Murray happy despite 56pc plunge in profits
Published 11/12/2010 | 05:00
Pre-tax profits at public relations agency Murray Consultants last year more than halved to €411,806.
Latest Companies Registration Office accounts confirm the 56pc drop in pre-tax profit to the end of December last following the company's gross profit declining by 30pc from €6.4m to €4.4m.
The directors state they "are very satisfied with the results given the economic downturn".
They said profits last year followed "an exceptional profit level in 2008 of €946,012 and a more normal level of €503,302 in 2007".
Last night, the firm's MD Pat Walsh said the company's performance in 2009 "was a very, very strong performance in what was the most challenging year the sector has seen".
He added that the pre-tax profits at the firm in 2010 "will be a little bit stronger, reflecting a strong first half of the year in particular".
Mr Walsh said the company had recently secured new contracts with Sisk, the 'Love Irish Food Campaign', RTE Digital Television and Bank of America Merrill Lynch.
"There is a reasonable flow of new business. We are punching above our weight and increasing our market share," he added.
Murray Consultants is one of the longest-established agencies in its field in the State.
Staff numbers fell from 37 to 26 with seven in administration and four in the firm's executive team leaving the company.
Aggregate remuneration to the six directors -- Mark Brennock, Nicky Crichton, Pauline McAlester, James Milton, Joseph Murray and Pat Walsh -- last year fell 40pc from €1.4m to €843,289. Total staff costs came to €2.5m -- a drop of 23pc on the €3.3m paid out in 2008.