Enero Group Continues Its Growth Trajectory With Strong First Half 2021 Results
Enero Group, reported its half year results for the six months ended 31 December 2020. The results highlight a strong financial performance during a challenging environment and represent the rollout of its creativity-led, data smart and technology-enabled strategy that aims to scale and expand the progressive capabilities of its core agency brands, including BMF, Hotwire and Orchard.
The Group’s net revenue was up 19.0% to $81.0m and operating EBITDA up 129.2% to $24.3m on the prior reporting period. International markets (USA and Europe) represented 60% of the Group’s net revenue and 73% of the Group’s operating EBITDA. Operations in North America (primarily through OBMedia in the USA) drove the majority of the net revenue and operating EBITDA growth, up 66% and 187.9% respectively on the prior reporting period. Adding to the momentum is the increased revenue growth in Australia at 7% and UK and Europe at 2%, both surpassing expectations.
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Enero Group CEO, Brent Scrimshaw said: “We delivered an excellent performance in the first half of the year, with all agency brands exceeding expectations despite the obvious challenging health and economic environments faced in all of our key geographies. Our strong client sector exposure to technology, healthcare and consumer staples, where activity level remains high, resulted in 19.0% organic revenue growth. Whilst there was also some benefit received from an operating cost perspective due to travel restrictions, this is a result to be proud of and I want to acknowledge the incredible efforts from all our brands and their teams during this period.
“These results demonstrate the Group’s strategy of integration, transformation and acceleration is working and we will continue to focus on growing our core brands in the second half of the year, building further scale and additional digital capabilities across markets with more integrated services from our complimentary brands. We have a proactive M&A strategy in play, however, with ongoing travel restrictions we are stepping through any future opportunities cautiously to ensure the right business and cultural alignment”, Scrimshaw added.
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In today’s financial results announcement, Enero Group also announced that Brendan York, the Enero Group Chief Financial Officer and Company Secretary, will be leaving the Group on 31 March 2021. Brendan has been with the Group for almost 15 years and was part of the team that steered Enero through a number of strategic phases, acquisitions, divestments and the transformation to what Enero is today. Enero has commenced a search for a new Chief Financial Officer and Company Secretary.
Brendan York said, “I am privileged to be leaving the Group in a very strong position and to have been a part of a unique story in the marketing services industry. I have thoroughly enjoyed being a trusted partner and custodian of some outstanding agencies across Australia, UK, Europe and the USA over a long period of time and proud they have maintained their brand identity. I’d like to thank the wonderful group of colleagues I have been lucky to work with over the years and thank you for your commitment to your agencies and Enero. Enero is in a great place to continue its trajectory and prove that Australia can be the successful base for a marketing services group with a global mindset.’’
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