Ticket site Viagogo's profits rise six-fold
Published 26/11/2016 | 02:30
Pre-tax profits at the main Irish arm of online ticket seller Viagogo last year soared almost six-fold to €561,807.
The secondary ticket seller has been in the spotlight in recent weeks over the exorbitant prices that sellers on the site were demanding for the Ireland-All Black rugby match.
And yesterday on the site, tickets for the Ireland v England Six Nations match next year were going for €802. Other sellers were demanding as much as €259 for Coldplay tickets.
Viagogo is the largest secondary ticket seller in the world, operating in 60 countries. It provides a platform for people to buy and sell tickets. The firm has stated that tickets that are listed at 'silly prices' rarely sell.
New accounts filed by the firm's Irish arm, VGL Support Services Ireland Ltd, show that it achieved the soaring profits after revenues increased by 48pc, from €3.2m to €4.7m.
The Dublin-based firm provides technology, customer service and back-end finance support services to group companies. The firm's cash pile last year soared from €89,492 to €767,965. The vast majority of the company's staff of 98 are engaged in customer support here.
In reply to a Dáil question placed by Tommy Broughan TD on Government steps to end unfair trading in tickets, the Minister for Jobs, Enterprise and Innovation, Mary Mitchell O'Connor, said: "I am currently considering in conjunction with the Minister of State for Tourism and Sport how best such an examination can be undertaken with a view to identifying measures aimed at securing fairer access to tickets for consumers."