Enero Group net profits, revenue plummets in FY24

Nathan Jolly

August 15, 2024 2:19

Enero Group has seen its net profits, earnings, and revenues fall due to “tough trading conditions in the technology sector”.

The ASX-listed company’s net revenue fell by 21.5% in FY24 from $241.6 million in FY23 to $189.7 million for the year.

Earnings before interest and tax were more than halved during the financial year, down from $68.8 million to $27.4 million – a fall of 60.1%.

Net profit after tax fell 57.8%, from $24.4 million to $10.3 million, with earnings per share dropping from 26.4c to just 11.3c.

Brent Scrimshaw, Enero Group’s global CEO, said: “Throughout FY24, our Australian-based agencies, BMF and Orchard, repeatedly proved their ability to drive substantial growth and deliver-market leading outcomes for a roster of blue-chip clients.

“This success is driven by our ongoing dedication to our operating strategy, world-class talent, best-in-class capabilities, and renowned work.

“Despite the tough trading conditions in the technology sector, our teams at Hotwire have continued to integrate their client offerings into a global, market-leading suite of services that can uniquely drive reputation, relationships and revenue for clients.

“When the technology sector recovers, we are in a very strong position to benefit from it.”