BHRD: Be Heard resets earnings guidance as it invests for expected upturn in marketing expenditure

Be Heard Group PLC (LON:BHRD) said the latest industry estimates suggest an increase in UK marketing and advertising expenditure in the second half of 2018. In a trading update covering the first six months of the year, the digital marketing group said it had started to reduce costs to free up funds to invest in the group's growth in the second half of the year and beyond. READ Be Heard Group optimistic of further progress The first half of 2018 saw strong overall growth in revenues, with the top-line up 15% on a pro-forma basis but the increased costs associated with winning new business means the gains will not fall through to the bottom line, and this will also be the case in the second half of the year. The board said it now expects adjusted underlying earnings (EBITDA) for 2018 will be in the range of £3.0mln to £3.3mln on revenue of around £29mln. "The board remains confident that Be Heard is well positioned to take full advantage of the demand for integrated, end-to-end marketing services," the group said. Wow!! A grand total of 5 nominations for the 2018 @MW_Masters for our excellent agencies and wonderful clients @VodafoneUK @InsideJigsaw @thecornerLDN @agenda21digital @MMT_Digital ???? - Be Heard Group (@Be_Heard_Group) July 17, 2018