SYDNEY, AAP – Seek has upgraded its full-year earnings forecast after employers replacing workers cut earlier in the pandemic helped first-half profit.
The online jobs business on Tuesday reported first-half profit rose 32 per cent to $88.1 million, helped by Australian employers hiring again after lockdowns.
Chief executive Ian Narev said Seek’s key markets were experiencing ongoing economic recovery and low unemployment.
“We have assumed these conditions continue for the remainder of the financial year, and have therefore upgraded our guidance,” he said.
Full-year profit is expected to be in the range of $230 million to $250 million.
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Seek’s first-half revenue surged as employers jostled for candidates in an Australian jobs market made tougher by a lack of foreign workers.
Mr Narev said there was a significant increase in premium and stand-out ads.
Revenue for Australia and New Zealand was up 72 per cent on the same period a year earlier.
The company used its extra revenue to increased marketing in regions such as Asia.
Revenue in Asia was higher by 42 per cent.
Shareholders will receive a fully franked interim dividend of 23 cents per share.
Company shares on the ASX were higher by seven per cent to $29.84 at 1145 AEDT.