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(Adds detail, CEO quote)
Aug 16 (Reuters) - Russian recruitment company Headhunter
raised its 2021 revenue growth forecast after posting a
jump in second-quarter net profit on Monday.
The company said it now expects growth of 63-68% in 2021, up
from a May forecast of 45% to 50%.
The company reported a second-quarter net profit jump of
435.1% to 1.28 billion roubles ($17.44 million) citing the
low-base effect as COVID-19 had affected its year-earlier
results.
Headhunter, which generates a bulk of its sales in Russia
but also operates in countries such as Belarus and Kazakhstan,
showed first-half revenue and profit growth as more businesses
adapted to online recruitment amid rising competition for staff.
"We had an exceptionally strong quarter, where we
demonstrated the scalability of our business model and our
commitment to long-term product development," said Chief
Executive Officer Mikhail Zhukov.
Unemployment in Russia declined in June to 4.8% on the back
of the ongoing global economic recovery from the pandemic, which
prompted a gradual pick-up in hiring. The unemployment peak was
last August, when it reached 6.4%.
The Nasdaq-listed company said its revenue grew by 155% to
3.91 billion roubles helped by the consolidation of acquired
subsidiaries.
At the end of May, Headhunter exercised the option to
acquire a 40.01% ownership interest in the Skillaz hiring
process system in addition to a previously held stake of 25.01%.
In June, the company increased its share in Skillaz to 74.99%.
Major recruitment companies Hays Plc, Randstad
and Switzerland's Adecco, all of which
operate in Russia, last month reported strong quarterly results,
with Adecco saying it expects hiring to continue recovering this
quarter as global vaccination campaigns progress.
Headhunter's depositary receipts in Moscow rose
3.4% by 1134 GMT.
($1 = 73.4125 roubles)
(Reporting by Anna Rzhevkina and Elizaveta Zhuravleva; editing
by Jason Neely and Bernadette Baum)
