41am: [LON:BHRD] Be Heard Group PLC share price was +0.05p at 1.2p



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