Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
YAHOO COULD BE forced to repay more than €1 million in state jobs grants as the company trims its local headcount after pledging to add 200 workers.
In 2013, the company announced a major expansion of its Dublin operations centre, promising to add the staff to its operations within 12 months.
Two years later, Taoiseach Enda Kenny, who met with the company on an IDA trade mission in the lead-up to the jobs announcement, was on hand when Yahoo took the wraps off a new docklands office with space for 450 people.
However accounts just filed for Yahoo! EMEA, the company’s main arm in Ireland, show it employed an average of 277 people last year – down from 293 in 2014. On average, the company had 229 staff on its books in 2013 and 165 in 2012.
The recent reduction in local staff came before Yahoo CEO Marissa Mayer announced in February that another 1,500 jobs were expected to go at the firm out of a global workforce of more than 10,000.
Mobile phone provider Verizon since struck a deal to acquire Yahoo’s operating business, which mainly includes its online and advertising networks, for $4.8 billion.
Workforce reduction
The accounts show that Yahoo’s Irish offshoot, which includes its headquarters at North Wall Quay and a data centre at Ballycoolin, spent more than €1.2 million on staff cuts during 2014 and 2015.
A note attached to the documents said the company had “implemented a strategic workforce reduction programme to align resources with the company’s product strategy”.
A further €2 million bill was recorded for redundancies to flow after the February global job-cut plans were revealed.
The accounts said the firm received a €1.77 million government grant “for the provision of employment” but as of September this year it could be forced to hand back €1.1 million from the amount for “breach of employment thresholds”.
A Yahoo spokeswoman told Fora hiring had taken place in Dublin every year since 2013 – and continued to take place, with a number of positions currently open.
“Numbers were slightly down at end of 2015 due to our changing business profile,” she said, adding the IDA grant hadn’t been repaid as it was contingent on future employment levels.
A spokeswoman for the IDA said the agency didn’t comment on individual client company matters, however all grants were “covered by strict legal agreements” and it would try to recover funds when any company failed to maintain grant-aided jobs.
Higher turnover
The accounts also show Yahoo funneled nearly €385 million through the Irish subsidiary from its Europe, Middle East and Africa (EMEA) Operations - a 20% increase on the Irish company’s turnover for 2014.
It reported a pre-tax profit of €3.8 million after the vast bulk of the income was spent on its ‘cost of sales’, administrative expenses and loan interest. The company’s tax bill for the year was listed as €1.16 million.
The documents said the implications of the sale to Verizon, which was still to be cleared by regulators, “are being assessed” but they were “not expected to have an immediate impact on the operating activities in the region”.
To embed this post, copy the code below on your site
Any chance of an update on concerned citizen millionaire banker brother of FG TD who you claimed yesterday was a non political small business owner? No didn’t think so.
Good aul Hugh deleted my comment yesterday as I outed him. Good man Hugh.
*yawn*
Neal what’s yawn about this story, it was plastered all over the media yesterday that’s he was a small business man who was apolitical. He was lying about both these issues, he was the CEO for a banking fund and he is the brother of ex FG TD, Seymour Crawford.
Nothing yawn about it. Downright deceitful!!
I am outraged!
Can we have additional reporting done on your article regarding Mary Lou and this concerned citizen from yeaterday please. This is what you need to be covering not some elitist boarding school in the US.
Exactly.
What we need is a witch hunt against the private citizen who dared to criticise SF.
We need to know his name, his family history, his occupation and as many details of his personal life as possible.
We need to show people that dissent will not be tolerated.
We need to print his name as often as possible to try to intimidate others into silence.
WE NEED TO SHOW – IN CAPS LOCK – THAT WE ARE A BUNCH OF SCREAMING WHINGING BABIES WHO ARE CHRONICALLY INCAPABLE OF RESPONDING TO CRITICISM WITHOUT ASSASSINATING THE CHARACTER OF THE PERSON CRITICISING OUR POLICIES.
That’ll show ‘em.
Calm down ffs you will give yourself an ulcer. Politics is a dirty game and this was up there in the top five but SF are no strangers to doing the odd dirty trick.
A private citizen expressing an opinion publicly is not a dirty trick, Donna.
Printing his name, occupation, background and – most disgustingly – family details online IS a dirty trick.
It sends a very clear message of intimidation. “Dare to criticise us, and our fanatics will expose you”.
Shameful.
Are you saying he just happened to be walking by at that time? Did he not seek her out to confront her? Is he a FG supporter? Connected to FG?
I’ve no idea, Donna.
He could be the worst ***** in all of Christendom for all I know.
But what I do know is shooting the messenger, playing the man and not the ball and refusing to engage in any discussions or debates with someone who disagrees with you paints SF supporters in a very bad light.
Ad hominem attacks make SF supporters look like whinging toddlers.
Why not point out where he was wrong?
Try to convince us where his argument was weak?
Show us that there is a better way?
Spot on Brinster. A knee-capping will be next.
Don’t get me wrong I wouldn’t vote SF no matter what they promised. Your man was a bit of a knobend. Mary loo is like Adams all talk and nothing else just the same old mantra.
Btinster , do you really think that Hugh would report the truth , that Concerned Citizen is actually Concerned Hedgefund Manager and FG TD’s brother ? It’s above his (FG) pay grade.
two weeks in a row, I won’t get my head out the door
3 in a row and you qualify to write articles on here.
Lucinda Creighton will be watching you next week. Locked up for life if you get three!
a whole article, now I’m really going to try
Richard , it’s a trick to quiten you down.They did the same to Captain Adebayor , haven’t heard from him since. Time to change your moniker from Richard Cynical to Richard Compliant.
Ah Captain A had some great comments , very witty .
That “concerned citizen” was a dirty trick by fg,labour. They will pay for it in GE.
Yeah – and hijacking every other story because someone dared to criticise Mary Lou doesn’t make you look like a whinging, screaming toddler at all.
Maybe you could try to defend the policies, rather than attack the messenger?
His Brown Thomas leather gloves and blue scarf kind of gave it away for me.
Id like to see the journo covering that fake FG supporter who went on the attack at Mary Lou ….come on Hugh
I will not be voting FG after that episode yesterday. If you can’t get votes fairly then you don’t deserve them.
If he was a plant,it’s another own goal by FG..but in fairness to ML..she engaged with him once he said he wasn’t a journalist..
Mary Lou engaged and fair play to her. It’s the SF activists who screamed blue must and immediately started the witch hunt that I have the issue with. Demanding to know who he was, what’s his family history, publishing his name for dating to speak his mind. Whinging toddlers the lot of them.
*Blue murder
The shinnerbots don’t like it up ‘em! Been a bad few days on the campaign trail, Jorry making a fool of himself with Sean Duignan….sounds like an email went out from IRA HQ this morning saying “Attack every comments board you can find”. It’s actually very funny to see.
I notice Eugene hasn’t commented so he must be still sleeping off his hangover !
have your say