Enero Group has announced to the ASX that it will give additional value back to its shareholders by conducting an on-market Buy Back of its ordinary shares.
Ann Sherry, chair of the Group, said: “Enero’s current share price does not accurately reflect our strong financial success, performance, and the underlying value of Enero Group’s assets. The Buy Back represents an opportunity to add value to the remaining shares on issue.”
“Enero remains committed to a strategy that accelerates growth and shareholder returns, with specific capital management initiatives including the Buy Back.”
In addition, CEO Brent Scrimshaw, who has led Enero Group’s worldwide operations for the past three years, has had his contracted extended by the Board for a further three years.
Since Scrimshaw joined the creative technology company three years ago, the creative technology company has delivered a structural and financial transformation increasing its net revenue by 61%, growing its EBITDA by 119%, and expanding its EBITDA margin by 7 percentage points.
Sherry said of Scrimshaw’s tenure: “Since joining Enero in July 2020, Brent has led a significant transformation of the Group across its people, portfolio, and financial performance. The Board are very pleased to extend his contract as the Enero Group CEO for an additional 3-year term.
“Enero is dedicated to providing a market-leading integrated offering that delivers the most modern and relevant marketing services in growing global verticals and industries. The execution of this strategy has delivered remarkable results over the past three years as we’ve continued to transform the Enero business.
“Looking ahead, I am incredibly excited to continue our sustained growth trajectory, momentum, and commitment to the ongoing transformation of our business around the world,” he added.
This comes after Enero Group Limited reported its results for the six months ended 31 December 2022.
This highlights a continuation of its strong global growth trajectory over the past five years, with FY23 H1 net revenue and EBITDA both climbing 39%.
See also: Enero Group revenue goes up 39% in FY23 H1 results
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Top image: Brent Scrimshaw