Profits top €167k at polling company Red C
Published 01/06/2016 | 02:30
Dublin-based polling and research firm RED C has continued its rapid growth, recording profits of over €167,000 last year.
The ceo and majority shareholder at RED C Research and Marketing, Richard Colwell, said yesterday: "We have seen double-digit revenue growth for each of the past five years, including last year."
Mr Colwell said that in the current financial year to the end of this month, "we will also see further revenue growth, although possibly not into double digits". New accounts filed by RED C Research & Marketing Ltd with the Companies Office show accumulated profits rose from €1.539m to €1.706m in the 12 months to the end of June last. The €167,307 in profits in 2015 follows profits of €181,883 in the 12 months to the end of June 2014.
The firm enjoys a high public profile from its political polls. However, Mr Colwell said that "polling accounts for, at most, 5pc of revenue, even in an election year".
"Major clients include multinational businesses for whom we conduct primary market research and consultancy, including companies such as Vodafone, Musgrave Group, Bank of Ireland, Dublin Airport, Bord Bia, Aviva," he said.
The firm - owned by its senior directors - was formed 13 years ago and Mr Colwell said: "We believe we are now the largest full service market research agency in Ireland."
The firm's shareholders are listed as directors Sinead Mooney, David Cullen, Richard Colwell and Arthur Wallace.
Mr Colwell said: "A ruthless focus on quality, innovation and an unbeatable team, has seen RED C grow ahead of the market. We have about 50 full-time staff and at least 70 to 150 part-time staff.
"The plan is to continue to expand and grow the business, so we would envisage further employment opportunities.
"We see significant opportunities to deliver more customer insights into the heart of business decision making, to businesses based both in Ireland and across the world."
The firm's cash pile last year fell from €1m to €924,691. Staff costs totalled €3.87m.