International

PayPal’s Irish Pot Of Gold

PayPal’s Irish expansion is paying off, according to new figures that show Paypal Europe Services Ltd pre-tax profits are up 43 percent to €11.2m over the prior year.

The online payment firm reported that revenues increased by 28 percent €102.27m to €130.58M in a year’s time by last December and has since begun to pay dividends with the pre-tax profits.

Its customer and financial services functions operate the European Market from Blanchardstown, Dublin, where the increased revenues have led to 400 more jobs as of June 2014. This jump follows the 2012 addition of 1,000 new jobs at its Irish operations.

“The accounts show that the average number of employees at PayPal Europe Services Ltd last year increased from 1,564 to 1,871,” the Irish Independent reported.

Other positives include: Increased staff costs at the firm; three director pay increases; and €26.98m in accumulated profits by the end of last. PayPal was incorporated in Ireland in 2006 and announced on Oct. 1 it would split from eBay.

“The outlook for 2014 remains positive as the PayPal group plans to grow at a faster pace than e-commerce,” the Irish Independent reported from PayPal’s director’s report.

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