Drury sees profits plunge 35% in 2008

DRURY Communications saw its profits drop 35% last year.

Pre-tax profit was €406,502 last year compared with €628,285 in 2007.

After provision for taxation, the amount available for retention was €333,656 compared with €512,086 in the previous year.

Gross profit was €1.6 million compared with €1.8m in 2007.

Drury managing director Padraig McKeon said in the first two-thirds of last year the company was ahead of the previous year but it saw a slowdown in the final third. This was reflective of the market, he said, adding that so far this year the company is performing in line with targets.

According to the accounts, the principal activity of the company is the provision of public affairs consultancy services, together with communications and presentation skills, training and internal communications consultancy and research services.

“The directors of the company do not anticipate significant future changes in the nature of the company’s business activities,” the accounts read.

A total of 30 were employed by the firm last year, up one from 2007. Staff costs increased from almost €2.6m to €3m.

Directors remuneration was €1.24m in the year, up from almost €1.18m in 2007.

Billy Murphy founded the Dublin-based company with former Anglo Irish board member and former RTÉ chairman, Fintan Drury, in 1989. On retirement in 1998, Mr Drury sold the bulk of his shareholding to management.

It was bought by international advertising and marketing communications company BBDO Worldwide in 2000.

Mr Drury advised the Department of Public Enterprise on the Telecom/Eircom flotation and has also worked with the Referendum Commission on the treaties of Nice and Amsterdam.

The company’s clients include C&C, CRH, Enterprise Ireland, Paddy Power and the National Lottery.