Enprise Group (ENS)

• What proportion of the 21.2% revenue growth was organic versus contributed by the Recipe Marketing acquisition, and what revenue run-rate has Recipe Marketing reached?
• Why did trade debtors grow 25.2% — faster than revenue — and does this reflect timing of invoicing, slower collections, or new customer payment terms?
• What drove the negative effective tax rate of -12.4% and is it expected to normalise in the second half, which would affect NPAT comparisons going forward?
• Will corporate costs (NZD 0.4m operating loss in HY25) continue to decline, or does the acquisition integration introduce additional overhead?
• Is the NZD 0.3m capex step-up a one-off or an indication of a higher ongoing investment run-rate?

This briefing cannot assess the organic revenue growth rate, the durability of the tax benefit, or the timeline for Recipe Marketing synergies to materialise without further disclosure from management.