Marketing, technology and communications group Enero posted an almost 39% lift in revenue to $129.5 million in the half year to November.
And net profit was up 8.1% to $14.8 million at the owner of creative agency BMF, Hotwire Group, digital and experiential agency Orchard and adtech platform OBMedia.
However, the company's shares fell hard on the ASX. At the close they were down 22% to $2.30.
CEO Brent Scrimshaw said: “Our financial results in the first half of FY23 are driven by a continued focus on our operating strategy and the strong execution across our diversified portfolio.
"While the macroeconomic environment has led to some market headwinds, each business in our portfolio continues to contribute to the Group’s profitability, with the Creative Technology & Data segment, in particular, delivering a standout performance."
In a trading update, Enero reported continuing macroeconomic headwinds in the first six weeks of calendar 2023:
"The Creative Technology & Data segment has continued to deliver a strong financial performance albeit with lower growth rates as it cycles year on year comparatives.
"Enero continues to invest in the OBMedia business. The Brand Transformation segment has experienced a slow start to the calendar year.
"The segment continues to see the impact of slower client decision making and conservatism across all geographies and in some cases, constrained client budgets. "
"Enero remains focused on managing near team margins and will continue to take appropriate steps to address current macroeconomic headwinds while positioning the business to capture client demand."
The numbers for the half year to December 2022:
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