Ann: Annual General Meeting CEO Address, page-16

Interesting to look at Q1 23 trend : + 19.1 % for organic growth.
Still in line with the level of FY 22 (+ 20.4 % for revenues).

The company did not give a breakdown between the 2 divisions.
But the comment regarding the growth for the 2 divisions shows that there is some weakness for the brand transformation division (due to the weakness of the ad market in US and UK), which is offset by still strong performance for the creative technology division (essentially OB Media).
The stock market does not discount the future growth of OB Media, which is still showing a regular growth, despite the weakness of the internet ad market.

It remains difficult to estimate the medium term potential of OB Media, but they seem to still be at their initial stage in their collaboration with search engines.
Search engines seem to be interested by 2 elements in particular :
- high intent traffic delivered by OB Media to search based advertisers,
- good ability of OB Media to filter bot traffic.

1 figure which gives an idea of OB Media performance : its revenue/employee.
OB Media has a revenue/employee of at least AUD 1.16 m*, vs AUD 0.19 m (est) for the rest of Enero.
Such a high productivity for OB Media is explained by the fact that it mainly relies on machine learning and automation.
Most of their employees seem also to work remotely which could also partly explain their really high margin (operating EBITDA margin of 76 %e in FY 22).

* based on its revenue 22 and its linkedin profile where it discloses that it has 11-50 employees.