The Irish arm of online recruitment platform Indeed saw its turnover and profit soar as activity returned to pre-pandemic levels and beyond.
Accounts filed for Indeed Ireland, which generates revenue through paid-for job ads on its website, show the company bounced back from a pretax loss of €5.45 million in 2020 to €268.38 million in 2021. That also compares to a profit of €150.6 million in 2019.
Turnover last year was just more than €1 billion, a 76 per cent increase on the prior year and ahead of the €757 million recorded in 2019, before the pandemic hit.
Its operating profit for the year was €270.3 million, up from a loss of more than €3.4 million, representing a massive rebound in fortunes for the company.
The Irish arm includes all the group’s activities outside the United States and Asia Pacific.
Staff numbers at Indeed Ireland rose last year to 1,242, compared with 1,232 in the previous 12 months. The company’s workforce now stands at more than 1,400 after 10 years in Ireland. 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.
“Indeed’s exceptional revenue performance last year is testament to our pivotal role in helping businesses and people back to work post lockdown,” said Daniel Corcoran, vice president of global strategy and operations at Indeed.
“At a time of pent-up demand, employers of all sizes drew on Indeed as one of the most efficient sources of talent, and a trusted hiring partner in Ireland and worldwide. Jobs on our Irish site remain strong, standing at 64 per cent above pre-pandemic levels. Ireland remains a key part of our international strategy and mission to help people get jobs.”
The accounts cover 2021, before the cost-of-living crisis and war in Ukraine chilled the global economy and contributed to a wave of tech layoffs. However, the company remains optimistic for future growth in the recruitment market.
“Job postings are above pre-pandemic levels and our business outlook is positive, but cautious with significant uncertainty in 2022 and beyond. More than 300 million users each month search for jobs, post resumes and research companies on Indeed,” the company said.
Indeed was co-founded by Paul Forster and Rony Kahan in 2004 and acquired by Japanese group Recruit in 2012. The latter reported revenue that was 12.4 per cent higher in its second fiscal quarter, with total revenue of 878.4 billion yen (€6.03 billion). The company’s HR technology segment, which includes Indeed and Glassdoor, saw revenues rise 40.1 per cent year on year. Revenue outside of the US was 18.9 per cent higher, with Europe driving growth.
