Enero Group sees revenue drop and losses mount in challenging market
Enero Group, parent group of BMF, Orchard, OBMedia, and Hotwire, has delivered a challenging report card for the first half of the financial year.
For H1 FY24, Enero Group increased its EBITDA by 6% on a like-for-like basis, with its Technology, Healthcare, and Consumer Practice division – which includes agencies the Hotwire Group, Orchard, and BMF – delivering EBITDA growth of 8%.
However, the reality of the situation is far less rosy, with revenue down 22.4%, earnings down 48.2%, and net profit before tax down 56.7%.
“Throughout FY24 H1 our Australian-based agencies, BMF and Orchard, continued to prove their ability to drive robust growth in a competitive market, which is a result of our deep-focus and award-winning work in the healthcare and consumer practice,” said Enero Group Global CEO, Brent Scrimshaw.
“Despite a global downturn in the technology industry and ongoing macro-economic headwinds, we remain focused and agile in our approach to navigating the global economic and industry challenges in our technology practice, while continuing to refine our diversified portfolio.
“Globally, the Hotwire Group continues to be at the forefront of tech marketing and artificial intelligence. Recognised as thought leaders at the World Economic Forum’s Annual Meeting in Davos, Hotwire’s North America CEO, Heather Craft and Continental Europe CEO, Ute Hildebrandt facilitated and interactive session with some of the world’s biggest companies and CEOs on AI and its role in brand narratives and creativity.
“As we look to H2 of FY24 we continue to be optimistic about the performance of our healthcare and consumer practice in Australia. We are confident that our differentiated suite of marketing services, talent, and industry leading capabilities will deliver world-class outcomes for our stable of blue-chip clients.”
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Nathan Jolly is the Deputy Editor of Mumbrella. He joined the team in July, 2023.
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What a load of high quality bs! Mr scrimshaw must be able and willing to provide a better explanation of such a mediocre result.
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