Reduced job ad volume in Asia Pacific impacted revenue at Seek (SEK:ASX), a Melbourne, Australia-based operator of job boards.

Seek reported revenue fell 7% year over year on a constant currency basis to AUD 1.08 billion (USD 723 million) in its 2024 fiscal year ended 30 June.

“Seek’s headline financial outcomes for the year were impacted by a significant reduction in job ad volumes across APAC relative to previous record highs and the impairment of our investment in Zhaopin,” CEO and Managing Director Ian Narev said in a press release.

• Revenue in Australia and New Zealand fell 8% year over year to AUD 840 million (USD 560 million). Job ad volumes continued to weaken throughout the year after reaching record levels in March 2022. Paid job ads were down 20% year over year in Australia and New Zealand. Meanwhile, candidate activity in Australia and New Zealand increased, with visits up 8% year over year.
• In Asia, Seek reported revenue fell 1% year over year to AUD 244 million (USD 163 million). On a constant currency basis, the decrease was 2%. Paid ad volumes and unique hirers declined approximately 20%, reflecting weaker economic conditions. However, the slowdown moderated in the second half, with unique hirers up 3% and volumes down 2% compared to the first half. Overall, paid ads fell 21% during the year.

“For FY2025, economists are forecasting weaker macroeconomic conditions in most of our markets,” Narev said.

“Based on our historical experience of similar conditions, we have assumed that paid ad volumes in ANZ will continue to decline throughout FY2025,” he continued. “For Asia, we have seen early signs that the slowdown is moderating, and we expect a partial recovery in the second half. As we benefit from continued yield growth, we expect to maintain revenue at levels similar to the prior year.”

Seek noted that net profit after tax was affected by its previously announced impairment at Zhaopin and a 9% reduction in the valuation of its Seek Growth Fund, which invests in high-growth business in HR software-as-a-service, online education and contingent labour.

Seek previously announced that it sold its Latin American businesses in the 2024 fiscal year.

Seek - FY 2024

Guidance

Seek forecast fiscal year 2025 revenue of between AUD 1.02 billion (USD 0.68 billion) and AUD 1.14 billion (USD 0.76 billion), which ranges from a decrease of 6% to an increase of 5%. The company remains committed to its longer-term goal of AUD 2 billion (USD 1.3 billion) in revenue by fiscal year 2028.

Share price

Shares in Seek closed down 6.64% to AUD 20.66 (USD 13.61) on 13 August in Australia. They were 6.06% above their 52-week low. The company forecast Australia and New Zealand revenue would contract while Asian revenue would grow.