Sunday 27 May 2018

Nama firm profits from wages of spin

The Dublin PR firm that handles a number of key state agency contracts, including the State Claims Agency (SCA) and Nama, has returned to profit. Stock photo: Reuters
The Dublin PR firm that handles a number of key state agency contracts, including the State Claims Agency (SCA) and Nama, has returned to profit. Stock photo: Reuters

Gordon Deegan

The Dublin PR firm that handles a number of key state agency contracts, including the State Claims Agency (SCA) and Nama, has returned to profit.

New accounts filed by Media Relations and Reputation Management Ltd show it recorded a profit of €73,912 in the 12 months to the end of February this year. This represents a turnaround after its losses rose by €72,724 in the 12 months to the end of February 2017.

Gordon MRM, led by Ray Gordon, has operated prestigious and coveted PR contracts for the National Treasury Management Agency (NTMA) and the National Asset Management Agency (Nama) over a number of years. The firm recently beat competition from two other firms to retain its lucrative Nama work.

"We had good momentum through 2017 and won some very significant mandates. So far 2018 is very encouraging and we are looking forward to a successful year," said a spokesman.

Last year, it won the tender to work with the Department of Finance on the AIB IPO which was the largest in Europe in 2017. 

The company was also appointed to work on the IPO of Glenveagh Properties - and continue to work with this company.

Together with Gordon MRM's work on the PTSB IPO in 2015, the firm has worked on the three largest IPOs in Ireland since the financial crash.

The company also advised the Irish Stock Exchange on its acquisition by Euronext and was appointed to work with BGF - a growth capital fund with €250m to invest in Irish businesses that has opened here. Pay to directors at the firm last year reduced from €321,034 to €200,137.

Separate accounts lodged by polling and market research firm Red C show that its owners last September 7 declared a €1m dividend.

The well-known polling company has a host of blue-chip clients and also won the State contract to select the members for the Citizens' Assembly.

New accounts show that it recorded profits of €33,748 in the 12 months to the end of June last. Accumulated profits stood at €1.77m at the end of June. The firm's cash pile reduced from €950,525 to €740,782. 

Numbers last year fell from 134 to 122. Directors' remuneration declined from €1.056m to €776,069.

Irish Independent

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