17 hours ago
Higher costs mean profits at Daft.ie parent group slide 38%
The operator of
and
last year saw higher costs knock 38 per cent from pretax profit last year.
New group accounts filed by
Distilled Ltd
show that pretax profits declined to €7.55 million despite a 14 per cent jump in revenues to €47 million from €41.38 million.
Brothers Eamonn and Brian Fallon, who set up property website
in 1997, each have a 17 per cent share in Distilled. The business paid out dividends of €17.3 million this year, up sharply from the €11.5 million paid out in 2024.
The dividend payouts follow generous dividend payouts made in prior years.
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The Distilled business was valued at €624 million last year after European online classifieds group Adevinta sold its 50 per cent stake in the group for €312 million to Dublin-based fund manager Blacksheep Fund Management.
That put an estimated value of €212 million on the Fallon brothers' joint 34 per cent share in the business.
Separate accounts filed at Companies House in the UK show that the Adevinta entity, Aurelia UK Feederco Ltd, booked a gain of €159 million in 2024 from the €312 million deal.
Distilled Media is one of the State's most successful online ventures. Alongside
and
, the group also operates
and
.
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Numbers employed by the business rose by 14 to 162 in 2024 when staff costs jumped by more than €1 million to €15.48 million. Those staff costs included termination payments of €315,652.
Commenting on the results, a Distilled spokeswoman said on Monday: 'Distilled's diversified portfolio continues to deliver strong momentum across verticals, underpinned by high consumer engagement and ongoing product innovation.'
Figures provided by Distilled show that DoneDeal now attracts 6.4 million monthly visitors. According to Ipsos, it is now the number one platform in Ireland for car buyers looking for vehicles from car dealerships.
Distilled state that continues to perform as a highly active peer-to-peer marketplace, drawing about two million monthly users and facilitating 200,000+ new listings each month.
The spokeswoman said: 'The platform remains resilient, with sustained user activity across a broad range of categories.'
Distilled booked a profit after tax last year of €4.32 million after paying corporation tax of €3.23 million. Directors' pay was €405,067.
The group's shareholder funds were €73.56 million and cash funds edged down from €11.38 million to €10.77 million.
