Despite waiving selling fees, which impacted its revenue, eBay º£½ÇÊÓƵ has seen a significant increase in profit during its latest financial year.
The º£½ÇÊÓƵ division of the US giant reported a pre-tax profit of £36.5m for 2024, a substantial rise from the £2.7m recorded in 2023, as reported by .
Newly filed accounts with Companies House reveal that its revenue dropped from £1.28bn to £1.16bn over the year.
The company attributed the 10 per cent decline in 2024 revenue primarily to the 'Free to Sell' campaign in the º£½ÇÊÓƵ.
However, it noted that the surge in profit was largely due to a decrease in administrative expenses following an impairment of investment in 2023.
According to the latest results from eBay º£½ÇÊÓƵ, the average number of employees fell from 356 to 299 in 2024.
Yet, these figures are contradicted elsewhere in the accounts, which show a drop from 315 to 300.
The division posted a total post-tax profit of £24.6m in 2024, having suffered a loss of £7.7m in 2023.
A statement approved by the board read: "During the year, the company delivered an improved performance, achieving a return to profitability.
"The improvement in results was primarily driven by stronger cost management and operational efficiencies, which supported a positive operating margin.
"The directors expect continued focus on sustainable profitability through disciplined cost control and ongoing investment in customer experience and operational resilience to support long-term growth."
During the same financial year, the broader eBay group reported revenue of $10.3bn (£7.7bn), representing a two per cent increase.
Earlier this month, eBay announced a £3m programme designed to offer up to 10,000 small businesses fully funded access to OpenAI-powered tools alongside bespoke training aimed at enhancing productivity and stimulating growth.
During the summer, eBay's º£½ÇÊÓƵ division published research indicating that a new generation of online small and medium-sized enterprise (SME) entrepreneurs were demonstrating optimism about their prospects, notwithstanding broader economic challenges.
The research revealed that almost four in five, or 78 per cent, of online small businesses anticipate growth over the coming 12 months, with a third expressing they feel "very confident".
How eBay compares to its º£½ÇÊÓƵ rivals
The most recent figures for eBay's º£½ÇÊÓƵ division emerge after competitor Vinted recorded revenue of €813.3m (£707.5m) for 2024, rising from the €596.3m it achieved in 2023.
Documents lodged with Companies House in May additionally demonstrated its pre-tax profit grew from €33.2m to €95.3m during the same timeframe.
Throughout 2024, Vinted also expanded its workforce from 1,743 to 2,080.
Also earlier this year, the Lithuanian-founded pre-owned marketplace established its own venture capital division and revealed it was seeking to invest in º£½ÇÊÓƵ start-ups.
Recently submitted results for Etsy's º£½ÇÊÓƵ operation also disclosed a rise in turnover but a marginal decline in profit for 2024. The turnover of the company in the º£½ÇÊÓƵ saw an increase from £9m to £11.8m during its most recent financial year, however, its pre-tax profit dipped from £408,434 to £307,276.
In July, City AM reported that Not On The High Street continued to cut jobs in an effort to curb its escalating losses amidst declining sales.
The business, headquartered in Bristol, reduced its workforce in March this year, following a reduction of 70 staff members in the previous 12 months.
This information was disclosed in accounts filed with Companies House, published over seven months past the deadline and 16 months after the conclusion of its financial year.
Not on the High Street's pre-tax losses expanded from £38.9m to £44.4m in the year ending 31 March, 2024. Concurrently, its revenue also fell from £29m to £25.8m.
