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Seek downgrades FY 2023 revenue forecast due to moderation of job ads

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Seek Maintains EBITDA Forecast Despite Revenue Revision

Australian job board, Seek, released a trading update and revised revenue guidance today. The group’s third-quarter trading momentum suggests that full-year revenue may be slightly lower than previously anticipated, with an estimated decrease of AUD 15 million (USD 10.1 million), due to the ongoing moderation of job ad volumes. However, Seek expects this to be balanced by lower than anticipated operating expenditure. The new full-year revenue forecast for 2023 is approximately AUD 1.245 billion (USD 840.9 million), compared to the previously published forecast of AUD 1.26 billion (USD 851.0 million) in February 2023.

Despite this revision, Seek maintains its EBITDA forecast of approximately AUD 560 million (USD 378.2 million) and net profit after tax of approximately AUD 250 million (USD 168.8 million). Seek also unveiled its Investor Day presentation today, highlighting a focus on growing placements and optimizing yield, with an estimated AUD 2 billion (USD 1.35 billion) revenue opportunity by FY 2028. The company expects strong revenue growth in Asia from 2023 to 2028 and a strengthening performance in its Latin American businesses, while keeping options open in attractive North-East Asian markets. Seek shares closed at AUD 23.98 (USD 16.20), down 0.95% on the day but still 27.69% above the 52-week low of AUD 18.78 (USD 12.68) set on 3 October 2022. The company’s market cap is AUD 8.59 billion (USD 5.80 billion)