Enero revenues down with APAC earnings contribution plummeting
The Enero Group has posted a five per cent decrease in net revenue from $127.3m to $119.5m in its 2014 financial year results.
However the group’s EBITDA – earnings before interest, depreciation, taxation and amortisation – rose 159 per cent from $3.5m to $9m, due to a drop in staff costs from $95.5m to $88.3m in the last financial year, while operating costs went from $26.5m to $22.6m.
The results, released quietly last week to the Australian Securities Exchange, show the contribution to the group from its Australia, New Zealand and Asian operations plummeted from 78 per cent of net EBITDA last year to 35 per cent. The UK and Europe contributed 47 per cent with and North America 12 per cent.
The company appears to have stabilised the ship posting a loss of $1.453m this financial year, compared to last year’s $82.1m loss, which included a $75.9m write down in the value of the business.
great news everybody! pay cuts all round!
wonder if/when the cost cutting will involve jettisoning their glamorous Enero head offices and maybe one or two of the well paid admin and HR people wandering around in it generating $0 revenue but costing rather a lot
Some how I doubt that the HR girls jobs are under threat!!