Enero boss sees pay rise to just over $1m, annual report reveals
Melhuish
Enero boss Matthew Melhuish saw his remuneration increase by $102, 707, pushing his yearly rate over the $1m mark, the company’s 2014 annual report has revealed.
The news follows the group posting a five per cent decrease in net revenue from $127.3m to $119.5m in its 2014 financial year results and a loss of $1.453m.
Melhuish’s pay rise from $939, 311 to $1.042m can largely be attributed to a doubled cash bonus on last year. According to the annual report he received a bonus of $200,000.
Enero agencies include BMF, which Melhuish co-founded, Naked Communications, Hotwire and Frank PR.
The annual report revealed the company has shed $9.994m in employee expenses decreasing its employee costs from $99.989 to $89.995m. In 2012 employee expenses costs the group $131m. This year’s report says the network has 650 employees globally.Chairman John Porter’s remuneration remained flat at $175,000, the annual report which was published this week, also revealed.
In the report Melhuish said the end of the financial year “marks an important milestone” in the group’s “turnaround journey”.
“While we are only partway through our three-phase strategic plan (Remedial, Reliable, Re-imagined), it is very pleasing to see all the hard work beginning to bear fruit.
“Over the past year we have been very focused on simplifying and strengthening our shared platforms behind the scenes to allow our businesses to run better at the baseline while at the same time providing greater levels of transparency and accountability.
“This coupled with out efforts to foster collaboration across companies and geographies and further develop and inspire our talented people has resulted in a stronger financial performance and an improved level of confidence across the Group.”
He stressed that while “great progress” was made in the financial year “the job is by no means finished”.
“We will maintain our intensity to drive Enero further forward, focused on becoming an even better business, positioned as a highly collaborative, agile and forward leaning marketing services group.”
The current market capitalisation of Enero on the ASX is $98.88m, with shares in the “boutique network” rising from 32c last June to $1.16 this morning.
Miranda Ward
Miranda Ward worked for Mumbrella from 2013 to 2017, eventually becoming deputy editor. Miranda joined Mumbrella in September 2013 from Sky News.
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I’d want a million a year too to sort all that out too!
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Seems to me that the only thing actually “moving forward” (Melhuish) is Matthew Melhuish’s pay; otherwise, revenue down, staff down, businesses down and losing money, but I guess as the share price is up, there is something they’re not telling us…
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This explains the recycled toilet paper.
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