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Australia – Online recruiter Seek boosts revenue despite tight job market

20 February 2013

Australia-based online recruitment firm Seek Limited (SEK:ASX) reported a +32% rise in revenue which totalled AUD 275.3 million (USD 284.5 million) for the six months to December. But the firm said the job market remained tight due to subdued market conditions.

Seek runs the largest employment websites in Australia based on number of clicks. The firm has also recently expanded into China where it operates an internet job website known as Zhoapin.

Speaking about the results, Seek CEO Andrew Bassat said: “This was another record half year result that was achieved despite weak macro-economic conditions and a re-investment focus in our international businesses.”

Net profit for the six months was AUD 67.5 million (USD 69.7 million), up from AUD 60.6 million (USD 62.6 million) a year earlier. The results beat the AUD 64.7 million (USD 66.9 million) median of six analysts' forecasts compiled by Dow Jones Newswires.

The news boosted the company’s share price which jumped by +8% today to AUD 9.47, up +68.2% from a year ago. Based on its stock price, the company has a market value of AUD 2.96 billion (USD 3.0 billion).

Seek provides online employment services in Australia and New Zealand, claiming to hold around 75% of all jobs on Australia’s major job sites. The firm also has a presence in Asia and Latin America.


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