Digital marketing buy-and-build venture Be Heard (BHRD:AIM) slumps 6.6% to 3.76p as it posts a widened interim loss.

The shares had run up ahead of the results after featuring in the Daily Mail's Midas column. It is worth saying the numbers themselves do not reflect the business in its current state as they only encompass a few weeks worth of contribution from its second acquisition, web and app designer MMT Digital, so really only reflected the standalone performance of media buying and planning agency Agenda21.


House broker Numis, which has a 'buy' recommendation and 4.46p price target, comments: 'Be Heard has reported interim results that are in line with expectations, though we do not view the results, which only incorporate 6wks of MMT Digital as representative of the underlying performance of the group.'

Executive chairman and founder Peter Scott, an advertising veteran, tells Shares the results are 'very much an interim report' and says investors should 'watch this space' when it comes to further deals to build out the four pillars strategy explained here.


'We told the market we would aim to do four deals a year and we've done two so far,' he says.

Numis reckons the next deal can be funded from the £8.6 million cash still on the balance sheet, adding: 'We calculate that the next transaction should be very materially accretive as we expect it will be funded from existing resources and leveraged over the fully-invested centre.'

Issue Date: 15 Sep 2016