Seek (ASX: SEK), the Australian job board provided a trading and guidance update during its annual general meeting 2020.

The company said its group YTD (year-to-date) revenue is well above the assumptions underlying the illustrative scenario provided at Seek’s FY20 Results published in August 2020.

Seek cautioned that forecasting remains challenging given the ongoing uncertainty in all markets caused by Covid-19 restrictions, overall business confidence and currency exchange rates.

The group said its ad volumes have responded quickly to changes in Covid-19 restrictions, both positively and negatively. Yields are also sensitive to the sectors in which activity occurs.

For its FY 2021 guidance, Seek expects revenue to be in the order of AUD 1.60 billion. Furthermore, it expects EBITDA to be in the order of AUD 400 million (USD 290.8 million).

Seek Investments Early Stage Venture losses are expected to be in the order of AUD 55 million (USD 39.9 million) (SEEK share of Net Profit After Tax losses). Reported Net Profit After Tax of AUD 50 million (USD 36.3 million).

Seek’s key high-level assumptions for the remainder of FY21 are:

• Covid-19 restrictions remain consistent with current conditions across its key markets
• Hiring activity remains broadly in line with current levels in its key markets (ANZ, Asia, China) for

the remainder of the financial year, with the usual seasonal fluctuations

• Investment increases above what was initially assumed to reflect stronger revenue performance

The group says its near-term results will be impacted by Covid-19 and will be challenging but it expects to invest and capitalise on its significant long-term revenue opportunities.