Online employment marketplace Seek has announced a 368% surge in reported profit to $139.8 million for the first half of the 2025 financial year (H1 FY25).
Seek said adjusted profit dropped 28% to A$77 million on revenue which fell 4% to $536.2 million in the six months to 31 December 2024.
The difference between the adjusted and reported profit was mostly a turnaround in the contribution of the Seek Growth Fund to a $63.4 million profit from a $72.3 million loss in the prior corresponding period.
The Board declared a fully franked interim dividend of 24 cents per share, 26% higher than in the prior period, to be paid on 2 April 2025 to shareholders registered on 19 March 2025.
The company also issued FY25 guidance for earnings before interest, tax, depreciation and amortisation of about $440 million to $470 million, adjusted profit of about $135 million to $160 million on revenue of about $1.06 billion to $1.10 billion.
CEO and Managing Director Ian Narev said revenue was slightly lower due to market volumes but continuing yield growth offset much of the impact.
He said operational outcomes were uniformly strong with placement share in Australia and New Zealand growing to its highest level since 2020.
Product innovation and sales execution enabled the company to regain the number one position in Singapore and the Philippines and retain that position in other Asia markets.
The Growth Fund continued to perform well with look-through revenue growth of 9% and a portfolio valuation increase of 5%, supported by the valuation achieved in the partial sell-down of the Employment Hero stake to investment giant KKR’s funds.
Seek (ASX: SEK) shares had closed 28 cents lower (1.14%) at $24.23 on Monday, capitalising the company at $8.65 billion.
