Enero Group revenue for Q1 FY22 up 22.6% y-o-y
Enero Group today reported financial results for the three months ended 30 September 2021, including a net revenue of $45.6 million, highlighting a Q1 FY 2022 net revenue year-on-year increase of 22.6%.
The latest financial results which were released at the group’s annual general meeting were driven primarily by strong performance delivered by agencies BMF, Hotwire and OBMedia. It also included an update to the group’s 2021 financial year results.
Scrimshaw
Clients won across the group in Q1 include global brands such as: Cloudflare, PWC, Sage, Splashtop, CSL, Hi Pages and LogicMonitor.
Enero Group’s chief executive officer, Brent Scrimshaw said: “The momentum we have in Q1 FY22 is a direct result of the foundations we laid over the last 12 months to deliver our global growth agenda. This has included evolving our executive leadership team, refining our operating model to implement a clear framework for future portfolio management and investment.
“While the global pandemic has accelerated the pace in which our agencies operate and their clients’ expectations, these impressive results are something for the entire team to be proud of. They reflect our strong and enduring client relationships, and our collective focus to invest in more progressive offerings that support client retention and deliver smarter, effective business outcomes. Across the Group, we’re focused on a strong new business pipeline with particular emphasis on our priority verticals of technology, healthcare and consumer.”
financial breakdown [click to enlarge]
The operating EBITDA was reported as $45.6 million, up 87.1% year-on-year, along with a $22.8 million profit after tax attributable to equity holders. However, after taking into account significant items, Enero reported a net loss after tax of $0.4 million for FY 2021. The company also recorded $1.2 million in JobKeeper payments from the government for FY 2021.
“The impairment charge of $23.2 million related to an accounting loss on disposal of Frank PR, and Foreign Currency Translation Reserve transferred to the income statement on liquidation of dormant foreign subsidiaries. The charge was non-cash in nature, and had no impact on Enero’s strong financial position” the report said.
This year marked Enero’s first year under the stewardship of new CEO Brent Scrimshaw, who took up the role on 1 July 2020, with significant leadership changes also coming over the year.
This year has seen Scrimshaw implement a new strategy for Enero, as he and new M&A director Nick Burton told Mumbrella in July, with a focus on global acquisitions and local martech. This included the acquisition of McDonald Butler Associates in the UK in April, and the divestment of shares in Frank PR in March which resulted in recognising a loss of $9.9 million.
Over the course of the year, following Scrimshaw’s arrival, other senior hires included Carla Webb-Sear as the group’s CFO, the appointment of Heather Kernahan as global CEO of Hotwire, Burton as M&A director and Wai Kwok’s appointment as CEO of Orchard.
