Seek says job ads falling
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SYDNEY, Nov 29 AAP
November 29 2012, 3:29PM
Online employment group Seek says job ads in Australia and New Zealand are down so far in 2012/13.
Chief executive Andrew Bassat said there had been a "consistent but gradual decline in total ad volumes" since June 30.
Mr Bassat said the advertising volume decline meant Seek's Australia and New Zealand operations - Seek's largest generator of its earnings - were expected to report flat revenue in the first half of 2012/13 compared with the prior corresponding period.
The performance of Seek on both sides of the Tasman in the second half would depend on how willing companies were to hire and the level of consumer sentiment, Mr Bassat said at Seek's annual general meeting in Melbourne on Thursday.
Seek operates three main businesses - the Australia and New Zealand jobs listings website, an education unit that offers teaching courses and student recruitment, and an international arm that holds the company's interests in offshore ventures.
Mr Bassat said net profit, revenue, earnings before interest, tax, depreciation and amortisation (EBITDA) across the group for the full 2012/13 year was expected to be up from 2011/12.
"Seek has a portfolio of market-leading businesses that are well positioned for growth via cyclical and structural trends," Mr Bassat told shareholders in prepared remarks.
Mr Bassat said Seek would provide a further update on market conditions at its first half results presentation in February 2013.
At 1525 AEDT, Seek was down 15 cents at $6.53.