Pre-tax losses rise at HubSpot’s Irish operation as revenues surge

Expansion costs contributed to pre-tax losses at the Irish operation of US software company HubSpot more than doubling to €7.7 million.

Accounts show it recorded a 135 per cent increase in pre-tax losses as revenues grew by 60 per cent from €70.56 million to €112 million.

HubSpot has its European Middle East and Africa HQ in Dublin, where last year employee numbers increased by 148 to 484, resulting in staff costs rising from €36.58 million to €56.29 million. This included €10.39 million in share-based payments and was, according to the directors, “the main driver of the loss” sustained in 2018.

Footprint

The largest staff increases were in its research and development department, increasing from 63 to 108 while staff numbers employed in sales and marketing rose from 171 to 218.

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HubSpot’s Irish operation represented 24 per cent of the $513 million (€463.6 million) in HubSpot’s global revenues last year.

Last November, HubSpot more than doubled its footprint in Dublin after signing a deal for an additional 10,405sq m (112,000sq ft) in office accommodation, bringing HubSpot’s total footprint here to 17,187sq m (185,000sq ft).

At the end of December last, shareholder funds at the Dublin unit totalled €8.36 million. The company’s cash pile increased from €18.67 million to €28.1 million.