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  • 16 Sep 19

Further progress

Be Heard made further operational, strategic and financial progress in the first half. Group revenues rose +5%, with further strong growth at MMT Digital (+16%) and Freemavens (+82%) partially offset by challenging trading at agenda21 (-19%) and The Corner (-23%). Tight cost control led to pre-IFRS16 EBITDA more than doubling to £1.6m while the operating margin increased to creditable 10.9%. Cash generation was encouraging and the group has made good progress in fixing its earnouts. The share element was settled in July, leaving £9.4m cash to be paid. We maintain our full year forecasts on an underlying basis, though update for IFRS16. In our view, the group is now in far better operational and financial shape than a year ago and although the shares have been disappointing performers, we retain our view that equity value can be rebuilt.

Companies: Be Heard Group
  • 04 Jun 19

Small Cap Feast

Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the prem ium building products, system s and solutions group, has announced its intention to m ove from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

Companies: BHRD CALL BILN TRP KRS PRES IGAS PVR SWG RENX

  • 15 May 19

Encouraging AGM statement

Be Heard has released an encouraging AGM statement for Q1 indicating that revenues and EBITDA are both ahead of budget and last year, which underpins performance for the balance of 2019. The five partner companies are performing well and in line with expectations and we retain our FY19 PBT/EPS estimates for £3.1m/0.21p. At the FY18 results in March the group indicated that MMT Digital and Freemavens continue to demonstrate robust growth while the other businesses are stable and performing in line with management's expectations. The group has enjoyed a positive start to the year for new business, with notable account wins including the Chartered Institute of Taxation, Batiste and Drinkaware, while the pipeline remains 'robust'. At the FY18 results the group detailed its focus on operational effectiveness, profitability and cash generation in addition to the migration of earnout payments in 2019 to three-year loan notes to provide breathing space. We retain our view that the shares are materially undervalued on a SOTP basis given the undoubted strength of three of the group's businesses and stabilisation in the remaining two. We believe that as confidence in the group's balance sheet recovers, value will rebuild for equity shareholders.

Companies: Be Heard Group
  • 15 May 19

Great start to the year

Be Heard has issued a positive AGM trading update for Q1 citing good YoY revenue and EBITDA growth. Both results are ahead of budget. The strong start, business wins, pipeline strength and activity levels have made the Company more confident of its overall 2019 performance outlook. It is therefore perhaps no surprise that in summary the Company is confident about achieving a satisfactory result in 2019 but one that is “comfortably in line with expectations”. Investment, consistent with meeting EBITDA expectations, has been raised and should help build on momentum. From our perspective it is very encouraging to see the turnaround of Be Heard by new management delivering a thriving business that can capitalise on its potential through the strength of its offer.

Companies: Be Heard Group
  • 25 Mar 19

A marked improvement

Be Heard had a challenging H1 but under the new management team of Simon Pyper (CEO) and Ben Rudman (COO) the group delivered a markedly improved H2 outcome. Performance last year was mixed, with very robust growth at MMT Digital, Freemavens and Kameleon offset by disappointing results at The Corner and agenda21. However, The Corner and agenda21 are now showing evidence of stabilisation while the group has focused on operational effectiveness, profitability and cash generation. Crucially, the earnout payments due in 2019 have been migrated to three-year loan notes which provides breathing space. Encouragingly, the new year has started brightly with Q1 set to perform ahead of budget, which underpins our revenue and EBITDA forecasts. We view Be Heard as materially undervalued on a SOTP basis given the undoubted strength of three of the group's businesses and stabilisation in the remaining two. We believe that as confidence in the group's balance sheet recovers, value will rebuild for equity shareholders.

Companies: Be Heard Group
  • 25 Mar 19

Full year results in line and 2019 trading on track

After some significant reorganisation work EBITDA leapt in H2 to £2.4m driving full year EBITDA up to £3.0m from £1.6m in the prior year and in line with our forecast. With trading on track (Q1 ahead of budget) based on a robust macro-aware budget we are encouraged at this early stage in the year. The new CEO has delivered a huge turnaround leaving the shares looking fundamentally undervalued.

Companies: Be Heard Group
  • 25 Mar 19

Small Cap Feast

Network International Holdings—Pleading enabler of digital commerce across the Middle East and Africa region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m. Due April. No new funds to be raised. Secondary sell down. Targeting 25% of at least 25%. Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m.

Companies: ARS LDSG GRA BHRD PTSG EVG RAI OVB OCI RED

  • 14 Feb 19

Small Cap Feast

Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019.

Companies: SEE VRP ADL RST HGM TSTR OSI BHRD XPP AFHP

  • 14 Jan 19

Trading in-line

The Company has issued an update today signalling a good trading performance for full year 2018. In combination with strong cost controls this has boosted EBITDA and results will be in line with market expectations and we maintain our revenue and profit forecasts. We maintain profit expectations for 2019 and 2020 given current trading and the cost control measures put in place. New management has tackled historic issues decisively and is responding to conditions. This should help continue re-building confidence in Be Heard, which has an attractive commercial business model, but had been weak on execution. With the shares on a P/E of just 5.0x for 2019.

Companies: Be Heard Group
  • 14 Jan 19

Trading Update.

Be Heard Group, the digital marketing services group, issued a trading update for the year ending 31 December 2018. The Group has reported a good trading performance alongside strong cost control in H2 resulting in Adjusted EBITDA trading in-line with market expectations for FY18. We anticipate continued margin improvement in FY19E.

Companies: Be Heard Group
  • 18 Sep 18

Morning Song

Advanced Medical Solutions (AMS LN) OEM woundcare a millstone on Branded surgical division | Augean (AUG LN) Strong H1 profit growth; EPS upgraded by 10% pa | Be Heard (BHRD LN) Focus on execution improving | Frontier Smart Technologies Group (FST LN) Value in both divisions despite tough period | Northgate (NTG LN) In line AGM Statement, with the business on an improving trajectory | Springfield Properties (SPR LN) Sector leading growth; outperformance in cash

Companies: AMS AUG BHRD FST NTG SPR

  • 18 Sep 18

Focus on execution improving

Interim results have met expectations. Headline results show strong growth with revenues up 18% on a LFL basis. Profitability has leapt, with group EBITDA up over 400%. Net debt was better than expected with a significant improvement in working capital. In addition to the £2.0m of cost savings now in place, progress is being made with regard to the centralisation of business support functions. The centralisation of the business development teams targeting winning and growing larger clients is also progressing. Following the recent management changes, the new executive team has initiated a review of the operations with a view to making sure the business can leverage its proposition by becoming more “relevant, authentic and distinct”. While market conditions are soft the group still expects healthy growth in H2 given current visibility. This underpins our FY18 expectation and with the cost savings set to benefit in full next year we maintain our FY19 forecasts as well.

Companies: Be Heard Group
  • 18 Sep 18

Be Heard 2.0.

Be Heard Group (BHRD.L) today announced H1 2018 results demonstrating proof of concept and a strong business model that should lead to strong future revenue growth. Management have announced a new ‘Be Heard 2.0’ initiative to improve cashflow, margins and profitability. The appointment of Simon Pyper as CEO and elevation of Ben Rudman to the Board strengthens BHRD’s offering and we take confidence from their impressive track records. We believe in the Group’s new strategy and maintain our 2.5p target price.

Companies: Be Heard Group
  • 05 Sep 18

Morning Song

Anpario (ANP LN) Solid H1 results | Be Heard (BHRD LN) Board changes | Future (FUTR LN) Completion of Purch acquisition | Horizon Discovery Group (HZD LN) Downgrade to Hold pending further details of investment plans | Quiz (QUIZ LN) Positive 5 mth performance with continued growth across all channels | Xaar (XAR LN) Disappointing results; positive strategic progress

Companies: ANP BHRD FUTR HZD QUIZ XAR

  • 19 Jul 18

H1 shows strong revenue growth, but profit shortfall

H1 revenue met our expectations with LFL of growth of 15% driven by client wins and expanding activity with existing clients. Total growth, with significant acquisition contributions, was c70%. Persistent cost pressure related to pitching, service capacity and client spend volatility has impacted the margin, meaning a shortfall on profits. The Company has responded by taking volume related and structural cost measures which will help H2’2018 and 2019. Costs have been reshaped after a thorough review to allow for a better balance of efficiency and growth capacity. Revenue visibility analysis has yielded only modestly lower full year revenue guidance and the group is expected to continue to grow very rapidly. The net impact of these changes is EBITDA reductions of 24.6% for FY18 and 15.4% for FY19. We have also taken a simple, but we believe realistic approach for now, to adjusting earn-out payments by £1m. Be Heard is delivering on its growth strategy and now has significantly improved controls to deal with managing this growth.

Companies: Be Heard Group

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Be Heard Group. We currently have 47 research reports from 4 professional analysts.

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52 Week
0.75/1.53p
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# Shares
1,238m
Daily Liquidity
(0.03%)
Pension Liability
£0m
Enterprise Value
£11.5m
Market Cap
£9.66m
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Div Yield

Latest News/RNS

(more news)
Date Source Announcement
16Sep19 07:00 RNS Half-year Report
06Aug19 07:00 RNS Change of Advisers and Pre-Close Trading Update
31Jul19 07:00 RNS Update re Share Issue, Option Grant & PDMR Holding
08Jul19 17:05 RNS Holding(s) in Company
08Jul19 17:03 RNS Holding(s) in Company
28Jun19 07:00 RNS Further re Issue of Shares
10Jun19 07:00 RNS Strategic Investment
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  • 20 Sep 19

Stripe valued at $35bn, Datadog pops 39% on debut, Rivian big Amazon order

Stripe Inc said on Thursday it is raising $250 million in its latest funding round, which values the payments start-up at $35 billion, a dramatic 56% surge from a previous valuation at the start of the year. The latest valuation puts Stripe in the same league as home rental giant Airbnb Inc, which is also planning go public in 2020. Stripe has received strong positive feedback from our private FinTech contacts. Meanwhile, the IPO pipeline for 2020 is already heating up.

Companies: CALL TRAK BGO BOKU ECK EQLS LOOP NET QTX SEE TECH TCM TRCS

  • 18 Sep 19

LIBERUM: AFH Financial* - Further acquisition 'on a similar attractive multiple'

AFH has bought Broadleaf Financial Services for a total max consideration of £3.2m and “on a similar attractive multiple” to previous acquisitions. This brings the total committed spend to £10.4m since the Convertible placing in July, and shows the company following through on their comments about having deals in due diligence.

Companies: AFH Financial Group
  • 19 Sep 19

Cenkos: Redde Plc - Cash flow improvement creates opportunity

Redde's full-year statement in September has given significant reassurance to the market, and helped the stock regain upward momentum. Earnings-based valuations and the yield remain attractive, while there is clear potential for improved cash flow to fuel further bolt-on acquisitions in what has been a consolidating sector over recent years.

Companies: Redde
  • 18 Sep 19

Adapting to market conditions

Cenkos has not been immune from the challenging market conditions in the first half of 2019. This is evidenced by a decline in revenues of 41% to £10.6m and a loss before tax of £0.2m. Net cash also declined from £34m at December 2018 to £14.7m reflecting the reduced trading, the payment of the 2018 bonus and dividend, and a share buy-back programme. On the upside we note that the second half has ‘started well…with an encouraging pipeline’. In addition, the interim dividend was maintained at 2p, the regulatory capital surplus was £15.9m and we expect the net cash to improve to £25m by the year end. Despite the tough environment and the fact that we are revising our full year revenue and PBT forecast from £47m and £5m to £35m and £1.3m, we maintain our view that Cenkos has a flexible and strong business model (110 clients), and is attractive to income investors. With the shares close to historical lows, a dividend yield of 9% supports our BUY recommendation and revised price target of 80p.

Companies: Cenkos Securities
  • 18 Sep 19

Facebook working on AR glasses, TransferWise revenue +53% YoY, WeWork debt price tumbles

Facebook has been working to develop augmented reality glasses out of its Facebook Reality Labs in Redmond, Washington, for the past couple of years, but struggles with the development of the project have led the company to seek help. Now, Facebook is hoping a partnership with RayBan parent company Luxottica will get them completed and ready for consumers between 2023 and 2025, according to people familiar. Needless to say, we highlight a potentially substantial threat to Snap Inc, and a potentially huge opportunity for developers within the Facebook ecosystem.

Companies: EVRH ESYS BGO BOKU EQLS IMMO SMRT TECH VRE

  • 20 Sep 19

AGM statement shows strong growth

The Company has released a brief trading statement ahead of today’s AGM demonstrating the momentum in the business. The clear scale up in both cases invested into and cases settled bodes well for current year cash collection and future growth. Reiterate Buy rating and 590p price target

Companies: Manolete Partners
  • 13 Sep 19

LIBERUM: AFH Financial* - Acquisitions, a positive trading update and a primary focus now on organic growth and improved profitability

AFH organic net inflows continue at at least 8% p.a. The company states it is “primarily focused on driving the organic growth of our business by providing professional and cost-effective services to our clients and, in-turn, enhancing profitability”.

Companies: AFH Financial Group
  • 16 Sep 19

Report & Accounts published

6% rise in Group Funds under Management to US$5.4bn (£4.2bn), with Emerging Market products contributing 78% and diversification products (i.e. Developed Market, Opportunistic Value and Frontier products) 22%. Profit before tax of £11.4m (in line with Zeus forecast of £11.4m), with a profit before tax attributable to shareholders of £8.8m (Zeus old forecast of £8.8m). Fully diluted EPS of 34.1p (Zeus forecast of 34.2p) and Full Year DPS of 40.5p (Zeus old forecast of 40.5p).

Companies: City Of London Investment Group
  • 16 Sep 19

LIBERUM: Real Estate Investors* - Strong H1 earnings growth, and ready with £25m for deals in H2

REI has delivered positive H1 earnings growth ahead of our expectations. £25m of cash and facilities leaves management ready to capitalise on opportunities in the region, particularly in the case of any market dislocation.

Companies: Real Estate Investors
  • 17 Sep 19

Regional REIT - Executive interview

<a href="https://www.edisongroup.com/company/regional-reit/2333/"><strong>Regional REIT</strong></a> (RGL) provides investors with highly diversified exposure to UK commercial property (predominantly office and industrial property) in the main regional centres of the UK, effectively outside the M25 motorway. It aims to deliver an attractive total return to investors of at least 10% over the long term, with a strong focus on income plus capital growth. The shares provide one of the highest yields in the REIT sector and, barring unforeseen circumstances the company expects to pay aggregate dividends of 8.25p per share for 2019 (+2.5% versus 2018). In this <a href="https://www.edisongroup.com/edison-tv/executive-interview-regional-reit-4/"><strong>interview,</strong></a> Stephen Inglis, Group Property Director and Chief Investment Officer of London & Scottish Property Investment Management, the asset manager of RGL, discusses the recently released half-year results, the successfully completed £62.5m equity raise and the plans for accretive new investment.

Companies: Regional Reit
  • 17 Sep 19

LIBERUM: Aquis Exchange* - Revenues beat, drivers intact

Aquis H1 revenues were 5% ahead of our full-year run rate, and up 165% year-on-year. Company is trading in line with FY expectations.

Companies: Aquis Exchange
  • 18 Sep 19

LIBERUM: GLI Finance* - Focus on higher RoE lending, further FinTech writedown, intending to extend ZDPs

GLI is shifting to asset backed lending and seeing early growth in the newer UK and Irish businesses, however this is overshadowed by further, large FinTech writedowns, by an IFRS9 impact, and by the news that the company is seeking to extend the current ZDPs for a year, at a higher cost. New cost control is welcome and the future business model makes sense, in our view, but a succession of significant value downgrades make it unlikely that the business will soon receive any credit for the value which its core lending business should be creating.

Companies: GLI Finance
  • 27 Aug 19

Foreign buyers gorging on UK stocks

Like whales feasting on Krill, overseas firms are today stuffing themselves silly with choice fillets of corporate Britain. Why? Well look no further than geopolitical tensions and Brexit, which have disproportionately impacted UK equities and the £. Indeed the FTSE100 has lagged the S&P500 by a hefty 19% over the past 2 years, with Sterling dropping to 34 year lows vs US$ (see below). That said to us, based purely on fundamentals, this period of underperformance appears over-cooked, leaving many quality British companies vulnerable to predatory interest.

Companies: VOD AV/ AGK CHG CNA ITV BRBY SMIN CTEC SXS OXIG MGAM IMI WEIR WMH KMK EYE GATC ULS INS ALFA RDT TSTL ELCO MBH BLTG IHC 9537 CSRT NBI

  • 17 Sep 19

Solid interims, strong deployment in PRSR continues

Sigma’s interims reflect continued delivery in The PRS REIT (“PRSR”) and well-flagged delays which were experienced during the early part of 2019. We now see strong activity levels developing – both in PRSR and on Sigma’s balance sheet – underpinning stronger profitability in H2. In PRSR, there are 1,289 completed homes and 3,429 in delivery – accounting for 83% of capital (91% of equity), with the remainder to be contracted near term. We leave our forecasts unchanged. 2/3rds of the market cap is covered by NAV and we believe recurring income from AuM and development profits are being undervalued.

Companies: Sigma Capital Group
  • 20 Sep 19

LIBERUM: Harworth* - Plenty of upside to deliver over time

Harworth has had a positive first half, with good progress made on land sales and replenishing the pipeline. NNNAV growth of 12.6% y/y is ahead of the long-term total return target.

Companies: Harworth Group