Be Heard withdraws guidance, implements contingency plans
By Iain Gilbert
Date: Monday 06 Apr 2020
(Sharecast News) - Digital marketing group Be Heard withdrew its full-year guidance on Monday and implemented a number of contingency plans as the Covid-19 pandemic continued to have a "material and adverse impact" on the demand and supply sides of both the domestic and foreign economies.
Be Heard said trading started well in 2020 and was in line with the board's expectations, but Covid-19 and government measures to prevent the spread of the virus had impacted its trading outlook.
"It is difficult for us to quantify, at this stage, the implications of both the virus and the government's actions," said Be Heard, which opted to withdraw financial guidance until visibility on the impact of Covid-19 improved.
The AIM-listed group said it was focusing on contingency planning and cost reduction to preserve cash in the business and also noted that it was implementing a number of cost control measures - including temporary reductions in salaries for senior staff, elimination of discretionary spend and the utilisation of the UK government's coronavirus job retention scheme.
"The group's objective in undertaking such measures is to ensure the continued employment of our staff, to remain cash generative and to continue to deliver world-class outcomes for our clients," it added.
As of 1125 BST, Be Heard shares were untraded at 0.20p.
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