Enero – the holding company to agencies such as BMF, Hotwire and Frank – has unveiled a $5.8 million profit in its half yearly results to the end of December 31.
The main results included:
• Net revenue up seven per cent to $68 million and operating EBTIDA up 10 per cent to $11 million.
• Net profit after tax pre significant items to equity holders of $5.8 million.
• Operating EBITDA margin improved to 16.2 per cent.
• Earnings share before significant items down six per cent to 6.8 cents.
• Interim dividend declared of 2.5 cents, fully franked.
Enero Group Chair, Ann Sherry said: “The Group delivered a very strong set of results for the half year, most importantly achieving organic revenue growth of seven per cent and delivering above benchmark margins.
“In my short time in the role, I have met many of the teams, particularly those in Sydney, and have been very impressed with their energy and enthusiasm. We are well underway with our CEO search to replace Matthew Melhuish, who will be leaving us on 31 March 2020. I am confident we are going to have some outstanding candidates to choose from.”
Business Operating Performance
Net Revenue was up 6.8 per cent and operating EBITDA was up 10 per cent on the prior reporting period. International markets represented 52 per cent of the Group’s net revenue and 59 per cent of the Group’s Operating EBITDA.
This half year represents the first half year reported under the new leasing accounting standards. Refer to the results presentation for a reconciliation of results compared to the prior reporting period and a summary of the ongoing impact on reporting. Prior period results were not re-stated under transition arrangements.
Operating cash flow for the half year was to $12.9 million and the Group is in a net cash position of $12.5 million as at 31 December 2019.
The directors declared an interim dividend of 2.5 cents per share, fully franked. The interim dividend will have a record date of 28 February 2020 and a payment date of 19 March 2020.
