Seek Finds Growth At Home
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Australian job classifieds website business Seek has lifted dividend one cent a share to 24 cents a share after reporting perkier interim results yesterday for the first half of 2017-18.
That saw the shares rise 1.0% to $20.50 - a modest rise, but one that easily beat the market up around 0.6%.
The company reported a 21% rise in profit to $102 million for the six months to December 31, thanks to a sharp jump in revenue.
Sales revenue rose 27% to $620.3 million, from $487.9 million a year ago when weak economic conditions in Brazil and South-East Asia hit the company’s international business.
Seek’s Australian and New Zealand employment division delivered $196.7 million in revenue, up 15% from a year ago thanks to growth in advertising volumes as we are seeing with the ANZ jobs ads index which rose 11.4% in 2017, price increases and premium products.
SEEK also upgraded its earnings growth guidance to between 14% and 15%, from 13%, and said it expects full-year net profit to come in toward the upper end of its $225 million to $230 million guidance.
Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.
At the AFR he was a finance writer, Finance Editor, News Editor and Chief of Staff. At the Nine Network he was supervising producer of Business Sunday for more than 16 years. He has also written for other online and analogue print publications here and overseas.