SEEK downgrades profit guidance due to cost of increasing investments

Company News

by Anna Napoli

SEEK (ASX:SEK) has announced half year results for the 2019 financial year with net profit falling 5 per cent To 99.3 million.

Revenue increased 21 per cent to $757.2 million.

Earnings (Reported EBITDA) of A$238.5m up from $224.5m in the prior corresponding period.

SEEK has declared an interim dividend of 24 cents.

The company has downgraded its profit guidance for financial 2019 to be slightly below what it achieved in the last financial year, $229.5 million, due to the cost of increasing investments.

SEEK CEO, Andrew Bassat says he's very pleased with the strategic progress made across the company's early stage ventures portfolio, with key investments making strong progress in growing market share in large addressable markets.

Shares in SEEK (ASX:SEK) trading 3.29 per cent higher at $17.91.
 

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.