SEEK Revenue $209.8m But Packer Sells
August 26, 2009 by Emma Sorensen
Consolidated Media Holdings Limited (CMH) revealed today that it has sold its shares in Australian Jobs website owner SEEK Limited at a price of $5.05 per share, with expected gross proceeds of $440.6 million, just one day after SEEK Limited revealed its end of financial year 2009 results.
As a result both James Packer and John Alexander have resigned from the SEEK board.
In a statement announcing the sale, James Packer, Deputy Chairman of CMH and outgoing Chairman of SEEK, said:
“Paul and Andrew Bassat are two of the smartest, most decent, and honourable people I have had the pleasure of knowing and working with. I look forward to our friendships continuing for many years to come, and I believe SEEK will go from strength to strength over time.”
The news of CMH’s sale of shares was announced the day after SEEK Limited revealed its end of financial year 2009 results.
The company reported total revenue of $209.8 million, only a 1 percent drop on last financial year’s results, despite the grim economic conditions. EBITDA was $97.8 million, down 11 percent year-on-year.
Joint CEO Paul Bassat said:
“In a challenging employment environment, the business fundamentals of SEEK remain strong. With the downturn we continue to see a sustained migration from print to online, with online now capturing approximately 79 percent of all job ads.”
seek.com.au received 3.27 million unique browsers in July 2009, and is still the dominant market leader online in Australia and New Zealand.
The company confirmed its optimistic outlook, saying there was room for more growth.
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