Seek Investors Bail Out
0Overall Score

Dick Smith wasn’t the only online operator to see its shares drop yesterday. Also taking the plunge was ASX-listed Seek, the Top 50 jobs site that claims a market capitalisation of more than A$60 billion.

Its shares tumbled 11 per cent to an 18-month low after its report for the year to June showed net profit of $249 million. That was up significantly on the previous year, but not enough to satisfy investors.

CEO Andrew Bassat was caustic about the investors who bailed out. “We could have delivered $200 million and invested $10 million less and our share price would have gone up,” he said. “(But) we would have been a weaker business with a higher share price.”