Expansion costs hit profits at Red C as it targets UK
PROFITS at the Dublin-based polling firm that won the State contract to select the members for the Citizens' Assembly tumbled last year due to expansion costs.
New figures show that Red C Research and Marketing recorded a profit of €30,822 in the 12 months to the end of June - an 81.5pc drop on the profits of €167,307 recorded in 2015.
"Red C continued to record strong and stable revenues in Ireland in the past year, retaining its position now as one of the largest full service research agencies in Ireland," said MD and majority shareholder of Red C, Richard Colwell, in an interview yesterday.
"This was coupled with significant growth in its new UK business launched in March 2016.
"During the year the company also moved to larger premises in East Point Business Park, in order to better accommodate its staff of 45 full-time employees, and manage its panel of 150 interviewers across the country."
Mr Colwell added: "The company expects revenues in Ireland to remain stable in the year ahead, while pursuing further significant expansion in the UK."
The firm has enjoyed rapid growth in recent years, recording double-digit revenue growth between 2011 and 2015.
At the end of June last, the firm's accumulated profits had increased marginally to €1.73m.
The firm's cash pile increased from €924,927 to €940,525.
Red C enjoys a high public profile from its political polls, however, polling accounts for at most 5pc of revenue even in an election year.
The firm's major clients include Vodafone, Eir, the Musgrave Group, Bank of Ireland, Dublin Airport, Bord Bia, Aviva and Aer Lingus.
The company's shareholders are listed as directors Sinead Mooney, David Cullen, Richard Colwell and Arthur Wallace.
Numbers employed last year increased, going from 129 to 134, and are made up of 88 part-time field and research assistants, 31 in administration and 15 directors and executive officers.
The firm's staff costs - inclusive of directors' pay - increased from €3.87m to €3.96m. Directors' remuneration declined from €1.13m from €1.05m.