seek.com.au 2007 results

Online job advertiser Seek has reported 62.8 per cent net profit increase and remains confident of future employment conditions and growth prospects.

For the year ended June 30, 2007, net profit increased to $55.5 million from $34.1 million.

Sales revenue jumped to $157 million from $106.2 million.

Earnings before interest, tax, depreciation and amortisation were up to $80.3 million from $49 million.

"We have continued to enjoy strong growth over the past 12 months and have increased our market leadership position," joint chief executive Paul Bassat said.

"SEEK continues to lead the market in unaided awareness, ad volumes, unique browsers and market reach."

Mr Bassat said a "structural shift" was taking place in the Australian classifieds market, and it was likely to follow the US, where 38 per cent of employment advertising is online.

That compared with Australia's 23 per cent and underpinned the rosy outlook.

"Growth opportunities are still evident in the SME (small and medium enterprise) market and a focus on customer acquisition and retention is central to our growth strategy for the year ahead," he said.

"Increasing our market penetration in QLD, SA and WA as well as the Government and Healthcare sectors are also high on our agenda.

Source The Age