Enero Group posts net revenue decrease, Melhuish stresses turnaround ‘by no means finished’

The Enero Group has posted a six per cent decrease in net revenue from $29.5m to $27.9m for the September quarter year-on-year, but CEO Matthew Melhuish has told the holding group’s annual general meeting its “turn-around journey” is “by no means finished”.

However, the group’s EBITDA – earnings before interest, depreciation, taxation and amortisation – rose 26 per cent in the September quarter compared to the same quarter last year from $1.5m to $1.9m.

The results – which are the first for the 2014/2015 financial year, follow the group posting a five per cent decrease in net revenue from $127.3m to $119.5m in its 2014 financial year results and a loss of $1.453m.

At the group’s annual general meeting yesterday Melhuish said the financial year marked an “important milestone” in the company’s “turn-around journey” but that they are “by no means finished”.