Teneo’s Irish profits rise 30% to €1.1m

The Irish arm of communications and consulting firm Teneo saw its profits rise by 30 per cent last year due to the introduction of new services and a strong pipeline of business as the Irish economy rebounded from Covid lockdown restrictions.

Abridged accounts for Teneo Strategy Ireland Ltd show that it made a profit of just under €1.1 million for the year to the end of December 2021. This brought its accumulated profits to just under €3.5 million.

Directors’ emoluments last year amounted to €373,966 compared with €412,613 in 2020. The company employed 74 staff at its two Dublin offices last year, an increase of 3 on 2020. It is one of the leading communications firms in Ireland.

Its client list last year included Bank of Ireland, Bord Gáis Energy, service station retailer Circle K, building materials group Chadwicks, car maker Toyota, Aer Lingus, Dublin Zoo, Sport Ireland, electronics group Samsung and telco Vodafone. New clients added in 2021 included the entity that manages the British and Irish Lions rugby team, the Royal Dublin Society, and taxi operator Free Now.

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Teneo also launched a new restructuring unit last year, separate to the strategy arm. It is led by Damien Murran, a former partner with accounting firm RSM. The accounts show that the restructuring business made a loss of €220,690 for the six months to the end of December 2021. At the year end, it also owed €218,663 was owed to Teneo Strategy Ireland.

The restructuring business is currently in growth mode and is expected to employ 10 staff by the spring of next year.

When contacted about the Teneo results, Mick O’Keeffe, chief executive of Teneo Ireland, said: “We are pleased with the continued growth of the company. This is a result of the diversification of the consultancy, which has seen us integrating a number of new business practices over the last two years such as Teneo performance, management consulting, people advisory and financial restructuring in parallel with our long-standing reputation in strategic communications.”

Based in New York, Teneo was founded in 2011 by Paul Keary, Declan Kelly and Douglas Band. Mr Keary is the group’s global chief executive while Mr Kelly left the business in 2021.

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