Profits soared at PR agency in 2008

PUBLIC RELATIONS agency Murray Consultants came close to doubling its profits last year, according its latest figures.

Accounts for Murray Consultants Ltd recently lodged with the Companies Registration Office show that profits before tax were €946,000 last year, compared with €503,300 in 2007.

The company said the growth was the result of investment in new service areas such as consumer and brand public relations, which helped generate a more diverse earnings base.

Gross profits increased by almost 20 per cent in 2008 to €6.4 million from €5.4 million. A €500,000 fall in operating charges to €1.9 million helped boost the company’s bottom line. Operating profits rose to €973,000 from €233,200.

Murray Consultants is one of the longest-established agencies in its field in the State. Its clients include large public companies such as Independent News Media, consumer brands such as Kellogg’s and a range of private businesses.

Managing director and majority shareholder Pat Walsh said yesterday that Kellogg’s, along with Cadbury, Londis and 3 Mobile, now formed the client base of MC2, its recently launched consumer and brands division.

He said 2008 was a strong year, with significant new business.

But he added: “In common with the broader economy, 2009 has been a very challenging year, though there are encouraging signs of some pick-up in recent months.

“We have successfully reduced our costs through salary cuts and headcount reduction, so we will start 2010 with a more sustainable cost base.”

Mr Walsh and fellow director Pauline McAlester are shareholders in the company.

Founders Joe Murray and Jim Milton hold a stake through their vehicle, Camberry Ltd.