Falling recruitment demand means profits at Indeed – The Irish Times

Revenue and operating profit at the Irish arm of recruitment company Indeed fell as job demand fell due to the pandemic boom.

The company posted revenues of nearly €2.2 billion in the 12 months between April 1, 2023 and March 31, 2024.

However, the previous reporting period covered 15 months from January 1, 2022 to March 31, 2023, as the company aligned its financial year with that of its parent company, Recruit Holdings.

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On a year-over-year basis, revenue was down 6%.

Operating profit was €600m, compared with €783.1m for the 15 months to the end of March 2023. Gross profit for the year was €1.58bn, while profit before of taxation was 647.2 million euros. The company paid 87 million euros in tax.

“With few exceptions among advanced economies, jobs and job postings have largely declined from pandemic-era highs, while wage growth has slowed as the rate of inflation has declined,” said Daniel Corcoran, vice president of corporate strategy at Indeed.

“Consequently, we saw job demand slow in the reporting period to March 2024 as the labor market normalized after the post-pandemic hiring boom.”

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“We continue our efforts to drive the company’s growth, in part by using artificial intelligence to connect employers with quality candidates and by improving the monetization of our products. With over 580 million jobseeker profiles, people from over 60 countries in 28 languages ​​come to Indeed to search for jobs, post resumes and research companies.”

Indeed, which was established in Ireland in 2012, currently employs over 1,100 people at its Dublin headquarters. The company has had two rounds of job cuts in recent years.

Earlier this year, it sought up to 70 redundancies as it streamlined its structure, while a separate round of cuts cut the workforce by around 220 as part of a wider cost-cutting exercise.

The company had a payroll of more than 132 million euros, with additional costs of social security, pensions and allowances bringing the total to more than 173 million euros.

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Despite recent cuts, the company has reaffirmed its commitment to the Dublin office.

“Our Dublin headquarters is our engine for such international growth – serving every Indeed market outside the US – and continues to play a crucial role in helping to deliver on our mission to help people get jobs,” said Mr. Corcoran.

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