Profits and revenues slump at secondary ticket seller Viagogo
Pre-tax profits at the main Irish arm of online ticket seller Viagogo last year plummeted by 77pc to €129,795.
The secondary ticket seller has been in the spotlight in recent times, due to the exorbitant prices that sellers on the site sometimes demand for major sporting and music events.
Viagogo is the largest secondary ticket seller in the world, operating in 60 countries. Its Irish base is in Limerick.
Viagogo's website was yesterday advertising tickets for next year's World Cup final in Moscow's Luzhniki Stadium with ticket prices ranging from €1,578 to €2,228.
New accounts filed by the firm's Irish arm, VGL Support Services Ireland Ltd, show that it sustained the drop in profits after revenues decreased by 24pc from €4.78m to €3.6m.
The Limerick-based firm provides customer service and other support services to group companies.
In January 2015, Viagogo announced plans to double its workforce from 100 to 200 at Limerick over three years.
However, numbers employed at VGL Support Services Ireland Ltd last year decreased - from 107 to 82 - with wages and salaries reducing from €3m to €2.2m.
The Viagogo group has transformed part of the former Flextronics building in the Kilmurry Business Centre in Limerick into a 14,000 square feet, state-of-the-art operations centre.
The profit takes account of lease charges of €535,444 and non-depreciation costs of €116,416.
In a submission to the Government on the contentious area of secondary ticket selling, Viagogo argued that preventing the resale of tickets would be "unfair" and would "undermine a consumer's right to sell on their property".