Online jobs listing and employment services group sprang a major surprise on investors yesterday by revealing plans to rejig its dividend payout policy that could very well see the company reward shareholders with smaller payments in coming years.
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For some odd reason shares in online employment services group Seek rose yesterday, despite the company warning of a possible dip in full-year earnings because it was stepping up investment in early-stage ventures.
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In this week’s video insight Stuart takes a look at Seek’s (ASX:SEK) full year results. In the 2018 year, Seek reported 24.4 per cent revenue growth. This was a strong result driven by an acceleration in revenue growth in the Australasian, Chinese and Asian businesses.
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While Online jobs site Seek told the market yesterday that expects to report full-year earnings and revenue at the top end of its guidance range – despite revealing three significant items totalling $142 million – investors just didn’t believe the positive spin and sent the shares down 9% at one stage.
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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.
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FY19 earnings were in line with expectations. First time guidance for FY20 is for revenue growth of 15-18%, ahead of Morgan Stanley's forecasts.
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After the latest ANZ job advertising series and UBS proprietary data, the broker concludes that FY19 guidance, which indicates a net profit of around $200m, should be secure. This view is held despite the softening macro conditions and the slowing in domestic job growth.
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Citi expects depth revenue growth to accelerate but not completely offset slower volume growth in the core business. The broker upgrades estimates for earnings per share by 3-5% in FY19-21.
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Seek is spending more next year and Citi analysts point out management’s updated guidance for FY19 effectively translates into a -13% downgrade for consensus forecasts.
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SEEK has launched new pricing for advertising and database products which will yield an average price rise of 4.5%, with rises skewed to premium products. Morgans says the figures suggest the company could outpace in FY19 but refrains from upgrading a week out from the FY18 results.
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