Enero Group has reported its full year results for the 12 months ended 30 June 2024, posting a like-for-like decline of 6.2% to net revenues for $189.7 million.

The decline was attributed to challenging international and ad tech markets, but was in part off-set from the contributions of Australian-based agencies BMF and Orchard. On a reported basis, revenues were down 21.5%.

EBITDA declined 10% on a LFL basis, or 52.6 on a reported basis, to $37.4 million with ongoing cost initiatives implemented throughout FY24.

However, on the background on a challenging macroenvironment Enero Group managed to remain in the green in terms of profit, with net profit after tax up 7% year-on-year, on a like-for-like basis, to $10.3 million. The group said this reflected lower interest expense and higher profits in wholly owned businesses compared to lower profits earned in the non-wholly owned OBMedia.

Australian-based agencies, BMF and Orchard, were key contributors to the growth in profit, achieving double-digit revenue growth in FY24.

Enero Group's revenue growth over the last four years stands at 40%. However, the Group's Technology, Healthcare, and Consumer (THC) Practice, which includes Hotwire Group, Orchard, and BMF, faced difficult trading conditions worldwide due to uncertainty in the global technology sector.

Enero Group Global CEO, Brent Scrimshaw, said: "Throughout FY24, our Australian-based agencies, BMF and Orchard, repeatedly proved their ability to drive substantial growth and deliver-market leading outcomes for a roster of blue-chip clients. This success is driven by our ongoing dedication to our operating strategy, world-class talent, best-in-class capabilities, and renowned work."

The THC Practice now has 34 clients with annual revenue greater than $1m. The Group's revenue from clients who have relationships with more than one THC brand or country has increased to 66%, up from 47% in FY23.

Scrimshaw also addressed the performance of the Hotwire team. "Despite the tough trading conditions in the technology sector, our teams at Hotwire have continued to integrate their client offerings into a global, market-leading suite of services that can uniquely drive reputation, relationships and revenue for clients. When the technology sector recovers, we are in a very strong position to benefit from it," he said.