PR firm Murray's profits down by over €500,000

PRETAX PROFITS at public relations agency Murray Consultants last year more than halved to €411,806.

In accounts just lodged with the Companies Office, the directors state that they “are very satisfied with the results given the downturn in the economy”. Profits last year followed “an exceptional profit level in 2008 of €946,012 and a more normal level of €503,302 in 2007”, they added.

Last night, Murray’s managing director Pat Walsh said the company’s performance in 2009 was “very, very strong” in what was “the most challenging year the sector has seen”.

Pretax profits at the firm this year “will be a little bit stronger, reflecting a strong first half of the year in particular”.

Mr Walsh said the company has recently secured new contracts. “There is a reasonable flow of new business. We are punching above our weight and increasing our market share,” he said.

Earlier this year, the company ended its 15-year relationship with Ryanair “on an amicably and mutually agreed basis” after the parties were unable to agree terms.

Murray Consultants is one of the longest established agencies in its field in the State and its clients include Independent News & Media, Cadbury and Kellogg.

The accounts show that the numbers employed last year fell to 26 from 37, with seven people in administration and four in the firm’s executive team leaving.

Apart from the reduction in staff, the directors’ report states that the company put in place pay restraint. Mr Walsh said the company will be looking to increase its market share in 2011. The firm’s operating profit last year was €432,464, down 55 per cent on €973,001 in 2008.

The aggregate remuneration to the firm’s six directors – Mr Walsh; Mark Brennock; Nicky Crichton; Pauline McAlester; James Milton and Joe Murray – fell 40 per cent last year to €843,289 from €1.4 million. Total staff costs came to €2.5 million, a drop of 23 per cent.