Seek lifted its half-year revenue by 27% to a record $620.3 million and profit by 21% to $102 million as the veteran online jobs site restructures to better identify the next big investment.
CEO and co-founder Andrew Bassat told Business Insider the company is seeing investment that translates directly into growth and financial results.
The company last month announced a management restructure and created a unit dedicated to managing and making investments. Bassat plans to spend a significant amount of his time in the unit.
Part of that investment theme is global scale and Seek’s ability to customise for local conditions.
“The success of ANZ’s business model evolution provides a strategic roadmap for our international businesses,” he says.
“Our international businesses are in an earlier stage of evolution and we are already seeing strong benefits from our initial investment activities.
“This has emboldened us to continue investing and accelerate our efforts. If we execute well, we expect there will be significant upside given the large size of their addressable markets.”
At the close, Seek shares were up 1.9% to $20.50.
In Australia and New Zealand, revenue grew 15% to $196.7 over the six months to December. Here’s how revenue has grown locally:
“The business fundamentals are strong and we are delivering significantly more value to candidates and hirers which is ultimately translating into record levels of free cash flow,” he says.
“Given the success of our strategy, we will continue to invest in new initiatives that grow our value proposition to candidates and hirers.”
In the international business, revenue grew 10% to $340.1 million.
“Seek Asia’s operational and financial results are gaining momentum from continued business evolution and improving macro conditions,” says Bassat.
The company also operates market leaders in Latin America.
Seek declared a fully franked dividend of 24 cents a share, up 4%.
The company confirmed revenue growth guidance in the range of 20% to 25% for the full year. Reported net profit after tax would be between $225 million to $230 million.
The December half results in detail:
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