At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is trading largely flat at 6,778.1 points.

Here’s what is happening today:

SEEK founder and CEO to step down

The SEEK Limited (ASX: SEK) share price has tumbled lower today despite upgrading its full year earnings guidance. Weakness in the tech sector and news that its founder and CEO, Andrew Bassat, is stepping down appear to be weighing on its shares. Former Commonwealth Bank of Australia (ASX: CBA) boss, Ian Narev, will replace Mr Bassat on 1 July. Mr Narev is currently SEEK’s COO. SEEK also announced plans to sell down its stake in the China-based Zhaopin business.

Bank of Queensland shares return

The Bank of Queensland Limited (ASX: BOQ) share price is racing higher after returning from its trading halt. Investors have been buying the regional bank’s shares after it successfully completed the institutional component of its capital raising. The bank has raised a total of $673 million at $7.35 per share from institutional investors. This is part of a wider $1.35 billion capital raising, which is being used to fund the transformative acquisition of ME Bank.

Tech shares sold off

A number of ASX tech shares including Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) are sinking today after being caught up in a tech selloff. This follows a very poor night of trade on Wall Street’s technology-focused Nasdaq index. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down a disappointing 3.8%.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Corporate Travel Management Ltd (ASX: CTD) share price with an 8% gain on no news. Going the other way is the Austal Limited (ASX: ASB) share price with a 17% decline. This morning the shipbuilder revealed that investigations are being conducted by US regulatory authorities into historical matters concerning Austal’s Littoral Combat Ship (LCS) program.

More reading

• Why Bank of Queensland, MNF, Oil Search, & Starpharma are charging higher
• Seek (ASX:SEK) shares sink as founder steps down
• SEEK (ASX:SEK) share price tumbles despite guidance upgrade
• Goldman Sachs upgraded these ASX 200 shares after outstanding results 
• 5 things to watch on the ASX 200 on Tuesday

James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Austal Limited and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Superloop Ltd (ASX: SLC) share price is falling sharply today, down 8.2% in late morning trade. This comes after the release of the company’s half-yearly report.

We take a look at the company’s latest half-year financial results (H1 FY21) and the current share price.

What did Superloop report for H1 FY21?

This morning’s ASX release, reporting a 3.8% lift in total revenues to $53.3 million, failed to keep the Superloop share price from falling.

Superloop’s Connectivity Revenue increased 15% over the prior corresponding period (PCP) to $30.2 million. Additionally, its Broadband Revenue increased by 27% to $18.5 million. Home Broadband subscribers grew by 66% year-on-year to reach 39,000. The company reported a slowdown in its Student Accommodation and Hospitality revenue due to the impact of COVID-19.

The company highlighted the strong growth in earnings before interest, tax, depreciation, and amortisation (EBITDA), which grew 99% from the prior corresponding period to $8.2 million.

Superloop reported an overall loss from ordinary activities after income tax of $18.8 million, an 11.7% improvement on the $21.4 million loss in H1 FY20.

Capital expenditure declined year-on-year, to $8 million from $12 million in H1 FY20.

The company will not pay a dividend for the half-year period.

Comments from the CEO

Regarding the half-year results, Paul Tyle, Superloop CEO said:

With record results across all our major financial metrics H1 21 clearly demonstrated the strong momentum in each of our three customer segments, we remain confident that our strategy will see this progress continue into the future.

Looking ahead, Superloop re-affirmed its full 2021 financial year EBITDA guidance of $18– $20 million. It noted that with the continued COVID impact on the Education and Hospitality sectors, the lower end of that range is more likely.

Superloop share price snapshot

Despite today’s losses, Superloop shareholders are still sitting on a 16% gain over the past 12 months. That compares to a 0.3% loss on the All Ordinaries Index (ASX: XAO).

So far in 2021, the Superloop share price is down 9%.

More reading

• Why the Superloop (ASX:SLC) share price is accelerating 7% today
• Is HyperOne listed on the ASX?

Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of SUPERLOOP FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Aquis Entertainment Ltd (ASX: AQS) shares are continuing to explode today. At the time of writing, the Aquis share price is up an extraordinary 84.62% to 48 cents after less than two hours of market trading.

Today’s moves mean Aquis shares have rocketed from the 4.6 cents per share that we saw last Thursday to the current price of 48 cents – a mind-boggling return of close to 1,000% in under a week.

Want another one? It was only 11 February when the Aquis share price was trading at 3 cents. That means for anyone who bought in back then, they would be enjoying a return of more than 1,400%.

But that’s not where it ends yet. Get ready for this one. Aquis’ 52-week range spans a low of 0.3 cents that was reached in March last year to 82 cents that we saw at one point last week. The difference in that range is a mind-blowing 27,233%. A gain like that would turn $1,000 into almost $300,000.

For some context, Aquis is a resort and gaming company that owns Casino Canberra in the Australian Capital Territory. So what on earth is going on with this company?

Aquis share price hits the moon

Well, the short answer is: no one knows. Or no one knows publically, I should say. There is no major news out of Aquis that might have triggered such an incredible re-valuation over the past week. In fact, the company’s last major piece of news released to the markets was back on 29 January. That was a quarterly update.

One could perhaps point to the woes currently being faced by fellow casino operator Crown Resorts Ltd (ASX: CWN) over the past couple of weeks as a potential catalyst. But that probably wouldn’t rationally explain the kind of moves the Aquis share price has undergone.

Today’s moves also come just days after Aquis was issued a ‘please explain’ speeding ticket by the ASX for its dramatic moves late last week. Aquis’ response was terse: “The Company is not aware of any information concerning it that has not been announced to market and which could be an explanation for the recent trading in the Company’s securities”.

Still, I’m sure the ASX will be even more interested in this company after today’s moves.

At the current Aquis share price, the company has a market capitalisation of $96.27 million.

More reading

• 5 things to watch on the ASX 200 on Tuesday
• Crown (ASX:CWN) share price on watch on VIC royal commission
• Aquis Entertainment (ASX:AQS) share price boosts 365% in second day of triple-digit gains
• Crown Resorts (ASX:CWN) share price rises despite earnings hit
• Why investors are watching the Crown (ASX: CWN) share price

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Crown Resorts Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to continue its losing streak. The benchmark index is currently down slightly at 6,773 points.

Four ASX shares that have not let that hold them back are listed below. Here’s why they are charging higher:

Bank of Queensland Limited (ASX: BOQ)

The Bank of Queensland share price has returned from its trading halt and charged 6% higher to $8.90. This morning the regional bank announced the successful completion of the institutional component of its capital raising. Bank of Queensland raised $673 million at $7.35 per share as part of its $1.35 billion capital raising. These funds are being used to acquire ME Bank.

MNF Group Ltd (ASX: MNF)

The MNF share price has surged 9% higher to $4.56 following the release of its half year results. The leading voice communications software provider reported a 15% increase in recurring revenue to $55.7 million and a 30% increase in underlying net profit after tax (before amortisation) to $8.4 million. This allowed the MNF board to increase its interim dividend by 32% to 3.3 cents. Management also revealed that it is on track to achieve its guidance and is looking to expand deeper into the Asia-Pacific market.

Oil Search Ltd (ASX: OSH)

The Oil Search share price is up 6% to $4.29. This appears to have been driven by a strong rise in oil prices overnight and the release of its full year results. In respect to the latter, Oil Search reported a 32% decline in revenue to $1,074.2 million and a 93% reduction in core net profit after tax to $22 million. This appears to have been better than the market feared.

Starpharma Holdings Limited (ASX: SPL)

The Starpharma share price is up 5.5% to $2.32. This morning the dendrimer products developer announced that its Viraleze antiviral nasal spray has been successfully registered for sale in Europe, including in the UK. Viraleze is an easy to use antiviral nasal spray. It contains SPL7013, which has been shown to inactivate a broad spectrum of respiratory viruses. This includes >99.9% of coronavirus SARS-CoV-2 – the virus that causes COVID-19.

More reading

• Why the MNF Group (ASX:MNF) share price is jumping 7% higher today
• ASX 200 drops 0.2%, Costa soars, BOQ is buying ME Bank
• Why the Superloop (ASX:SLC) share price is accelerating 7% today
• Bank of Queensland (ASX:BOQ) to raise $1.35bn to acquire ME Bank
• Bank of Queensland (ASX:BOQ) shares halted ahead of potential $1.3bn ME Bank acquisition

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Starpharma Holdings Limited. The Motley Fool Australia owns shares of and has recommended MNF Group Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Energy infrastructure business Spark Infrastructure Group (ASX: SKI) has announced its FY20 result today, it also told investors about its 5-year plan for the distribution.

Spark Infrastructure FY20 result

Spark reported that its look-through earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 2.4% to $862.4 million. Cash distributions from investment businesses declined by 3.7% to $301 million.

It said that its standalone net operating cash flow fell by 24.9% to $192.5 million. However, the underlying standalone net operating cash flow only declined by 10.8% to $252.8 million. The decrease reflected the first full year of tax payments and retention of operational cash flow by TransGrid to fund the increase in the regulatory asset base.

The net capital expenditure increased by 10% to $573.7 million on an aggregated proportional basis. This number excludes the Bomen Solar Farm.

Spark said that its regulated and contracted asset base (RCAB) improved by 3.7% to $6.7 billion.

The energy infrastructure business said that during the year there were minimal COVID-19 impacts to its investment businesses with no deterioration to customer supply and no significant impacts on operations, maintenance or safety.

Bomen Solar Farm

The first renewables project, the Bomen Solar Farm, was delivered on time and significantly under budget according to Spark Infrastructure. Commercial operations commenced in late June 2020.

Management said that after this success, it has developed a pipeline of high quality opportunities in renewables including storage. It will pursue any opportunities in a prudent and disciplined manner.

Distribution and 5-year plan

The FY20 total distribution was 13.5 cents per share. The final distribution for the financial year is 6.5 cents per share.

Spark Infrastructure announced that its FY21 distribution guidance is being rebased to 12.5 cents per share, franked to approximately 25%.

It’s targeting growth in distributions at or around CPI over the next 5-year regulatory period (2025) maintaining franking at approximately 25%.

Outlook

Spark Infrastructure said that the new 5-year regulatory decisions for both SA Power Networks and Victoria Power Networks will be in force from 2021. It said that new regulatory decisions put downward pressure on revenues for these businesses largely due to sustained low interest rates affecting regulatory returns and the low inflationary environment. In response, Spark expects both businesses to closely review all operating and capital expenditure plans, with a view to minimising any non-essential or discretionary expenditure.

It’s expecting RCAB growth over the next five years approaching 4% per annum. While growth in the SA Power Networks and Victoria Power Networks will be funded from operational cashflows and debt as they have been previously. Any equity commitments to support TransGrid major projects or Spark Infrastructure value build growth can be met by continued operation of the distribution reinvestment plan. In other words, the distribution re-investment plan will be used to manage equity for growth ensuring sufficient cash exists at the corporate level to fund distributions for securityholders.

More reading

• Broker eyes rapid growth for this small cap ASX tech share
• Why the MyDeal (ASX:MYD) share price is tumbling lower today
• What’s with the HUB24 (ASX:HUB) share price today?
• Openpay (ASX:OPY) share price erases gains despite positive update
• Seek (ASX:SEK) shares sink as founder steps down

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Yojee Ltd (ASX: YOJ) is an ASX tech share offering a cloud-based, software-as-a-service (SaaS) logistics platform. The platform manages, tracks and optimises freight movements and logistics supply chains from sender to end-customer across borders and between logistics providers.

Yojee’s customers include third-party logistics providers and logistics companies which benefit from powerful APIs (application programming interfaces) as well as enhanced visibility, accountability, and control. Following the company’s December quarterly update, Euroz Hartleys initiated coverage on the small-cap ASX tech share with a speculative buy rating. 

December quarter highlights 

At the end of the December quarter, Yojee had eight enterprise countries signed up to operate its platform. Of these, four were revenue-generating, boosted by three global, top-10 freight forwarding clients. The company continued to see strong growth in cash receipts with an 18% increase to $235,000 in the December quarter and revenues of $204,000. To add some perspective, Yojee has a market capitalisation of just $186 million. 

Yojee noted that volumes during the quarter were impacted by unprecedented weather events and COVID-19 related lockdowns during the period, especially within the Philippines. It highlighted that the business will offer promotions and aggressively market into early CY21 to make up for the lower than anticipated volumes.

The company’s balance sheet remains flexible, finishing the December quarter with $21.1 million cash, providing the company with a strong runway for growth. 

ASX tech share a speculative buy rating  

Hartley was broadly pleased with Yojee’s progress on rollouts during the quarter, in addition to receiving an Indonesia expansion order from an existing client. The broker noted that it would have liked to have seen more quarter-on-quarter growth in volumes and revenues, but the company’s dependency on the Philippines was impacted by unprecedented weather events and lockdowns.

Despite slightly missing expectations, the broker looks towards significant transaction volume growth in the coming quarters from recent and coming rollouts. In parallel, Yojee continues to provide commentary on a strong pipeline of additional opportunities to expand existing agreements and potentially sign new ones. 

The research note shed light on the global logistics sector and potential tailwinds for the ASX tech share. Hartleys cited that the global logistics industry is estimated to be worth around US$9 trillion annually, with the number of parcel movements alone forecast to surpass 100 billion this year and double to 200 billion by 2025. It pointed out that industry-wide changes are creating new demands and issues, driving rapid increases in digitisation, such that Yojee’s comprehensive cloud-based logistics SaaS platform could be well placed to solve these issues. 

Hartleys identified that recently secured agreements show growing demand for Yojee’s platform. These include agreements with three major global logistics companies which have $100 billion in combined revenues. The broker’s bullish investment case is predicated on the rollout of its logistics platform with logistics heavyweights including Geodis, Kuehne+Nagel, and Maersk’s in parallel to signing new SaaS agreements. Its speculative buy rating comes with a price target of 50 cents, almost triple its current share price of 17 cents.

More reading

• Spark Infrastructure (ASX:SKI) reveals 5-year distribution plan with FY20 result
• Why the MyDeal (ASX:MYD) share price is tumbling lower today
• What’s with the HUB24 (ASX:HUB) share price today?
• Openpay (ASX:OPY) share price erases gains despite positive update
• Seek (ASX:SEK) shares sink as founder steps down

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Mydeal.ComAu Pty Ltd (ASX: MYD) share price has come under pressure on Tuesday.

At the time of writing, the ecommerce company’s shares are down 4% to $1.21.

While this means the MyDeal share price is down materially from its 52-week high of $2.20, it is still up 21% from its October IPO price.

Why is the MyDeal share price under pressure?

There appears to be a couple of potential catalysts for today’s decline. One is the release of its half year results this morning and the other is general weakness in the tech sector.

Following a very poor night of trade on Wall Street’s tech-focused Nasdaq index, the S&P/ASX All Technology Index (ASX: XTX) is down a disappointing 3.6% this morning.

How did MyDeal perform in the first half?

MyDeal was a positive performer during the first half of FY 2021.

For the six months ended 31 December, it reported a 217% increase in gross sales to $126.7 million and a 248% jump in revenue to $21.2 million.

And while its gross margin softened slightly, gross profit still grew at the very strong rate of 210% to $18.9 million.

This strong growth was driven by a 205% increase in active customers to 813,764 and further increases in repeat use. Management notes that 52.7% of second quarter transactions came from returning customers. This is up from 38.5% a year earlier.

At the end of the period, MyDeal had a cash balance of $48.1 million. Management believes this leaves it with a significant runway for the execution of its growth strategy.

MyDeal’s Founder and CEO, Sean Senvirtne, commented: “We are pleased to have delivered a record half in gross sales, gross profit and revenue. The strongest results in MyDeal’s history are testament to the efforts of the team and confirms our growth strategy is on track to meet our targets.”

Outlook

MyDeal hasn’t provided any guidance for the full year. However, it has revealed that the second half has started strongly, with unaudited gross sales in January 2021 up 190% on the prior corresponding period.

The company is also on track to launch its iOS and Android apps in second half.

Looking ahead, management notes that online shopping in the furniture and homewares category remains significantly under-penetrated by global standards. It feels this leaves MyDeal well placed to benefit from rising penetration and to continue to capture market share in the future.

More reading

• 2 rapidly growing small cap ASX shares to buy
• 3 very exciting small cap ASX shares to watch
• 3 fast-growing small cap ASX shares to watch
• 3 growing small cap ASX shares to watch

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The HUB24 Ltd (ASX: HUB) share price opened lower this morning following the release of the company’s half-year results for the period ended 31 December 2020.

The financial services provider reported a series of gains in its first-half FY21 earnings before the HUB24 share price opening 1.28% lower at $23.20.

Here are the report highlights and some insight from management.

HUB24 share price opens lower after posting record gains

HUB24 reported a group underlying net profit after tax (NPAT) of $7.5 million. This is 39% higher than what was earned during the first-half FY20.

The group earnings before interest, tax, depreciation and amortisation (EBITDA) also rallied for the period, gaining 41% compared to the 1H FY20, which came in at $16.4 million.

Gross profit was $36.4 million for 1H FY21. This is a boost from the pcp’s gross profit of $32.9 million.

The company’s total funds under administration (FUA) climbed to $31 billion at the end of 1H FY21.

Group operating revenue increased from $52.7 million reported in 1H FY20 to $62.1 million in 1HFY 21, an 18% gain.

Underlying earnings per share (EPS) was 11.7 cents compared to the prior corresponding period (pcp), which was 7.6 cents.

The directors determined a fully franked dividend of 4.5 cents per share for the period ended 31 December 2020. The pcp dividend was 3.5 cents per share unfranked.

Management commentary and outlook

HUB24 managing director Andrew Alcock welcomed the results, saying:

HUB24 continues to set new records with Platform FUA up 39% and underlying EBITDA up 41% on 1H FY20. Our continued investment in innovation and focus on customer service excellence has been recognised this week with the company being awarded Australia’s Best Platform Overall by Investment Trends.

Given the acceleration of our organic growth and the completion of our M&A transactions, HUB24’s growth targets have been upgraded significantly to a target Platform FUA range of $43-$49 billion from $28- $32 billion by the end of FY22.

Looking ahead, HUB24 expects strong net inflows to support the firm’s revised Platform FUA target of $43-49 billion.

The company advised that it believes it can meet this goal regardless of any implications caused by the coronavirus.

HUB24 at a glance

HUB24 is focussed on the delivery of the HUB24 Platform. The platform contains a suite of investment options with the aim of creating value for financial advisers and their clients.

The HUB24 share price has gained 111.9% over the past 12-month period.

More reading

• Why the Hub24 (ASX:HUB) share price will be on watch today
• What’s with the Hub24 (ASX:HUB) share price today?
• Why BHP, Estia Health, HUB24, & South32 shares are dropping lower

Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Hub24 Ltd. The Motley Fool Australia has recommended Hub24 Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Openpay Group Ltd (ASX: OPY) share price is on the backfoot this morning despite announcing a lucrative partnership with a key automotive group. At the time of writing, the buy-now, pay-later (BNPL) provider’s shares are down 3.74% to $3.09.

What did Openpay announce?

The Openpay share price is coming under pressure today as investors seem unfazed by the company’s positive news.

According to this morning’s release, Openpay advised that it has entered a partnership agreement. The new agreement is with Ford Australia which is a subsidiary of its global parent group, Ford Motor Company.

In the deal, Openpay’s BNPL solution will be offered to Ford Australia customers. It will be available through its dealership network for car servicing needs. This will include repairs, parts, and accessories in which a customer may not be able to afford upfront.

The BNPL option will be rolled out across Ford Australia’s booking engines, including online and in-store platforms.

Openpay highlighted that its latest contract win is a major milestone achievement along with the Pentana deal which went live this month. The company noted that around 2500, or 60% of Australia’s new car franchise dealerships, use Pentana’s eraPower Dealer Management Software.

The signing of Ford Australia further strengthens Openpay’s business model to be a leading BNPL provider in the automotive sector. The company also operates in the healthcare, home improvement, education, and memberships markets.

Openpay revealed that it will continue to focus on building further partnerships with original equipment manufacturers, distributors, and importers within the automotive industry.

Management commentary

Openpay Managing director and CEO Michael Eidel welcomed the new partnership, saying:

We are proud to have signed with a brand as iconic as Ford Australia. Through this partnership we will be working together to help Ford’s customers ‘go further’ – making greater payment flexibility available for all their car servicing needs.

We have previously partnered with many dealership groups but partnering at the OEM level strongly cements our leadership position in the automotive vertical.

Openpay share price snapshot

During the last 12 months, the company’s shares have accelerated to achieve a gain of more than 160%. It’s worth noting that during the COVID-19 rout, the Openpay share price listed for as low as 32 cents. At today’s current price, this represents close to a 10-fold increase in less than a year.

More reading

• Why the Openpay (ASX:OPY) share price is surging higher today
• Why is the Splitit (ASX:SPT) share price underperforming Afterpay and Zip?
• Why the Openpay (ASX:OPY) share price is up 17% and could go higher
• Why IOOF, Kogan, Openpay, & Woodside shares are dropping lower
• Why the Openpay (ASX:OPY) share price is crashing 13% lower

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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SEEK Limited (ASX: SEK) co-founder Andrew Bassat has stepped down as chief executive, with former Commonwealth Bank of Australia (ASX: CBA) boss Ian Narev to take over.

Bassat had led the job search website since he co-founded it in 1997 with his brother Paul.

Both are now revered figures in the Australian startup scene.

“We have built a company that I am very proud of,” said Andrew Bassat.

“But now is the right time for a new leader for the next stage. And Ian Narev is the right leader.”

Like Amazon.com Inc (NASDAQ: AMZN) founder Jeff Bezos’ move last month, Bassat will become the executive chair of Seek. He will also fill the new position of chief executive for Seek Investments.

The company is seeking to provide more independence for its venture capital arm, which puts money into young businesses “to support their aspirations and deliver strong long-term returns”. 

Seek emphasised that this part of the business needed to be able to “support further sustained periods of larger losses”.

“An independently managed Investments, accessing external capital, can undertake aggressive long-term investment to build large businesses,” said Seek’s current chair Graham Goldsmith.

Earlier this month, the Seek share price hit a record high as investors expected the jobs market to recover strongly from the COVID-19 downturn.

Seek shares are 2.37% down in early trade Tuesday morning.

Ian Narev goes from big bank to internet chief

Narev, who was chief of CBA from 2011 to 2017, was already Seek’s boss for the Asia-Pacific and Americas (AP&A) division.

“I am not going to try and fill Andrew’s shoes… He is a unique leader and a person,” he said.

The New Zealander had stepped down from the CBA in controversial circumstances. 

In 2016, the bank had been exposed by the media for alleged misconduct by its insurance arm in refusing to pay out claims for dying and terminally ill customers.

Then the next year, CBA was busted for repeatedly breaching anti-money laundering regulations. Current chief Matt Comyn took over in August 2017.

“Ian is the natural successor for Andrew,” said Goldsmith.

“He brings a strong track record in digital transformation, strategy, and public company leadership.”

Seek also revealed today that its first-half financial year 2021 result and outlook for the rest of the year was “materially better” than the forecasts at the November annual general meeting.

The company is also repaying $9.8 million in COVID-19 subsidies it received from the Australian and New Zealand Governments.

More reading

• SEEK (ASX:SEK) share price tumbles despite guidance upgrade
• 5 things to watch on the ASX 200 on Tuesday
• 5 things to watch on the ASX 200 next week
• Why the SEEK (ASX:SEK) share price just hit a new record high
• Why Alliance Aviation, REA Group, SEEK, & Vulcan shares are charging higher

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Tony Yoo owns shares of Amazon. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Amazon and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool Australia has recommended Amazon and SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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