Pre-tax profits at the Irish arm of recruitment giant Indeed this year decreased by 6% to €606.83m against the background of an "uncertain economic environment".
New accounts filed by Indeed Operations Ireland Ltd show that the profits declined as revenues increased by 8% from €1.65 billion to €1.78 billion in the 12 months to the end of March this year.
The company paid out a dividend of €1.2 billion in July 2024 and in a post balance sheet event paid out a further €520m dividend in April of this year.
The pre-tax profits of €606.83m for the 12 months to the end of March follow pre-tax profits of €647.18m in the prior year.
The directors state that the company is operating in an uncertain economic environment.
Today's report states that "nevertheless, the directors believe that the company is well positioned for the long term".
Numbers employed by the company reduced by 111 from 1,285 to 1,174 and the company's staff costs reduced from €173m to €163.5m.
The staff costs included severance costs of €3.35m that included €2.82m under that heading in 2024. Staff costs also included share based payments of €18.75m this year.
Indeed is the world's number one job site and a global leader in job matching and hiring, operating in over 60 countries.
In September, the company announced further redundancies in Dublin as it continued to "focus on AI".
The company generates its revenue primarily through online job advertising.
The directors state that changes in US tariffs, immigration policy and DEI (Diversity Equality and Inclusion) policy after the change in administration create uncertainty.
On economic risks facing the business, the directors also state that "due to increasing interest rates in the US and widespread lay-offs in the tech sector, business clients are concerned about an economic downturn".
They state that this has resulted in a decrease in hiring activities and a return to a more historical balance between labour supply and demand.
Similar trends are seen in many regions outside the US and if this trend continues, they say there is a possibility that job advertising in HR Technology would be adversely impacted for a long period of time.
The company's operating profits reduced by 4% from €600.8m to €575.2m and pre-tax profits were boosted by combined net interest income and an impairment reversal of €31.56m.
The company recorded a post tax profit of €516.2m after incurring a corporation tax charge of €90.6m.
After the dividend payout, accumulated profits this year reduced from €1.35 billion to €674.6m.
The profit this year takes account of combined non-cash amortisation and depreciation costs of €17.9m.
The workforce of 1,174 is made up of 831 in sales and marketing, 226 in administration and 117 in business development.
Directors' pay this year increased from €3.64m to €5.23m.
The company is owned by Recruit Holdings Co Ltd which is headquartered in Tokyo and listed on the Tokyo Stock Exchange.
Reporting by Gordon Deegan
