This is where Seek is looking for its next record profit

Seek CEO and co-founder Andrew Bassat.

Seek posted another record full year profit of $348.9 million, up 27%, in a flat economy as the online jobs site looks for more opportunities.

Revenue was up 11% to $4950.4 million, with earnings in Australia up 15% and the international division 17%.

Andrew Bassat, the CEO and co-founder, says the company is reinvesting aggressively in its platform to ensure future growth.

Seek is also “making strategic acquisitions” in the human capital management industry, and area which covers a range of employee services, including payroll.

“We are pleased with Seek’s progress but there remains significant untapped opportunities,” he says. “Our focus is to aggressively invest and execute our growth strategy.”

This chart shows the next focus for Seek:

Source: Seek

An example of Seek’s focus on human capital management is a strategic investment in scheduling, rostering and time tracking software Ximble. Another is Sidekicker, a way of hiring temporary staff.

Seek says it has identified large market opportunities across both its Australian and its international businesses.

“There are areas of the market that are either occurring at a high cost and/or being performed offline or in an inefficient manner,” Seek says in its annual report released today.

“Seek believes that via technology and data, its experience in building online marketplaces and relationships with hirers and candidates positions the business to solve large and complex problems for hirers and candidates.”

Bassat says the company is uniquely positioned to play in the human capital management industry market given its global scale and breadth and depth of its relationships with more than 150 million jobseekers and 700,000 hirers.

“We expect that our reinvestment to address the unmet needs of candidates and hirers will in turn increase the size of Seek’s addressable market opportunity and grow seek’s market leadership,” he says.

“Seek has a long and sustained track record of reinvestment and undertaking M&A which has led to strong growth in financial results and shareholder value.

“Our expectation is that our latest endeavours will position the business to capture large market opportunities and generate strong returns to shareholders over the medium to long-term.”

The company declared a divided of 19 cents a share, taking the full year payout to 40 cents per share, an 11% rise on 2015.

Seek expects 2017 profit to rise again. Its guidance, before significant items, is in the range of $215 million to $220 million compared to $198.1 million in 2016.

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