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Reading: 'Tough' market sees Enero revenues tumble
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B&T > Advertising > 'Tough' market sees Enero revenues tumble
Advertising

'Tough' market sees Enero revenues tumble

Staff Writers
Published on: 15th February 2013 at 1:05 PM
Staff Writers
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Enero has had a “tough half financially” seeing revenues slide and reporting a loss of $77m for the first half of the financial year as the company continues to restructure

CEO Matthew Melhuish cited “difficult trading conditions” and BMF’s loss of the Commonwealth Bank account, as well as Naked’s struggle in Europe in particular, as reasons for the drop.

He said: “Although it has been a tough half financially we have taken many positive steps  over the past six months to improve our operating structure and processes and strengthen the foundations of the group.

“We have secured some extremely talented individuals in leadership roles, we have achieved new levels of cross collaboration between our operating companies and have embraced new ways of doing business to bring the group together.”

Like-for-like revenues slipped $9m in the first six months to $66.1m, with earnings before interest, tax, depreciation or amortization down from $7.4m to $2.2m, now standing at a third of last year.

Last year the group allowed creative agency BWM to become independent again, and also divested a number of other businesses, as it looked to stem the losses of previous years.

It also announced a $2m restructure and training program for Naked, which t says will be funded from future earnings.

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Staff Writers represent B&T's team of award-winning reporters. Here, you'll find articles crafted with industry experience spanning over 50 years. Our team of specialists brings together a wealth of knowledge and a commitment to delivering insightful, topical, and breaking news. With a deep understanding of advertising and media, our Staff Writers are dedicated to providing industry-leading analysis and reporting, both shaping the conversation and setting the benchmark for excellence.

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