LOOK FOR (ASX:SEK)a leading online job marketplace, held its 2024 annual general meeting today. The company presented its guidance and business update for fiscal 2025, underlining its focus on the Asia-Pacific (APAC) region. This strategic emphasis follows the sale of its Latin America operations in mid-2024, allowing the company to focus on markets where it has a strong presence, including Australia, New Zealand and key parts of Asia.
SEEK also announced the completion of its platform unification project, integrating systems such as Enterprise Resource Planning (ERP) software, which streamlines financial and operational processes, and Customer Relationship Management (CRM) tools, designed to improve customer engagement. clients. These updates aim to improve SEEK’s operational efficiency and scalability in APAC markets.
CEO Ian Narev highlighted the company’s continued investments in AI-powered technology: “Our network effects and market-leading data have allowed us to continue to improve our AI matching and verification systems . This provides our clients with superior quality results, while allowing us to deliver superior yield growth.”
In FY24, SEEK reported revenue of $1,084 million from continuing operations, down 6% year-over-year. Adjusted net profit after tax (NPAT) fell 33% to $177 million, while EBITDA fell 14% to $469 million. While macroeconomic headwinds impacted results, SEEK kept spending stable and reduced capital expenditures by 8%.
For FY25, SEEK reaffirmed its revenue guidance of $1.02 billion to $1.14 billion, with single-digit revenue growth expected across APAC. While Australia outperformed due to lower unemployment, volumes in New Zealand and parts of Asia, particularly Hong Kong, were weaker due to economic uncertainty.
Narev reiterated SEEK’s medium-term goal of reaching $2 billion in annual revenue: “The foundation we have laid with platform unification allows us to focus on growth rather than infrastructure, enabling us to achieve greater efficiency and scalability.”
The market seems to agree. SEEK shares closed 3.52% higher at $26.44.