Thank you for standing by, and welcome to the Enero Group Limited FY 2022 half year results conference call. All participants are in a listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Brent Scrimshaw, CEO. Please go ahead.
Well, good morning everyone, and thank you for joining CFO Carla Webb-Sear and myself for the Enero Group FY 2022 half year results conference call. I'd like to begin by acknowledging the traditional custodians of the land on which we work, the Gadigal people of the Eora Nation, and pay our respects to their elders past, present, and emerging. The agenda for today's call is outlined on slide two. Firstly, I'll provide an overview of Enero's business performance and the progress we've made in H1 in executing our strategy to drive continued and sustainable growth for the group. I'll then provide a trading update, to which Carla will take you through the group financials. At the end of our prepared remarks, we look forward to taking your questions as always.
On slide three, Enero Group continues to deliver a consistent and impressive growth story, pleasingly building on FY 2021 strong performance and benefiting from the implementation of our new operating framework and significant progress in both expanding our existing and winning new clients around the world. Firstly, beginning with our strategy. During the first half, we continued to progress against the four key priorities that underpin our strategic framework. We accelerated our reputation for industry-leading innovation and for creating a progressive home for world-class talent. With the addition of a number of key hires in the U.S. at OBMedia and in Australia at Hotwire, Orchard and BMF. Our NPS scores continue to consistently grow despite the challenge of a highly competitive hiring environment around the world. This is reflected in our commitment to our team and our high-performance culture.
We're also proud of the creativity of our teams continue to be reflected by the numerous global award wins. In December, to highlight one, BMF was named not only the most effective creative agency in Australia, but number three in the world by one of the most prestigious global organizations, the World Advertising Research Centre. We're seeing the benefits of our FY 2021 acquisition of McDonald Butler by Hotwire U.K., with its fully integrated client proposition, starting to deliver significant progress in both joint wins and cross-selling opportunities into its existing technology client base in the first half of 2022. Our priority to improve productivity and profitability through the implementation of technology and streamlined business process is also reflected in our first half financial results. Enero delivered operating EBITDA growth of 23%. That's 29% adjusted to JobKeeper.
We're particularly pleased to deliver on our commitment of maintaining industry-leading margins, with group operating EBITDA margin now at 32.1% in the first half of 2022, compared with 30% in the prior year. Our goal to create an innovation engine to drive new business growth is supported by our ongoing assessment of technology and data opportunities in today's marketplace. We have a full pipeline of M&A activities, and this important priority is supported by our flexible balance sheet with net cash of AUD 47 million adjusted for contingent consideration. Moving to slide five, and you'll see net revenue increased 15.1% and operating EBITDA was up 23.3% and as I mentioned, 29% adjusted to JobKeeper in the first half of FY 2021.
Net profit growth of 3% was impacted by a higher tax rate, as we expected, and increased non-controlling interest due to strong growth at 51% owned OBMedia. Of course, Tyler's gonna run through the detail of that later in this morning's presentation. Dividends of AUD 0.06 per share, fully franked, represented a payout ratio consistent with the second half of FY 2021. Moving to slide six, and you'll see Enero's five year track record of sustainable growth highlights the group's strong trajectory of revenue and EBITDA growth, taking into account our 51% economic interest in OBMedia. On this basis, revenue increased 11% and margins increased to 25.2%, up from 24.9% in the first half of FY 2021.
This ongoing strong performance reflects the higher margins of OBMedia, together with efficiency in our operating cost base and leverage of our corporate centers of excellence headquartered here in Sydney. On slide seven, our first half result builds on the strong momentum of FY 2021, as I've already mentioned. On an economic interest basis, adjusted to JobKeeper, revenue increased 11% year-on-year and 15% half-on-half, with operating EBITDA increasing 20% year-on-year and 41% half-on-half. On slide eight, Enero's global operating model has been established to guide our ambitious growth aspirations for the future. Our two pillars of Brand Transformation and Creative Technology and Data, each have been established with a clearly articulated portfolio role and a bespoke investment model to deliver value to clients and therefore to our businesses.
The operating performance of each pillar is reflected in the additional segment information included for the first time today in our financial statements, which Carla's also gonna take you through later this morning. Our focus remains on the high growth verticals of technology, healthcare, and consumer, where we utilize the deep expertise of our global portfolio of specialist agency brands to accelerate client business performance. Our global centers of excellence based in Sydney drive efficiency and functional best practice to support our operating model. On slide nine, today I'd like to provide some deeper insight into our holistic approach to the technology vertical across both of our operating segments, Brand Transformation and Creative Technology and Data. Hotwire works with the biggest names in the tech world, as I think you all know, and to help solve increasingly complex client problems.
As you can see, we've got great momentum in client wins during the first half, including some well-known global brands such as Peloton, Headspace, and Sage. These companies choose Hotwire because of our track record of tech industry experience, innovation, global reach, and our ability to help them scale quickly across markets. For more than 20 years now, Hotwire has been the leading edge of technology transformation. For example, the move from software to SaaS and the mega expansion of cloud-based technologies. Today, we're looking to the future to help our clients navigate complex issues like the Metaverse, NFTs, cyber threats, and corporate reputational issues like diversity, equity, and inclusion, ESG, and the future of work. Hotwire is deliberately agile in their approach to understanding new technology. In fact, we understand it before it becomes mainstream.
Because every day, we're engaged with tech CEOs, CMOs, influencers, media, analysts, emerging VC-backed businesses, and product developers in high-growth companies around the world. They share with us emerging innovations, and most importantly, they partner with Hotwire to help decide which ones will break through and how. The Hotwire team is based in Silicon Valley, with offices and teams in tech innovation centers around the world, led by Heather Kernahan, our Global Chief Executive Officer. Hotwire operate as one team to quickly share those insights with our consultants and advise our client partners. This process has really helped us understand that things like the Metaverse will become more important as brands experiment with new ways to connect with their audiences. Technologies such as VR, AR, social communities, and hardware are ones our clients have developed over an extended period.
As this occurs, Hotwire's deep industry understanding means that we're well-placed to develop progressive new narratives, and most importantly, deliver those narratives to the right audiences. Turning now to OBMedia, our 51% owned programmatic marketing platform, which helps businesses access online advertising markets. OBMedia pleasingly continues to deliver rapidly growing numbers of high-intent consumers to brands with 113 million consumers delivered to advertiser websites in the first half alone, a year-on-year increase of 80%. OBMedia's business is underpinned by its proprietary advertising technology, which uses AI and automation to enhance advertising efficiency in monetizing web traffic. We're investing in technology solutions such as Snowflake, and as importantly in our people and capability, particularly in data science, to enhance the effectiveness of OBMedia's technology platform. OBMedia's data warehouse supports automated customer acquisition, real-time reporting, and revenue attribution.
OB is well-placed in the changing environment for online privacy, as its first-party data means it does not rely on third-party cookies. Moving to slide 10, and today I also wanted to provide a deeper dive into how we continue to think about M&A at Enero, and most importantly, the disciplined and considered approach we're taking. Firstly, with regard to our existing businesses, where our approach reflects the segment investment model I referred to earlier. Our global acceleration brands are those where we see the opportunity for investment to truly deliver global scale, and importantly, differentiated capability. Our enhanced and growth brands have the opportunity to deliver local market leadership. Now, we also look for opportunities to expand our portfolio through the investment in potential standalone data and market businesses or selective investment in disruptive innovation or new offerings.
An example of this on slide 11 in action today is really to take you through a deeper dive into our FY 2021 acquisition of McDonald Butler and its capability enhancement of the U.K. Hotwire team's offering. First of all, just to set the context for the opportunity, I'll focus on what our clients expect us to deliver. They want a partner who will strengthen their reputations through a brand strategy and the delivery of a distinctive market position and narrative. They also need a partner who can develop relationships with media, influencers, analysts, and target accounts. Importantly, and increasingly, they expect a partner that can also connect them to new revenue opportunities. That's a key area of growth and focus and the strategic rationale behind our acquisition of McDonald Butler.
In Hotwire's category of communications, the operating model ranges from traditional PR agencies, which focus only on media relations as a narrative distribution channel, to performance marketing agencies that focus on demand generation campaigns to drive revenue. We identified a clear gap in the market for our tech clients looking to connect the narrative from their PR efforts all the way through to demand-based campaigns from their marketing performance agencies. For clients, this process today is inefficient, often leading to disconnected branding and underperformance from both their PR and marketing campaigns. Hotwire's acquisition of MBA links reputation all the way through to relationship and to revenue, adding new capability to deliver a pipeline of sales. It marries Hotwire's progressive technology-led communications capabilities with McDonald Butler's digital performance marketing credentials and track record.
This differentiation is really capability that's already starting to pay off with new joint client wins, including Sage and Splashtop, and cross-sell at existing clients, including Honeywell and IBM. We plan to expand Hotwire's unique market positioning into other geographies around the world, positioning the business as the long-term consulting partner of choice. Moving to slide 12, where you'll see Enero's revenue diversification across a range of industries and sectors is reflected here. Our strongest growing categories have been digital media, information technology and services. While technology remains our highest exposure, we've retained significant share in healthcare consistent with our strategy and sector expertise. On slide 13, our strong client relationships continue to drive repeatable revenue with a clear majority of our clients having a relationship within the Enero Group for four years or longer.
We've seen an uplift in clients with the group for less than two years, which is reflective of our great performance in new business wins. Our commercial arrangements with clients are a balance to both retainer and project work, which vary depending on specific client needs. Moving to slide 14, despite the ongoing backdrop of COVID conditions around our global network and the impact of Omicron lockdowns, we delivered pleasing results across all three geographic regions. Currency impacts during the period were minimal. The U.S. delivered strong revenue and EBITDA growth. Revenue in Australia was solid, with the EBITDA decline reflective of the JobKeeper subsidy received in the first half of FY 2021.
In the U.K. and Europe, the revenue and EBITDA declines reflected the divestment of Frank PR in March 2021, partially offset by the contribution of MBA from April 2021. On slide 15, the pie chart illustrates Enero's geographic presence and highlights the group's exposure to fast-growing international markets, now representing 56% of the group's net revenue and 71% of the group's operating EBITDA on an economic interest basis, up from 55% and 65% respectively in the prior period. The U.S. business continued to benefit from the global acceleration in technology adoption and industry transformation, with a 37.5% increase in net revenue and a 47.4% growth in operating EBITDA on a reported basis.
Performance on a constant currency basis was even stronger, with revenue and operating EBITDA up 39.1% and 49.1% respectively. Now, on an economic interest basis, which adjusts for Enero's 51% ownership of OB, revenue increased 32.6% and operating EBITDA grew by 42.6%. OB Media continues to benefit from a structural shift in consumer behavior to digital channels with operating EBITDA margins increasing from 47%. Hotwire continued to benefit from its high-quality technology client base and looking at the Australian business, which delivered net revenue growth of 8.2% and operating EBITDA reduced by 6.4%, reflecting the benefits of the JobKeeper subsidy received in the first half of FY 2021. Adjusting for JobKeeper, operating EBITDA increased 9.8% and margins also increased to 20.3%.
BMF benefited from its exposure to the consumer and government sectors, while Orchard delivered organic growth from its healthcare client base. Pleasingly, momentum with new clients continued in Australia, notably Orchard's win of the Tourism Tasmania digital transformation account late last year, which is expected to be a significant contributor to the Australian geographic segment in the second half. On slide 18, the U.K. and Europe reported a 6.8% decline in revenue and 7.5% lower EBITDA, reflecting the impact of the sale of Frank PR in March 2021 and the challenging environment with COVID uncertainty remaining in the U.K. and key continental European markets. On a continuing business basis, revenue increased 12.5% and operating EBITDA also increased by 22.5%.
McDonald Butler was acquired in April 2021 and is now fully integrated into Hotwire U.K., with cost efficiencies from the merger underpinning an increase in operating EBITDA margins from 20.7% to 22.5%. Turning now just to provide a trading update on slide 20. Enero continues its track record of sustainable revenue and EBITDA growth, and the second half of FY 2022 has kicked off with strong growth in the U.S. and a solid performance thus far in Australia and U.K. and Europe. We remain focused on maintaining Enero's high margins across our strong and diversified portfolio. The pipeline of M&A opportunities remains a priority for us in FY 2022 to continue the growth and transformation of Enero's portfolio. There remains ongoing uncertainty around COVID conditions globally, with industry-wide challenges around hiring, which may lead to wage cost pressure.
With travel opening up globally, discretionary travel costs are expected to increase from the second half of FY 2022. That concludes my prepared remarks. With that, I'll hand over to Carla, who's going to run us through the group financials. Thanks, Carla.
Thanks, Brent, and thanks everyone for joining the call today. I'll begin with the profit and loss summary on slide 22. Enero Group reported net revenue of AUD 93.2 million, which reflects year-on-year growth of 15%. Staff costs of AUD 54.4 million increased 11.7% year-on-year, representing a ratio of 58% of revenue, which improved from 60% in the first half of FY 2021. These costs include the full-time employees, freelancers, and contractors. Operating expenses reduced 1.4% due to continued strong efforts. The operating cost ratio to revenue, including right-of-use asset charge, reduced to 10% from 12% in the prior year. Total expenses when including the right-of-use depreciation increased 9% in the first half. As Brent mentioned earlier, operating EBITDA of AUD 29 million increased 23% year-on-year.
Right-of-use depreciation of AUD 2 million reduced year-on-year due to the disposal of Frank in the U.K. Depreciation and amortization was slightly higher due to the amortization of customer relationships following the MBA acquisition. Looking forward to the second half, we expect these items to remain at similar levels to the first half. Net finance costs of AUD 0.5 million reduced year-on-year due to lower present value interest charges relating to contingent consideration payments for the Orchard acquisition. In the second half, we expect these costs to remain at levels similar to the first half, subject to any additional M&A activity. Tax expense of AUD 6.7 million represented a tax rate of 24% in line with guidance provided in August. This reflected the utilization of carry forward Australian tax losses in the second half of FY 2021.
Looking forward to the second half of FY 2022, we expect tax rates to remain in line with the first half. Non-controlling interests of AUD 7.4 million increased from AUD 5 million in FY 2021. This item reflects minority interest associated with OB Media, which is 51% owned, and Frank, which was divested during the year. Turning to slide 23. As Brent mentioned earlier, we're providing segment results for our two pillars of Brand Transformation and Creative Technology and Data for the first time. Brand Transformation revenue increased 8.8% and operating EBITDA by 8.5%, underpinned by organic growth at BMF and Hotwire, the contribution of the MBA acquisition from April 2021, partially offset by the divestment of Frank PR in March 2021.
Creative Technology and Data revenue increased 24.9% and operating EBITDA by 35.3%, driven by organic growth at OBMedia and Orchard. Corporate costs increased to AUD 4.7 million due to investment in additional capability at our head office centers of excellence and stock-based compensation. Slide 24 provides a reconciliation of our statutory 4 D results to continuing businesses. During the half, there were no significant items or disposals. Slide 25 provides the same reconciliation for statutory 4 D to continuing businesses for the first half of FY 2021, with the disposal reflecting Frank PR's sale. The balance sheet on slide 26 highlights the strong financial position of the group with cash of AUD 56.5 million increasing from AUD 50.7 million.
Current and non-current contingent consideration payable reduced to AUD 1.8 million and AUD 7.7 million respectively due to payments of the AUD 11 million undertaken during the half. The fully franked interim dividend of AUD 0.06 per share is a payout ratio of 38% and is payable on March 16th. The franking credit balance at December is AUD 10.1 million. Enero's balance sheet retains flexibility to pursue further acquisitions to enhance its geographical presence and expand its range of services. Details of contingent consideration are outlined on slide 27. In the first half, there were no new contingent consideration amounts recognized, with payments of AUD 11 million undertaken from previous acquisitions. The final contingent consideration in relation to Orchard Marketing was paid in September 2021.
The contingent consideration balance of AUD 9.5 million is an estimated liability based on performance subsequent to the reporting date and capped on the total purchase price with minimum thresholds. Actual future payments may therefore differ from the estimated liability. The maturity profile of the contingent consideration is over the FY 2023 to FY 2025 period. Adjusting for contingent consideration, net cash of AUD 47 million at December is an increase from AUD 30.6 million at June 2021. Enero's cash flow slide on slide 28 highlights the strong cash conversion of our model. Cash conversion of EBITDA was 98% in the first half, reducing as expected from 137% in the previous period due to unwinding of working capital. Gross cash flow of AUD 31.3 million, reduced from AUD 36.2 million in the prior year, reflecting the working capital unwind.
Operating cash flow of AUD 25.3 million, with after-tax payments of AUD 6 million, which increased from AUD 2.6 million. This increase was predominantly in the U.S. and Australian operations, which commenced paying tax in the second half of FY 2021. CapEx of AUD 0.4 million was slightly lower year-on-year due to timing, and we expect by year-end it will be broadly consistent with FY 2021. For the FY 2022 first half, free cash flow was AUD 22 million, demonstrating the cash generative nature of Enero's model. Thank you for your attention, and I'll hand back to the operator for Q&A.
Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are in a speakerphone, please pick up the handset to ask your question. Your first question comes from Andrew Johnston of MST Access. Please go ahead.
Good morning, Brent. Morning, Carla. How are you?
Hi, Andrew.
Two questions. Perhaps first up, a question for you, Carla, around the cost. You flagged the risks of wage cost pressure in the second half and also the issue that there'll be higher operating costs with travel, et cetera. How tough do you think it's gonna be to maintain margins for the second half? You know, the margins, the margin improvement pretty impressive for the first half, but just wanting to sort of explore that a little more given the pressures that you expect in the second half.
Thanks, Andrew. I mean, we've consistently guided and talked to our margins being in the high 20s across the portfolio, and we remain laser focused on looking at that. Even in the context of a bit of wage inflation, which you can see coming through in our first half result, we feel comfortable with that guide remaining in those high 20s.
Okay. Brent, a question for you, just around the strategic initiatives in the business. You know, one of the key things that you've implemented is treating the agencies as a group rather than a siloed portfolio of businesses. Can you talk about how that's progressing in terms of cross-selling between the businesses, leveraging the capability across the businesses?
Yeah, sure. I think, as you know, it's been a focus of ours for quite a while. You know, we're always focused on surrounding client opportunities with a progressive suite of services, whether that's from an individual agency brand or specific capabilities across brands and across geographies. You know, I think we're pleased with the way that that's progressing, particularly here in Australia, and I think co-location really helps us and enables us to share a more integrated view. We are definitely progressing that in the United States to some degree as well. You know, to date, I think there's still more work for us to do in that space.
I mean, a great example for us is either the OB business here in Australia or now with Tourism Tasmania, working with both BMF and also with Orchard in their most recent win. There's high levels of collaboration, particularly between, you know, BMF, Orchard, TLE and TDE in those cases as well.
I suppose as part of that, just the impact of COVID and people not being able to work out of office, you know, out of offices and having to work from home. Now that that's easing up, what are you seeing in your business in terms of how COVID's affected your ability to work for teams to work together? As we come out of COVID, you know, is that gonna have an impact? Well, I mean, given your numbers, it looks like the teams have actually been very effective in spite of COVID. Just in terms of COVID easing up, how do you think that's gonna affect the business?
Yeah, I think, first of all, just to recognize the great work the teams have done around the world in, you know, in difficult circumstances. The fact is, we've also been working this way for just over two years now and consistently delivered strong results, top and bottom line. The teams, particularly, Hotwire, in Europe and the U.S. and here in Australia, had already been, practicing what they call thoughtful working, which was the ability to work remotely but specifically identify times for collaboration and creativity. In essence, even pre-COVID, a lot of our teams around the world were quite well-practiced in, you know, the balance of both work/life, from a personal point of view and collaboration from a professional perspective.
I think as we move beyond COVID into, let's call it a more flexible working environment, we feel great about the opportunity that that brings because we are ultimately at our heart, you know, a creatively led business, group of businesses, a collaborative led group of businesses and, you know, we thrive on communication. I mean, that's our core business. For us, we feel great about the ability as soon as we're able to bring people back together, retain flexibility to provide work-life balance, but also use that energy, that creativity and collaboration to continue to power the business forward.
Okay, that's great. Thanks, Brent. Thanks, Carla.
Your next question comes from Ron Shamgar from TAMIM. Please go ahead.
Yeah. Hi. I just wanted to ask regarding the M&A strategy. You mentioned that you have a very full pipeline for FY 2022, and I guess there's sort of only four months left in the financial year. Can you give us an idea of sort of the kind of size of acquisitions you're looking to target and what sort of multiples would you be paying?
Yeah. I think the best way to cover our M&A strategy really is as an opportunity for us to continue to further accelerate our growth you know, through those inorganic opportunities that we see in the marketplace. Most importantly, they need to be consistent with our strategy and consistent with our key areas of focus. That's the criteria within which we look at you know, external inorganic opportunities. It's really around how we enhance our existing portfolio or whether they meet the needs of both you know, our innovation aspiration or our specific new offerings. We don't really evaluate by size and scale, more so relevance to strategy and the benefit that any inorganic opportunities can bring. We're consistently engaged in conversations around the world for businesses that meet any of those criteria.
I think we've previously shared our geographic focus of prioritization being predominantly U.S.-based, but not exclusively. We continue to assess those opportunities against that strategic framework that I outlined this morning on an ongoing basis.
Okay. You're going to acquire like profitable businesses that will be earnings accretive?
Most definitely our preference is for acquisitions or investments that are accretive to shareholders, yes.
Okay. Just last one. Is there any intention to acquire the remaining 49 % in OBMedia?
No. There's no intention of that at this stage.
Okay. Is there any reason why not?
We have a great partnership with the OB Media founders and leaders of the business. They're critical to the business as we are to bring in capability, support and investment to the OB business. We feel today that we have a great balance of both strategic alignment, expertise within that business and a focus on investing to drive future growth in that business together. We think that's the right model for us to continue to deliver the results that OB is delivering in the marketplace today.
Okay. Thank you.
Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Hayden Liu from Evans & Partners. Please go ahead.
Hi, Brent and Carla. Thanks for the call. Just a quick one from me following up on Ron's question around the M&A strategy. Cutting the dividend from AUD 0.105 to AUD 0.066, is this deliberate to ensure, I guess, greater ability to do M&A? Is it fair to assume that this M&A, these opportunities are quite near-dated, as you mentioned the pipeline in FY 2022, Brent?
Yeah, I think it's a consistent payout with the last half of FY 2021. What our goal has been, as we communicated at the full year, has been to retain flexibility on our balance sheet to enable us to be nimble and to act as needed with regard to M&A opportunities as we consider them to be integrated into our portfolio based on a strategic fit. I think it's fair to say also, and again, as we've consistently communicated, we're definitely focused on quality businesses. We definitely wanna be cautious in our approach, and we definitely want to make sure that any consideration from an M&A standpoint fits our strategy. We're not driven by time. We're definitely driven by strategic fit, you know, quality of business and how we believe we can leverage that business across our portfolio in due course.
Okay, great. Thanks for that. Just in terms of balance sheet capacity, I know you mentioned you don't really look at the actual price, but in terms of capacity that you can deploy for future M&A, net cash of AUD 47 million. Could you give us a sense of that?
Well, I think it's fair to say, like we've highlighted, we have a little bit of timing that happens in cutoffs over a half year or full year reporting period. There's a little bit of movement in that number just based on timing of payments. On the whole, we still retain a significant cash balance as we're gonna look through to the full year. Yes, that does allow us flexibility, with that level of balance sheet.
Okay, great. Thank you both.
Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Patrick Laborde, a private investor. Please go ahead. Mr. Laborde, your mic is open. Please go ahead.
Hello?
Yes, go ahead, sir.
I'm sorry, we're not hearing any question on our end.
Can you hear me now?
Yes, sir.
Okay. My question is related to OB Media. Again, you had an incredible growth. I think I calculated around 52% for OB Media during the first half, which is really significant when we look at the problems of Facebook, for example. But when we look at the absolute figures, it's still very low. I think it's around AUD 25 million just for the first half. Can you talk about the potential revenue for OB Media in the medium term?
Sorry, I couldn't quite hear the question.
Yeah. Okay.
Because unfortunately, something happened outside our window here.
Okay.
Could you just repeat the question for us, please?
Yeah. The question is simply what's the potential in terms of revenue for OBMedia in the medium term?
Well, we feel very confident in OBMedia's potential, certainly both from revenue and profitability in the medium term. As we've communicated, we'll continue to look for investment opportunities, and we highlighted an investment in Snowflake Inc. over the last six months that we think has really helped contribute to the growth of OBMedia to its operating efficiency but also its margin. We feel that there's a strong connection between, you know, OB and Enero. We're very aligned in terms of its future growth potential in the medium to long term.
Okay. Thank you for that.
Thank you.
There are no further questions at this time. I'll now hand back to Mr. Scrimshaw for closing remarks.
Okay. Well, we'd just like to thank everyone for joining us here, today. We're very pleased with the results that we've been able to share with you, and look forward to your continued support. Thank you, everybody.
That does conclude our conference for today. Thank you for participating. You may now disconnect.