Enero Group extends contract with CEO Brent Scrimshaw; begins on-market buy-back
Enero Group, the owner of BMF, Hotwire and Orchard, has extended Brent Scrimshaw’s CEO contract for another three years and initiated on-market buy-back activities.
Scrimshaw was appointed to the role in 2020 following the exit of Matthew Melhuish, who was in the CEO position for eight years.
Brent Scrimshaw
Enero Group chair, Ann Sherry, said of the extension: “Since joining Enero in July 2020, Brent has led a significant transformation of the Group across its people, portfolio, and financial performance. The Board is very pleased to extend his contract as the Enero Group CEO for an additional 3-year term.”
Regarding the buy-back of its ordinary shares, Sherry said: “Enero’s current share price does not accurately reflect our strong financial success, performance, and the underlying value of Enero Group’s assets. The Buy Back represents an opportunity to add value to the remaining shares on issue.
“Enero remains committed to a strategy that accelerates growth and shareholder returns, with specific capital management initiatives including the Buy Back.”
Since the beginning of 2023, Enero Group’s share price has dropped 33.51%, It trades at $1.92 as of 5 April. Its current market capitalisation is $177.09 million.
[click to enlarge]: Enero Group’s share performance year-to-date. Source: ASX
In its latest half-year results, Enero Group reported $129.5 million in net revenue, up 38.9% compared to the previous corresponding period.
Its creative technology & data division witnessed the most growth with its net revenue up 57% to $61.8 million, which was primarily driven by OBMedia’s diversified capabilities and benefits from scale.
In May 2022, Enero sold The Leading Edge to research consultancy Fiftyfive5. Later in July, it acquired GetIT, a marketing agency specialising in B2B technology, under Hotwire.
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