Indeed Ireland slips into the red as Covid crisis hits revenues

The Irish arm of online recruitment platform Indeed fell into the red last year after a significant slump in revenues due to the Covid crisis.

Indeed Ireland, which employs more than 1,000 people in Dublin, recorded a €5.45 million pretax loss last year versus a €150.6 million profit in 2019. Turnover declined by 18 per cent to €632.97 million from €756.97 million.

Headcount at the Irish subsidiary reached 1,232 at the end of last year, up 5 per cent on the 1,176 employees recorded in 2019.

"2020 was a challenging and uncertain year for both jobseekers and employers, but we are now seeing a positive trend in Indeed job postings, which continue to grow steadily and are currently 52 per cent above pre-pandemic levels in Ireland. Given the pace of the recovery we are seeing globally across the labour market, we remain optimistic for our own future growth," said Daniel Corcoran, vice president of strategy and operations.

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The company noted a significant spend on advertising and marketing linked to expansion.

Indeed's parent, Recruit, which also owns Glassdoor, recently highlighted the strong performance of its HR technology division, which posted a 124 per cent rise in revenues for its first half of the year.

Employee benefit expenses soared last year as headcount rose in Dublin, reaching €142.3 million, compared to €118.4 million a year earlier.

Pot plant

The company opened its first office in Dublin in March 2012 with as chief executive Chris Hyams told The Irish Times, "three people and a pot plant."

The Irish arm encompasses all the group’s activities outside the US and Asia Pacific. Indeed said in 2019 that it would create 600 jobs over a five-year period in a move that would being the total number of employees it has here to 1,600.

“Ireland remains a key part of Indeed’s international strategy and mission to help people get jobs,” said Mr Corcoran.

Indeed, which generates revenue through paid-for job ads on its website, was co-founded by Paul Forster and Rony Kahan in 2004 and acquired by Japanese group Recruit in 2012.