HeadHunter Group PLC (NASDAQ:HHR) came out with financial results Monday morning.
The Russian-based company reported revenue was up 25.7% primarily due to the increase in revenue in its Russia segment, where revenue improved 24.7% mainly driven by the increase in the number of paying customers in Small and Medium Accounts by 37.7% to 140,147 paying customers and the increase in the average revenue per customer in Key Accounts in Moscow and St. Petersburg by 17.3%.
Net Income down to 275 million rubles (₽) from ₽322 million as the positive impact from operations was offset by the expenses HHR incurred in relation to its IPO.
Adjusted EBITDA up 36.0% primarily due to the increase in revenue, and Adjusted EBITDA Margin up to 52.0% from 48.1% as our marketing and general and administrative expenses (excluding the IPO-related costs) declined as a percentage of revenue.
Adjusted Net Income up 35.8% primarily due to the increase in revenue, and Adjusted Net Income Margin up to 31.1% from 28.8% as our marketing and general and administrative expenses (excluding the IPO-related costs) and interest expense declined as a percentage of revenue.
To quote CEO Mikhail Zhukov, "We are pleased to announce another strong set of operational and financial results for the second quarter of 2019, despite the ongoing economic slowdown and the impact of several holidays in May.
"In slow economic environment, enterprises strive for efficiency and optimization, which online recruitment in general, and HeadHunter as the market leader in particular, help to secure."
Shares were unchanged at $19.90, shortly after Monday’s open
