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onCourse web releases
SEEK to close and replace education arm
SEEK says closing and replacing its education division will result in job losses and wipe $24 million from net profit this year.
Chief executive Andrew Bassat expects impending regulatory changes for vocational education will prohibit SEEK Learning, as it will be classified as an education broker.
He said the unit will therefore be closed, and the cost of redundancies and goodwill charges are expected to reduce its annual net profit by $16 million.