Revenues surge at Irish subsidiary of jobs website Indeed

Jobs advertisement website Indeed, which announced plans to more than double the size of its workforce in Ireland late last year, recorded an 83 per cent rise in turnover at its local operation in 2015.

However, a significant increase in spending on marketing and advertising and a jump in administrative expenses arising from increased headcount saw pretax losses more than double to €68.8 million from €33.5 million a year earlier.

Recently filed accounts for Indeed Ireland Operations Ltd show turnover for the jobs advertisement site jumped from €78.8 million to €144 million in 2015.

Indeed, which opened its first office in Ireland in March 2012, announced plans to create 300 jobs locally in November 2015.

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The company saw headcount jump from 218 to 452 last year in Dublin, where its headquarters for Europe, the Middle East and Africa (EMEA) is based.

Indeed was co-founded by Paul Forster and Rony Kahan in 2004 and now has sites in more than 60 countries and 28 languages. More than 200 million people use Indeed each month.

Administrative costs

The group’s dedicated Irish site has over 800,000 unique visitors each month with traffic having increased by 40 per cent last year as the economy rebounded.

The company said administrative expenses doubled to €202.5 million last year from €105 million in 2015 as employee benefits expenses jumped to €41.5 million from €18 million, and wages and salaries increased from €1.7 million to €4 million.

Indeed Ireland Operations had a deficiency of assets amounting to €90.4 million by the year-end.

According to the latest accounts, the amount due to group companies from the Irish unit rose to €118.7 million last year, compared to €46 million in the prior year.

"As the group is still implementing a strategy of expansion the continuing operation of the group is dependent on the receipt of continued support from its parent company, Recruit Holdings Co Limited," it said.

The Japanese-headquartered Recruit Holdings had a cash position of €2.2 billion and net assets of €6.86 billion as of the end of March 2016.