Russian job board HeadHunter Group plc (HHR: NSDQ), reported revenue today of RUB 2.06 billion (USD 28.5 million) for the fourth quarter ended 31 December 2019, an increase of 22.8% compared to the previous year.
HeadHunter launched its IPO last year and began trading shares on the US Nasdaq Stock Market.
The group’s Russia segment revenue was up 22.3% in the fourth quarter. HeadHunter said this was mainly driven “by an increase of 17.2% in the number of paying customers in small and medium accounts and an increase of 17.3% in the average revenue per customer in key accounts in Moscow and St. Petersburg.”
Net Income growth for the company was mainly driven by the increase in revenue while Adjusted EBITDA was up also primarily due to the increase in revenue.
HeadHunter also published its full year results for 2019. Revenue increased to RUB 7.78 billion (USD 107.6 million), up 27.3%, again primarily due to the increase in revenue in the Russia segment (+26.5%).
Mikhail Zhukov, Chief Executive Officer of HeadHunter Group, said, “Against a backdrop of global economic turbulence and in a period when it has been especially important for us to build trust and long-term relationships with the investor community, we have posted remarkable financial and operational results in our first year post IPO.”
Looking ahead, Zhukov said, “Overall, whilst we are happy with our results to date, we stay cautious on the impact of the COVID-19 virus. We hope that stability will return in the near future leading to a consequent acceleration in the economy in general and the recruitment market in particular.”
Earlier this year, Russia’s Federal Antimonopoly Service’s announced a decision that HeadHunter violated competition law by limiting the use of third-party automated recruitment services. HeadHunter had prohibited its customers from working with Russian startup Stafory which operates the Vera robot, an automated recruitment software. The company said the decision would not have a significant impact on its business.
As of last trade HeadHunter Group traded at USD 15.73, up 0.05% on the day and 7.58% above its 52-week low of USD 14.62, set on 9 May 2019. Based on its current share price the company has a market value of USD 786.0 million.