{"id":98413,"date":"2020-08-12T15:43:47","date_gmt":"2020-08-12T04:43:47","guid":{"rendered":"http:\/\/smartoffice.com.au\/?p=97902"},"modified":"2020-08-12T15:43:47","modified_gmt":"2020-08-12T04:43:47","slug":"seeks-earnings-9-weak-ad-environment","status":"publish","type":"post","link":"https:\/\/staging.strixdevelopment.net\/smartoffice\/2020\/08\/12\/seeks-earnings-9-weak-ad-environment\/","title":{"rendered":"Seek\u2019s Earnings Down 9% In \u2018Weak Ad Environment\u2019"},"content":{"rendered":"<p>Seek Group\u2019s full year earnings fell by 9% in FY20 to $414.9 million as the company was impacted by the COVID-19 crisis and a weak macro environment. However, Seek was still able to achieve revenue growth of 3%.<\/p>\n<p>Although Seek\u2019s revenues fell by 12% in Australia and New Zealand, it remained the market leader with 33% of placements, highlighting how tough the job postings market is in the current climate.<\/p>\n<p>In FY20 Seek maintained a lead of five times over their nearest competitor in the local market.<\/p>\n<p>\u201cSeek ANZ delivered a resilient result in challenging conditions. In a weak ad volume environment, we saw robust results from our depth products and SMEs,\u201d said Seek CEO and Co-Founder Andrew Bassat.<\/p>\n<p>\u201cWhen labour markets return to more normal conditions, we expect to generate a high ROI given our market leadership and track record of generating strong returns from investing in product, technology and data. The near-term will continue to pose challenges, but we will remain agile to take advantage of new growth opportunities as they arise.\u201d<\/p>\n<p>Citing the difficult operating conditions, Seek is not paying a final FY20 dividend. \u201cOnce economic conditions improve, we intend to resume payment of dividends,\u201d Seek stated.<\/p>\n<p>Seek\u2019s share price tanked when the COVID-19 pandemic hit, falling by 38% in March. It has since recovered, closing at $21.40 yesterday.<\/p>\n<figure id=\"attachment_158671\" aria-describedby=\"caption-attachment-158671\" style=\"width: 892px\" class=\"wp-caption alignnone\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-158671\" src=\"https:\/\/www.channelnews.com.au\/wp-content\/uploads\/2020\/08\/Seek-ASX-12.08.2020.jpg\" alt=\"\" width=\"902\" height=\"552\" \/><figcaption id=\"caption-attachment-158671\" class=\"wp-caption-text\">Seek ASX 12.08.2020<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Seek Group\u2019s full year earnings fell by 9% in FY20 to $414.9 million as the company was impacted by the COVID-19 crisis and a weak macro environment. However, Seek was still able to achieve revenue growth of 3%. Although Seek\u2019s revenues fell by 12% in Australia and New Zealand, it remained the market leader with &#8230; <a title=\"Seek\u2019s Earnings Down 9% In \u2018Weak Ad Environment\u2019\" class=\"read-more\" href=\"https:\/\/staging.strixdevelopment.net\/smartoffice\/2020\/08\/12\/seeks-earnings-9-weak-ad-environment\/\" aria-label=\"Read more about Seek\u2019s Earnings Down 9% In \u2018Weak Ad Environment\u2019\">Read more<\/a><\/p>\n","protected":false},"author":52,"featured_media":50876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,5],"tags":[131,132,676,677,678],"class_list":["post-98413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-human-resources","category-news","tag-coronavirus","tag-covid-19","tag-job-postings","tag-jobs","tag-seek"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Seek\u2019s Earnings Down 9% In \u2018Weak Ad Environment\u2019 - Smart Office<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.strixdevelopment.net\/smartoffice\/2020\/08\/12\/seeks-earnings-9-weak-ad-environment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Seek\u2019s Earnings Down 9% In \u2018Weak Ad Environment\u2019 - Smart Office\" \/>\n<meta property=\"og:description\" content=\"Seek Group\u2019s full year earnings fell by 9% in FY20 to $414.9 million as the company was impacted by the COVID-19 crisis and a weak macro environment. 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