SEEK (ASX:SEK), a leading online employment marketplace, held its 2024 Annual General Meeting today. The company presented its FY25 guidance and trading update, highlighting its focus on the Asia-Pacific (APAC) region. This strategic emphasis follows the sale of its Latin American assets in mid-2024, allowing the company to concentrate on markets where it holds a strong presence, including Australia, New Zealand, and key parts of Asia.
SEEK also announced the completion of its platform unification project, integrating systems such as Enterprise Resource Planning (ERP) software, which streamlines financial and operational processes, and Customer Relationship Management (CRM) tools, designed to enhance customer engagement. These upgrades aim to improve SEEK’s operational efficiency and scalability in APAC markets.
CEO Ian Narev emphasised the company’s continued investment in AI-driven technology: “Our market-leading network effects and data have allowed us to continue improving our AI matching and verification systems. This ensures our customers experience higher-quality outcomes while enabling us to deliver superior yield growth.”
In FY24, SEEK reported revenue of $1,084m from continuing operations, down 6% year-on-year. Adjusted net profit after tax (NPAT) fell 33% to $177m, and EBITDA dropped 14% to $469m. While macroeconomic headwinds affected results, SEEK maintained stable expenditure and reduced capital spending by 8%.
For FY25, SEEK has reaffirmed its revenue guidance of $1.02bn to $1.14bn, with high single-digit yield growth expected across APAC. While Australia outperformed due to lower unemployment, volumes in New Zealand and parts of Asia, particularly Hong Kong, have been weaker due to economic uncertainty.
Narev reiterated SEEK’s medium-term goal of achieving $2bn in annual revenue: “The foundations we have laid with platform unification allow us to focus on growth rather than infrastructure, enabling us to achieve greater efficiency and scale.”
The market seems to agree. Shares in SEEK closed 3.52% higher at $26.44.
