Shares in SEEK Limited
(ASX:SEK) dropped more than 12 per cent yesterday after the online employment group and education provider issued a trading update.
The company has warned about ongoing issues in its education division and says it expects to generate softer than expected earnings over the following year.
SEEK has also forecast its second half net profit will be similar to its first half after in February predicting a moderately greater performance in the second half.
CEO Andrew Bassat says the main cause of SEEK Learning’s results being lower than prior expectations is related to one-off issues with an IT systems upgrade undertaken by TAFE NSW.
SEEK reported a net profit of $195 million in the first half of the 2015 financial year.
