Job ads portal SEEK has pushed its sales revenue past the the $1 billion mark as investments in its Australian and New Zealand business start to deliver.
The online job-search company's underlying net profit, which excludes one-off significant items, grew 11 per cent to $220.8 million in the 12 months to June 30, while total revenue from ordinary activities rose nine per cent to $1.06 billion.
SEEK co-founder and chief executive Andrew Bassat said the Australia-New Zealand business is growing rapidly, with revenue from the division up 48 per cent since 2014 thanks to investments in product and technology and despite subdued macro-economic conditions.
ANZ sales revenue climbed 14 per cent to $355.9 million, from $313.1 million in the prior corresponding period, while earnings (EBITDA) jumped 11 per cent to $197.9 million, supported by yield, new products and enhancements.
"It really has come from a lot of the investment we have made over the past five years which is starting to come through in that we are providing a broader range of services," Mr Bassat told AAP.
SEEK said its investment in "prominence products" to boost ad profiles and yield were gaining traction and had contributed about a third of the improvement in ANZ revenue growth for 2016/17.
A company spokesperson said SEEK new job ads are up 12.6 per cent, year on year to July 2017.
Group net profit was $340 million, down five per cent on 2016 when SEEK benefited from the sale of its IDP Education business.
Meanwhile, sales revenue for SEEK's international division, which accounts for almost two thirds of its total revenue, grew six per cent to $629.3 million, despite weak economic conditions in Brazil and Southeast Asia dampening revenue in the first half.
Mr Bassat said that while confidence remained low surrounding SEEK's Brazil business, its Asian division showed promise with improvements in second-half revenue.
"China and Southeast Asia are massive markets so they should be able to grow much faster than the rest of the business and really become a very important part of our revenue profitability before too long," Mr Bassat said.
SEEK expects its net profit for the full year in 2018 to be in the range of $220 million and $230 million, while revenue is forecast to be between 20 per cent to 25 per cent higher.
SEEK shares fell 57 cents, or 3.2 per cent, to $17.26 on Wednesday.
SEEK INVESTMENTS BOOST REVENUE:
* Full-year net profit down 5pct to $340m
* Revenue up 9pct to $1.06 billion
* Final dividend of 21cps, fully franked, up two cents
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