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.