THE IRISH OPERATIONS of jobs site Indeed generated €345 million in revenues but still delivered a loss of more than €70 million as it spent big on advertising.
New accounts filed for Indeed Ireland Operations Limited show that the online jobs search site made revenues of €345.7 million in 2017, up from €208 million the year prior.
The company recorded a loss of €70.6 million for the year, however that was down from the more than €80 million it lost in 2016.
Indeed, which opened its Irish office in 2012, generates revenue through paid-for job ads on its site.
The company has invested heavily in advertising and marketing and, despite the losses, it said it was “optimistic regarding the future prospects” of the company.
“(The) directors have concluded that the continued significant investment in marketing and advertising spend is appropriate,” the company added.
Indeed also lodged administrative expenses of €398.2 million in 2017, up from €275.6 million last year.
The Dublin offices on St. Stephen’s Green oversee the company’s operations outside of the North American and Asian markets. Indeed was bought by Japanese firm Recruit Co in 2012.
The accounts for the company state that it has an average employee count of 676 for the year, paying out over €59 million in salaries and benefits.
Its staff numbers have since risen to around 850, according to reports earlier this year, while the company is due to move into a new space in Grand Canal Docks in 2019.
The company has previously said it planned to increase its workforce in Ireland to more than 1,000 people.
In January the company was caught up in a row with Dublin city council over a large illuminated sign at the front of the office building on St Stephen’s Green.