Murray PR report a €0.5m profit

ONE of the country’s largest public relations firms has reported a surge in pre-tax profits for last year.

According to accounts just filed for Murray Consultants, profit before tax in 2007 grew to €503,302 up from €89,608 in 2006.

The accounts show a controlling stake in the firm was acquired by its managing director Pat Walsh this year. Mr Walsh, who owned 25% of the firm at end of 2007 acquired a further 26% of the Dublin-based firm since its year end bringing his interest to 51%.

Mr Walsh acquired the stake from founding directors Joe Murray and Jim Milton, who are still active in the firm.

Mr Walsh said yesterday that 2008 is looking like a very strong year and he called last year’s results “very satisfactory”.

The accounts also show that the company is assessing new growth opportunities in public relations or in related fields, including expansion overseas.

Murray Consultants represents firms such as Ryanair and Heineken.

The accounts show new business revenues increased substantially in 2007. It added 50 new clients and saw a 30% increase in staff numbers.

They also note that the firm did not make any political donations in the year.

Gross profit in the year to the end of 2007 increased from €4.5m to €5.4m, while the company reported an operating profit of €233,192, up from €37,672 in 2006.

Retained profit at the end of the year was €1.58m up from €1.14m in 2006. The cost of salaries in the year was €2.3m, with 32 people employed.