SEEK (SEK) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians, confirmation of quorum, and CEO's address highlighting FY24 achievements and FY25 guidance.

• Introductions of board members, executive team, and auditors present.

• Outlined procedures for questions and voting, including hybrid participation and poll-based voting.

Financial performance review

• FY24 revenue from continuing operations was $1,084m, down 6% year-on-year; EBITDA fell 14% to $469m.

• Adjusted NPAT for continuing operations was $177m, a 33% decrease; reported NPAT loss of $60m.

• Placement share in Australia reached a recent high, with double-digit yield growth in ANZ and Asia.

• Share price improved from AUD 21 to AUD 25 over the year; total dividend of AUD 0.35 per share paid.

• Total costs held in line with previous year; opex up 1%, capex down 8%, and net debt decreased by 3% to $1,033m.

Strategic initiatives and plans

• Platform unification project completed ahead of schedule and under budget, enabling operational leverage.

• Sale of Latin American assets to focus on APAC markets and unified product platform.

• FY2028 ambition targets AUD 2 billion revenue and >50% margin, with cost growth to remain below revenue growth.

• Ongoing investment in AI-driven matching and verification to enhance placement and yield growth.

• No new investments planned for the Growth Fund; focus on realizing returns over the next 2–3 years.