EGG – Enero Group | Aussie Stock Forums

EGG provides a trading update.
Although Enero continues to be impacted by challenging market conditions in the global technology sector, the Group’s Australian agencies are performing well in FY24 H2, achieving double-digit revenue growth on the prior corresponding period.

For the 12 months ending 30 June 2024, Enero expects to report the following:
• Net revenue of between $189 million and $192 million, representing a 5% to 7% decline on a like-for-like basis and 20% to 22% decline on an underlying basis year on year.
• EBITDA (excluding significant items) of between $36 million and $39 million, representing a 6% to 14% decline on a LFL basis and a 50% to 55% decline on an underlying basis year on year.

While the overall Group result continues to be impacted by a global downturn in the technology industry and ongoing macro-economic headwinds which have continued to impact the international agencies and the adtech market we operate in, Enero is pleased by the performance of the Australian based agencies which continue to thrive in the competitive healthcare and consumer practices space.

With these top-line challenges facing the business, Enero is managing its cost base tightly and is undertaking further cost initiatives in FY24 H2. A competitive sale process remains ongoing with OBMedia, and Enero is committed to informing the market at the conclusion of this process.
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with a >10 percent drop, and worse at open