Enero, the owner of BMF, Hotwire and Orchard, has sold its 51% in OBMedia at a loss to the existing 49% minority shareholders in the adtech business.
The sale was completed for a “nominal” amount and the full year financial report will reflect a non-cash loss on sale in the range of $14 million to $16 million.
“This divestment supports our strategy to focus on our award-winning agencies where we see the greatest potential for growth, differentiation, and value creation,” said Enero’s chief operating officer, Ian Ball.
“Enero is proud to be home to three specialist, high performing, profitable agencies: Hotwire Global, BMF and Orchard.
“Each agency has strong leadership, a distinct value proposition and a consistent track record of delivering world-class results for clients.”
Enero expects full year EBITDA (earnings before interest, taxes, depreciation and amortisation) at the upper end of its guidance range of between $22 million to $26 million on an underlying basis.
The company said the result has been driven by new client wins in the Australian agencies, strong cost control and improved operational excellence across the group.
The ASX-listed Enero in April issued a profit warning. The company then said it expected full year revenue to June to be down 10% to 12%, with net revenue between $167 million and $170 million.
Ball said today that with an exclusive focus on building the agencies, the company is now committed to building the next chapter of growth.
“We believe we have the right platform and portfolio in place to do just that. As reflected in the positive FY25 Results, we are pleased that our agencies continue to deliver innovative, world-class work and meaningful outcomes for clients, providing a solid foundation to capitalise on future growth opportunities," he said.
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