Advertising agency to Fianna Fáil and AIB sees profits rise by 50%

DUBLIN advertising agency Cawley Nea recorded a 50% rise in profits in 2003, according to recently filed accounts.

The company, whose clients include Standard Life, Fianna Fáil and O2, saw profits for the year to end December 2003 rise to €1.4 million from €952,816 the previous year.

No turnover figure was given because of its size as a small company, but it's estimated to be in the region of €8m.

Despite the rise in profits, the company cut the dividend payments to its shareholders, who include founders Chris Cawley and David Nea and TBWA, the multi-national advertising group.

The dividend for the year came to €1.2m, a decrease of around €700,000 on the 2002 payout.

Mr Cawley and Mr Nea set up the company in 1992 and until two years ago it was one of the few independent advertising companies left in Ireland.

It has worked with a number of high profile clients since it was set up and won several awards.

Its client list has included the likes of Dairygold, AIB, An Post and the Defence Forces and it is currently working with the financial services regulator IFSRA.

The agency expanded its workforce during 2003 to 33 from 25, including its directors. This saw the wages and salary bill rise by a third to €2m. Payments to the directors increased by 14% to €862,944.

In the accounts the directors said they were satisfied with the "performance of the company and expect that the company will continue to grow and maintain current profitability levels."

TBWA is part of the American media giant Omnicom, which has a number of other businesses in Ireland, including ad agency Irish International and public relations firm Drury Communications.

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