SEEK (SEK) H2 2024 earnings summary

Executive summary

• Revenue from continuing operations declined 6% year-over-year to $1,084m, with lower volumes partially offset by double-digit yield growth.

• EBITDA fell 14% to $469m and Adjusted NPAT dropped 33% to $177m, reflecting lower earnings and higher depreciation and amortisation.

• Platform Unification was completed ahead of schedule and under budget, enabling operational efficiencies, product innovation, and future growth.

• Latin American assets were sold to focus on APAC and the unified product platform, resulting in a net loss and reclassification to discontinued operations.

• Placement share in ANZ reached its highest in recent history, with strong brand metrics across APAC.

Financial highlights

• Revenue from continuing operations: $1,084m, down 6% year-over-year; total operations revenue: $1,160m, down 17%.

• EBITDA from continuing operations: $469m, down 14%; total operations EBITDA: $483m, down 13%.

• Adjusted NPAT from continuing operations: $177m, down 33%; reported NPAT loss of $100.9m, mainly due to significant impairments.

• Total expenditure decreased 1% to $776m; opex up 1% to $615m, capex down 8% to $161m.

• Fully franked dividend of 35 cents per share, 100% payout.

Outlook and guidance

• FY25 revenue expected to be broadly in line with FY24, with continued volume declines offset by yield growth; guidance: revenue of $1.02bn–$1.14bn, EBITDA of $430m–$500m, Adjusted NPAT of $130m–$180m.

• ANZ revenue to decline on lower volumes, partially offset by high single-digit yield growth; Asia revenue to rise with yield growth outpacing volume decline.

• Total expenditure for FY25 expected at $740m–$810m, with opex $590m–$640m and capex $150m–$170m.

• Expenditure to remain flat year-over-year, with flexibility to adjust based on revenue performance.

• Macroeconomic conditions expected to remain weak in most markets, with ANZ ad volumes forecast to decline and Asia showing signs of partial recovery in H2.