Enero – the remaining assets of the troubled Photon Group – saw another year of decline, figures released to the ASX today reveal.
According to the update, the company – whose agencies include BMF, Naked Communications, Hotwire, Frank PR and TLE – saw operating profits shrink from $13.9m to $3.5m.
Enero has been gradually closing or selling its unprofitable agencies. For those remaining within the business, revenues shrank from $148.6m to $125.6m.
The company also wrote down the value of its businesses by $75.9m.
Enero boss Matthew Melhuish said: “While we are naturally disappointed with the results for the financial year, we continue to build our operating structure and are working hard to get the fundamentals of a high performance group right.”
Enero said that one factor that hurt during the last financial year was BMF’s loss of retained client CommBank.
Enero’s current share price on the ASX values the organisation at just under $40m.
The poor result contrasts with that of the larger STW Group which last week reported a growth in profits and revenues in the last financial year.