In­deed Ire­land sees rise in rev­enues

The Irish Times - Business - - BUSINESS MARKETS -

On­line re­cruiter In­deed, which em­ploys more than 900 peo­ple lo­cally, recorded a 66 per cent in­crease in rev­enues at its Ir­ish arm last year as turnover jumped by €137.7 mil­lion to €345.7 mil­lion.

The surge in turnover comes af­ter the fast-grow­ing com­pany an­nounced a 48 per cent rise in rev­enues a year ear­lier.

Ac­counts re­cently filed for In­deed Ire­land Op­er­a­tions Limited re­veal losses at the com­pany nar­rowed slightly to €70.6 mil­lion in 2017 from €80.2 mil­lion in 2016. The com­pany at­trib­uted the loss to the “sig­nif­i­cant spend” on ad­ver­tis­ing and mar­ket­ing it has com­mit­ted to lo­cally as it ex­pands its in­ter­na­tional op­er­a­tions.

The Ir­ish sub­sidiary, which en­com­passes all the group’s ac­tiv­i­ties out­side North Amer­ica and Asia Pa­cific, closed last year with a de­fi­ciency of as­sets of €242.3 mil­lion, as against €171.7 mil­lion in 2016.

Ad­min­is­tra­tive ex­penses grew last year from €275.6 mil­lion to €398.2 mil­lion, largely on ac­count on in­creased em­ployee num­bers.

In­deed, which opened its first of­fice in Ire­land in March 2012, has grown head­count fast in re­cent years. The com­pany had 757 em­ploy­ees at the end of 2017, up 41 per cent ver­sus the prior year. Staff num­bers have con­tin­ued to rise, sur­pass­ing 900 at the end of last month and as the com­pany fore­casts it will have more than 1,000 staff in the Repub­lic shortly.

Staff-re­lated costs, in­clud­ing wages and salaries, jumped from €36.6 mil­lion to €59 mil­lion.

In­deed is set to move to new premises close to Grand Canal Basin early next year. The of­fices have ca­pac­ity to hold about 2,000 em­ploy­ees.

In­deed world­wide sales grew 59 per cent to $1.96 bil­lion (€1.7 bil­lion) in the 12 months to the end of March. It em­ploys 6,100 peo­ple glob­ally.

Co-founded by Paul Forster and Rony Ka­han in 2004, In­deed has more than 200 mil­lion unique vis­i­tors ev­ery months with 9.8 jobs added per se­cond glob­ally.

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