By Stuart Condie
SYDNEY–Seek Ltd.’s shares rose as much as 8.5% after the Australian jobs advertiser upgraded its annual guidance in anticipation of further strong hiring activity by employers.
The ASX-listed company upgraded its FY 2022 profit view by about 23% at the mid-point of the new and old guidance ranges. Seek said a surge in vacancies and a shortage of applicants had improved customers’ take-up of premium products, helping boost first-half revenue 59%.
It now anticipates full-year underlying profit at between 230 million Australian dollars and 250 million Australian dollars (US$163.9 million-US$178.2 million).
The stock was last up 7.8% at A$29.95 after earlier rising as high as A$30.15. Seek shares marked an all-time intraday high of A$36.09 in November but were hit by a global selloff in tech and classifieds stocks at the start of this year.
Seek was the second-best performing S&P/ASX 200 component in morning trade. The benchmark index was 0.6% lower amid investor concerns over tensions in Ukraine.
Seek on Tuesday reported revenue for the six months through December of A$517.2 million as the jobs markets rallied from the turmoil of the Covid-19 pandemic. The average analyst forecast had been for A$504 million in revenue, according to data compiled by FactSet. Seek restated its first-half 2021 results following the separation of its early-stage ventures into a new unit.
Write to Stuart Condie at [email protected]