SEEK profit rises 35%: Midday roundup

SEEK has announced a net profit for the 2011-12 year of $131 million, up 35% from the previous corresponding period.

Revenue also increased by 29% to $442.3 million. The company’s shares have risen 5.45% this morning.

“The SEEK Group is well-positioned across each of Domestic Employment, SEEK International and SEEK Education to grow earnings strongly over the medium to long-term,” chief executive Andrew Bassat said in a statement.

“This was another record full year result despite far from buoyant conditions in all our markets.”

Super Retail profit rises 50%

Super Retail Group has announced a 50% increase in net profit to $63.5 million on a 51% rise in sales to $1.65 billion.
The company said this morning the result was due to strong performance in both the auto and leisure divisions.

“Our strategy of organically developing our existing businesses and acquiring market leading retail businesses in relevant and connected retail categories has delivered strong results for the group,” he said.

The business acquired Rebel Sport and Amart All Sports last year. The company said both delivered a performance that was “ahead of expectations”.

“The early performance of the division has been encouraging and we are confident that we have acquired a combined business that, although already a market leader, has the potential for significant growth over the coming years.”

Sharemarket opens lower

The Australian stock market opened slightly lower this morning following weaker results from Wall Street.

At official market opening the benchmark S&P/ASX 200 index edged down 0.12% to 4378.3 points and the broader All Ordinaries Index inched down 0.12% to 4405.6 points.

The Reject Shop profit up 35.6%

The Reject Shop recorded profit growth for 2012 and said it would focus on growing sales in the coming year.

In the 12 months to June 30, net profit rose to $21.9 million, a 35.6% rise on the previous corresponding period when the retailer was hit by the Queensland floods.

Sales revenue rose 9.9% to $555.3 million.

Chief executive Chris Bryce said that the results were pleasing considering the tough retail environment.

“These financial results are very pleasing in light of the persistently difficult trading environment and the impact the Queensland flood has had on our business over the past 18 months”, Bryce said.

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