Enero Group Limited (ASX: $EGG) FY24 H1 Results

Enero Group Limited (ASX: $EGG) has reported its results for the six months ended 31 December 2023 (FY24 H1), highlighting a 6% like-for-like increase in EBITDA driven by the strong performance of its Australian-based agencies. The company's net revenue declined 5% on a like-for-like basis, while NPAT increased 17% on a like-for-like basis. Enero's cash balance at 31 December 2023 increased to $54.5 million, supporting the interim dividend declaration of 3.0 cents per share.

Executive Commentary on FY24 H1 Results

Throughout FY24 H1, our Australian-based agencies, BMF and Orchard, continued to prove their ability to drive robust growth in a competitive market. 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.

Summary of FY24 H1 Performance and Outlook

Enero Group (ASX: $EGG) reported a 6% like-for-like increase in EBITDA for FY24 H1, driven by the strong performance of its Australian-based agencies. The company's net revenue declined 5% on a like-for-like basis, while NPAT increased 17% on a like-for-like basis. Enero's cash balance at 31 December 2023 increased to $54.5 million, supporting the interim dividend declaration of 3.0 cents per share. Looking ahead, Enero will continue its proactive cost management program and progress its strategic review with respect to OBMedia, with indicative offers due 25 March 2024. The company's strong balance sheet retains flexibility to pursue growth plans and supports the delivery of its capital management strategy. Enero remains focused on proactively managing its cost base given ongoing challenges in the international market conditions.