Dublin-based subsidiary of Nest Labs rebounds from €25.8m loss
Smart homes device maker was acquired by Google in early 2014
Nest has developed a number of so-called ‘smart home’ products
Newly-filed accounts for the company show that it moved from a €25.8 million loss in 2015 to a €1.07 million profit a year later.
The rebound came as Nest Labs Europe Ltd, whose directors include head of Google Ireland Fionnuala Meehan, reported a 69 per cent rise in turnover from €23.7 million to €40.1 million.
The company, which had no employees bar a handful of directors, said it received €21.4 million in license fees during the year under review.
It also received €613,766 in loans from other group undertakings, as against €386,884 a year earlier.
Nest said deferred tax assets of €4.6 million was not recognised in the latest accounts as directors were of the opinion that there was “sufficient uncertainly that there will be suitable tax profits from which the future reversal of the underlying timing difference can be deducted”.
Nest was founded by Tony Fadell and Matt Rogers in 2010. The company has developed a number of so-called “smart home” products including thermostats, security cameras, video doorbells and smoke alarms.
It was acquired by Google in early 2014 and operated as a separate division of the company until it was merged into its parent’s hardware unit last month as the group looks to integrate it more fully with its other smart home solutions.