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Seek boosted by strong revenue

Seek shares bucked the wider market trend on Tuesday after releasing its half-year results for FY22, which saw the employment and education business grow revenue and margins, while accelerating investment.

Seek said it achieved record ANZ volumes combined with yield improvement from increased depth adoption, while volume recovery across Asia and strengthening market and brand metrics across both of its businesses saw solid revenue growth.

Market conditions across the company’s ANZ and Asia businesses were favourable as businesses continued to rehire following COVID-related cuts, and in many cases restarted investment. Candidate activity on Seek sites also remained high, while application rates were weaker, which in turn drove greater depth adoption.

Yields grew in ANZ due particularly to a significant increase in premium and stand-out ads. Yield in Asia fell slightly, a function of higher volume commitments from hirers that led to higher volume-linked discounts.

The strength of the company’s revenue enabled them to accelerate investments, with increased planned expenditure in marketing, especially in Asia, which quickly saw the benefits of that spend. Seek also brought forward investment in data and analytics and their major investment in Platform Unification is continuing as planned.

As a result of the strong revenue results Seek upgraded guidance for FY22 to the following:

FY22 Guidance (excluding significant items) for SEEK (excluding the SEEK Growth Fund):

  • Revenue to be in the range of A$1.05bn to A$1.10bn

  • EBITDA to be in the range of A$490m to A$515m

  • NPAT to be in the range of A$230m to A$250m

FY22 Guidance (excluding significant items) for the SEEK Growth Fund:

  • SEEK’s share of NPAT to be in the range of A$10m to A$20m for FY22

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