Profits more than double at Irish operations of consultancy firm Teneo

Communications and marketing consultancy Teneo Strategy Ireland saw turnover jump 73% to €33m in 2024, newly filed results show.

The Irish operations of communications and marketing consultancy Teneo saw turnover jump 73% to €33m in 2024, newly filed results show.

Teneo Strategy Ireland reported gross profit increasing from €15.49m to €28.31m. The company reported profits after tax for 2024 of €5.139m, from €2.185m a year previous. 

Teneo's operations take in corporate communications, strategy, marketing, and sponsorship, as well as debt advisory and restructuring services. Founded in 2011 by Declan Kelly, the company's diverse client list includes several multinational companies and semi-state organisations, with household names including Aer Lingus, Circle K, Toyota, and Samsung on the Teneo roster. 

Operations in the Republic of Ireland accounted for €11.75m of company turnover from €10.85m in 2023, while earnings in the rest of Europe surged from €6m to €19m. Teneo said the group’s results were "further enhanced" as a result of its first full year of ownership of Herter & Co, a firm which provides financial advisory services to a range of clients in Germany. Rest of the world turnover stood at €1,65m, from €2,18m in 2023.

Teneo director and chief Mick O'Keeffe said: “We are very pleased with how we performed in 2024 and we have carried this momentum forward. As the biggest strategic communications practice in Ireland, revenues were as planned and remained strong and stable after a number of years of consistent growth. Critically, as a mature and established business, we retained key clients and secured several new clients and mandates. Globally, the business has seen accelerated growth under the leadership of our CEO Paul Keary."

“We have increased the number of cross geography projects and worked closely with colleagues across Teneo’s Europe, UK and US offices, and continued our integration with our Financial Advisory partners in Dublin. Our government affairs, sports advisory, strategic communications, management consulting, brand advisory and digital communications services all performed well in 2024.”

Mr O'Keeffe said the addition of Gary McGann and Frances Fitzgerald as senior advisors and members of the Teneo advisory board, alongside Brian O’Driscoll, has been "transformational" for the business.

The company had 90 account executives and nine administration staff on the books, and wages and salaries increased from €9.11m to €15.25m. The directors of the company who served during the financial year were Michael O'Keeffe, Tom O'Connor, Liam Boyle, and Padraig Galvin. Mr Boyle was appointed in December 2024 when Mr Galvin resigned. In 2025, Mr Galvin began a role with Consello Group, a global CEO advisory firm founded by former Teneo chief Declan Kelly. 

The directors' report said there are no plans to materiality change the group's activities in the future.

"In the post year-end period, the group has continued to generate strong operating profits through further expansion of the Teneo’s broader suite of services generating additional value for our clients and opening new avenues for growth," the directors' report stated. "The directors are optimistic about Teneo Group's prospects for 2026. We anticipate strong trading performance driven by the ongoing collaboration and expansion of the global Teneo business, where we are well-positioned to leverage broader resources, expertise, and networks. As the group’s service offering continues to increase, these opportunities will allow the Teneo Group to remain at the forefront of strategic communications and business advisory services."

Administration expenses of €20.5m were paid.