Seek's profits jump 50% as its global business explodes

Jobseekers at a job fair in Hangzhou, China. ChinaFotoPress/Getty Images

Half year profits at the jobs search engine Seek rose 50% to $275.1 million as it expands its business model internationally.

Co-founder and CEO Andrew Bassat says Seek is re-investing in new products and services to be more valuable to hirers and candidates.

Overall revenue was up 22% to a record $482 million with the international segment growing 34% to $298 million. Revenue in Australia and New Zealand was up 15% to $151.8 million.

Seek shares were up 7.7% to $14.36 in early trade.

“The outlook is exciting as we operate market leaders in high growth markets across 14 countries,” Bassat says.

“To capitalise on the potential of Seek International, we are investing in these businesses to position them for long-term growth.

“Given Seek’s global platform in high growth markets, we are uniquely positioned to capture large market opportunities across the human capital management industry.”

Seek’s result was helped by $181.7 million gained from the listing of education business IDP and $89.7 million from the acquisition of JobStreet.

Underlying profit, without significant items, rose 9% to $102.4 million.

An interim dividend of 21 cents a share, a rise of 11%, was declared.

This is Seek’s global network:

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