Business Irish

Monday 21 October 2019

EShopWorld rings up €406m in revenue for 2018

Positive outlook: CEO of eShopWorld Tommy Kelly. Photo: David Conachy
Positive outlook: CEO of eShopWorld Tommy Kelly. Photo: David Conachy
John Mulligan

John Mulligan

Ecommerce systems provider eShopWorld saw a rise in turnover of almost 27pc to €406.6m last year.

But earnings before interest, tax, depreciation and amortisation more than halved to €6.1m as it invested significantly in a new platform.

The company's technology is used by businesses to manage online sales, and clients are understood to include big brands such as Victoria's Secret and Nike.

The platform enables clients to localise their online offering in up to 200 markets.

The firm's founder and CEO is Tommy Kelly, who owns it alongside Asendia, which is a joint venture between France's La Poste and SwissPost.

Asendia owns just over half the Irish company.

Headquartered in Swords, eShopWorld employs 300 people and has doubled its staff numbers since 2017. It also has offices in the US, Singapore and the Netherlands.

In recent months, eShopWorld doubled its headquarters office space to 24,000sq ft in a deal with its landlord Ryanair, taking a second floor in the Concourse building at Airside Business Park under a three-year lease.

"Over the coming two years we aim to double revenue, increase global headcount to more than 450 and continue to enhance the range and scope of services to discerning and growth-focused premium brands," said Mr Kelly.

He added that the outlook for global ecommerce remained positive, and described the US and Asia-Pacific, including Australia, as "immensely attractive markets".

The UK, Germany and France in particular remain an important destination for US brands in Europe, said Mr Kelly.

Europe accounted for almost 60pc of eShopWorld's sales in 2018, with North America accounting for 36pc.

"Post-Brexit, we believe our platform will help simplify cross-border complexities for retailers and consumers," added Mr Kelly.

While the 2018 accounts for the business have not actually been filed with the Companies Registration Office yet, the 2017 accounts for eShopWorld show that it paid a dividend of €6m to its shareholders that year.

Irish Independent

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