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Australia – Strong international growth boosts SEEK results

21 August 2013

Australia-based job board SEEK Limited (SEK: ASX) reported revenue of AUD 620.2 million (USD 563.2 million) for the year ending 30 June 2013, a +40% increase on AUD 442.3 million (USD 401.6 million) in revenue last year boosted by overseas acquisitions.

Across Australia and New Zealand domestic results were affected by subdued economic conditions. Domestic operating revenue fell during the year by -5% compared with a year ago, falling from AUD 247.8 million (USD 225 million) in 2012 to AUD 234.9 million (USD 213.3 million) in 2013.

International operating revenue more than trebled, rising from AUD 62.1 million (USD 56.4 million) to AUD 224.7 million (USD 204 million). The significant increase is as a direct result of acquisitions made in the past two years; namely of Brasil Online, OCC Mundial (Mexico), and Zhaopin (China).

By business segment, operating revenue for Southeast Asian online job board JobsDB fell -3% from AUD 52.9 million (USD ) in 2012 to AUD 51.3 million (USD ) in 2013. SEEK increased its stake in JobsDB to approximately 69% during 2013. 

Operating revenue for Brasil Online equated to AUD 109.8 million (USD 99.7 million), as it was acquired in May 2012, full year-on-year comparison is not possible. Similarly for Mexican online recruitment firm OCC Mundial, which reported revenue for 2013 of AUD 13.8 million (USD 12.5 million). OCC Mundial was acquired by SEEK Ltd in June 2012. Chinese job board Zhaopin reported operating revenue of AUD 49.9 million (USD 45.3 million), which was acquired by SEEK in February 2013. 

Looking forward SEEK Group predicts, that based on current conditions, reported revenue for the full year 2014 is expected to surpass 2013. Domestically, revenue for 2014 is expected to fall short of 2013 levels, with international revenue predicted to continue climbing.

In trading today, the company’s share price rose +4.16% to AUD 9.76 (USD 8.86), an increase of +49.11% compared with a year ago. Based on its share price the company has a current market value of AUD 3.3 billion (USD 3 billion).  

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