Murrayprofits up bya third as Sweartakeradds to margin
Accounts just filed for Murray, one of the country’s longest-established public relations firms, show profits before tax up by a third to €1.6m, in the year to the end of March 2023.
Turnoverfor the combination of Murray and its sister firm, creative marketing agency Sweartaker, increased to €4.7m in the year – up from €4.5m, with a proportionately greater rise in pre-tax profits. Over €1m of fee income in the year was from a combination of new business and/or new income streams from existing clients.
The long-standing Murray PR corporate advisory firm will enter its 50th year in business in 2024 while Sweartaker is a relatively newventure. The combined businesses had a headcount during the last financial year of 36.
Chief executive PatWalsh said the latest results show a twin-track approach of having both Murray and Sweartaker brands was “delivering in spades”.
The approach was particularly useful in talent sourcing to meet what he said are evolving and increasingly specialist needs of clients in areas like sustainability, investor and regulatory communications on the corporate side, as well as motion graphics, film, data-driven marketing and paid social and community management for brand campaigns, he said.
“It’s a decent outturn with group profits up by one third driven by a stronger mix of earnings, an excellent new business pipeline, some great new hires and a slew of national and international awards,” Mr Walsh said.
Murray’s advisory side remained the big driver of profits, contributing €1.2m of operating profit in the year, but Sweartaker has also moved into profitability, according to a directors’ report for parent firm Murray Consultants Unlimited Company.
“The group’s healthy growth reflects robust fee income but also an improving earnings mix, driven by an increased proportion of high-value work, and a tapering of the substantial capacity building investment in Sweartaker over recent years. Sweartaker now accounts for 35pc of group revenue. The group continues to see increased opportunity for cross-selling of value-add corporate services to brand clients and of creative and brand services to corporates,” the directors report states.
On the Murrayside the firm provides strategic communications advice to a mix of national and international clients including Davy, Deloitte, Meta, State Street, Heineken, Irish Distillers and the Land Development Agency. New clients in the year and since include SuperValu, Centra, Citizens Information Board, Beauparc and Egis.
The directors report said they had not recommend payment of a dividend for the year. At the end of the financial year, the company has assets of €5.4m and liabilities of €827,218.