Business

Monday 21 August 2017

Profits increase by 19pc to €2.54m at jobs.ie firm

Jobs.ie counts blue chip businesses Apple, Dell, Lufthansa, SAP, Brown Thomas, Friends First, the Merrion Hotel and Irish Life among its client base.
Jobs.ie counts blue chip businesses Apple, Dell, Lufthansa, SAP, Brown Thomas, Friends First, the Merrion Hotel and Irish Life among its client base.

Gordon Deegan

Profits at the firm that operates jobs.ie increased by 19pc to €2.54m last year.

The Dublin-based jobs portal firm is a subsidiary of Saongroup and new accounts show that jobs.ie Ltd paid a dividend of €10m to its parent on August 31 last.

The accounts just filed with the Companies Office show that the profit of €2.5m in the 12 months to the end of December last at jobs.ie Ltd followed profits of €2.1m in 2013 and €1.76m in 2012.

The €10m dividend payout last year reduced the firm's accumulated profits from €12.69m to €5.23m.

Jobs.ie counts blue chip businesses Apple, Dell, Lufthansa, SAP, Brown Thomas, Friends First, the Merrion Hotel and Irish Life among its client base.

The firm's success has dealt a major blow to revenues generated by traditional media.

Jobs.ie operates from three offices in Ireland at Dublin, Limerick and Cork and the firm's cash pile last year rose from €250,416 to €323,169.

In November 2013, Stepstone - a division of German publisher, Axel Springer - purchased the bulk of the assets of Saongroup from businessmen Denis O'Brien and Leslie Buckley for an undisclosed sum.

The deal allowed the two to retain ownership of the Chinese and Myanmar arms of the Saongroup. The €10m received in dividends last year from jobs.ie Ltd contributed to the Saongroup recording profits of €11.2m in 2014.

This followed the Saongroup recording an overall loss of €18.89m in 2013. A major contributor to the 2013 loss included an impairment of €7.25m on group assets.

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