The stockmarket listing of education business IDP and strong revenue growth across its Australian and international businesses have contributed to an apparent surge in the first-half profit for recruitment group, SEEK (SEK).
SEEK told the ASX yesterday that net profit jumped 50% to $275.1 million in the first half, with revenue rising 22% to $482 million.
But that improvement was due to the sale of SEEK’s interest in IDP, which came to $181.7 million, as well as a $89.7 million gain from the acquisition of JobStreet.
Underlying profit was up a more accurate 9% to $102.4 million.
“SEEK has achieved strong half-year results while maintaining a focus on re-investment and operating in subdued macro conditions,” CEO, Andrew Bassat said in a statement yesterday.
"SEEK is also re-investing in new products and services which have significantly increased our value proposition to hirers and candidates."
Revenue from SEEK’s businesses in Australia and New Zealand jumped 15% while its international arm was up 34%, making for a total rise of $86 million for the half year, or 22%.
Earnings before interest, tax, depreciation and amortisation rose 19% to just over $193 million.
Interim dividend was lifted to 21 cents a share from 19 – an 11% increase.
The shares jumped 7.8% to $14.38.
SEK 1Y – SEEK lifts H1 profit 50%
