Enero Group, parent company of creative agency BMF, posted a 4.6% dip in revenue to $105.3 million on a like-for-like basis for the half year to December.
Net profit was up like-for-like 17% to $5.8 million.
The company recognised a non-cash impairment of $25.3 million relating to goodwill for ROI DNA, a full-service data-driven agency, and GetIT, a specialist B2B technology marketing agency. These were bought by Enero in 2022.
"Our Australian-based agencies, BMF and Orchard, continued to prove their ability to drive robust growth in a competitive market, which is a result of our deep-focus and award-winning work in the healthcare and consumer practice," said CEO Brent Scrimshaw.
“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.”
BMF and Orchard delivered strong revenue growth in January, up 20%, benefiting from favourable timing of projects and soft performance in January 2023.
Hotwire Group fell 4% (9% in constant currency) in January and continues to be impacted by a challenging international technology industry.
Enero is focused on proactively managing its cost base.
The numbers for the half year to December 2023:
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