Drury profits up as client base increased
PRE-TAX PROFITS at public relations firm Drury rose by 4 per cent to just under €341,000 in 2011 as the company increased its client base and reduced costs.
Turnover at the company was 12 per cent lower at just over €2.5 million, reflecting the company’s decision to exit research work in late 2010.
Accounts for 2011 show that Drury’s cost of sales came down last year, falling from €1.83 million in 2010 to €1.59 million last year.
Operating profit was down 17 per cent at €320,072, compared to €388,597 the previous year.
In line with the previous year, no dividend was paid to parent company, US communications group Omnicom. Drury last paid a dividend to Omnicom in 2009 when a payment of just over €1.4 million was made.
Drury’s acting managing director Paddy Hughes described the performance as “very solid” in the current economic climate, with the company strongly focused on maintaining margins and developing and maintaining its client base during the year.
The company, which employs 20 people, won a number of new public infrastructural contracts during the year, including the Eirgrid East-West interconnector project and the national paediatric hospital. It also handled the sale of Superquinn to Musgrave last year as well as Superquinn’s consumer PR account.
Corporate restructuring formed a significant strand of Drury’s business during the year, with the company working on a number of high-profile transactions such as the Mr Binman receivership, the sale of A-Wear and the Eircom examinership on behalf of Blackstone. Drury’s corporate clients include Paddy Power, CRH and CC.
According to Mr Hughes, the 2012 performance is ahead of target. “We expect turnover to be between 8 and 10 per cent higher in 2012.”