Google Ireland out of red with pre-tax profits of €10m
The company, which employs more than 1,300 people in Ireland reported an increase in turnover from €5,282m to €6,739m, which it said was due to the continued rapid growth in the online advertising market and the continued emphasis on developing the business in the European market.
In the year to the end of 2008 administrative expenses increased from €3.5m to €4.6m, a jump of just over €1m. The increase was due to a significant increase in headcount, sales and marketing efforts and royalties paid out, Google Ireland Limited said in accounts just filed.
The pension liability at the company at the end of the year almost trebled from €112,565 in 2007 to €324,828.
Meanwhile, the amount of corporation tax paid by Google Ireland fell significantly last year from €4.9m in 2007 to €476,651 last year.
Google Ireland had losses of €9.4m in 2007. The directors do not recommend the payment of a dividend for 2008.
The company generates revenue by delivering relevant, cost-effective, online advertising, the accounts read.
“The company is focused on ensuring continued and sustainable growth. Headcount increased from 1,167 to 1,316 in 2008, an increase of 13%.
“The company operates a top-class facility in Dublin and believes that it attracts the best and brightest people for a common purpose – its mission is to organise the world’s information and make it universally accessible and useful,” the accounts said.
Most of the company’s employees work in sales but the number of staff in that department fell from 882 in 2007 to 809 last year. It almost doubled the number of engineering staff from 164 to 350. It paid out €84m on wages last year, compared with €70m in 2007.
Google has been in Ireland since 2005.
On a group level Google reported a 27% increase in third-quarter profit, beating analysts’ estimates, after the recovering economy boosted demand for online ads and e-commerce.
Net income rose to $1.64 billion (€1.09bn) or $5.13 a share, from $1.29bn, or $4.06, a year earlier.
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