Enero Group reports a 35.5% revenue growth for Q1 FY23

Enero Group has reported its Q1 trading update to the ASX for the three months ended 30 September 2022, headlining a continuation of its sustainable revenue and EBITDA growth with a quarter-on-quarter revenue increase of 35.5% and operating EBITDA rising 30% year-on-year.

Announced at the Group’s Annual General Meeting, the financial results were driven predominately by a strong performance from its Creative Technology segment, which includes digital creative agency Orchard and adtech platform OB Media. The Group also benefited from the recent acquisitions of performance marketing and digital agencies ROI DNA and GetIT, seeing 19.1% revenue growth on a like-for-like basis.

Throughout the quarter, Orchard won the digital creative account for Epson, led a national B2B integrated campaign for the electronics company and launched a new digital transformation experience for Tourism Tasmania, while OB Media continued to deliver outstanding growth from its adtech platform.

Enero Group’s Brand Transformation segment – which is made up of agencies such as Hotwire, BMF, CPR, ROI DNA and GetIT – also saw a number of new business wins including global and local leaders through its digital transformation capabilities, such as technology consulting services provider Endava, audio company Sennheiser, programmatic OOH company Vistar Media, and user-generated software company Bazaarvoice. In addition, BMF launched a new campaign for ALDI Australia ‘Special you can Buy’, was nominated for B&T’s Branding, Design, and CX Agency of the Year Award (amongst others) for the first time and invested in new hires to deepen its market-leading effectiveness capabilities, world-class creativity, and expand its social and CX offerings.

Enero Group CEO. Brent Scrimshaw said: “Despite the challenging macro conditions globally, we continue to see positive momentum in Q1 FY23, building on our growth story of the past few years. We have built a well-diversified revenue base across a portfolio of businesses and geographies and continue to invest in critical talent to support our growth ambition and strategic positioning.

“These impressive results reflect our deep and enduring client relationships, strategic focus on market-leading capabilities, and strong progress in the integration of recent acquisitions.”

Enero Group Q1 FY22

Looking ahead at key priorities for FY23 and a Q1 FY23, Scrimshaw said during the CEO address it will focus on its core. “We will continue to drive key initiatives that strengthen and accelerate our existing business, and for the first time develop a clear ESG approach to underpin our business framework.”

As well as this, the company will also focus on capability enhancement, which Scrimshaw said is critical to continue to develop and invest in new capabilities, to ensure their ongoing. relevance and leadership in a dynamic global marketplace.

In addition, Scrimshaw said the company will continue to commercialise its investments, “With the development of a clear global go-to-market strategy of our recent acquisitions and will stay focused on driving commercial success. Drive efficiency: we will continue to drive efficiency through systems integration and simplify our processes to improve productivity in addition to diligent cost management and focus on profitability.”

Lastly, Scrimshaw pointed out: “We will continue to lead a post-COVID workplace model for the future, through global learning and development, and further diversity, equity and inclusion initiatives around the world.”

Enero Group saw a continuation of its sustainable revenue and EBITDA growth over FY23Q1.

FY23 Q1 revenue is up 35% year-on-year and up 19% on a like-for-like basis excluding acquisitions and disposals.

Enero Group currently trades at A$2.79 and has a market capitalisation of  A$258.69 million as of 20 October 2022.


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