Patent firm Murgitroyd sees profits rebounding

Glasgow-based patent and trademark attorney Murgitroyd yesterday said it was returning to earnings growth after revealing a drop in annual profits.

The firm said pre-tax profits fell to £3.8 million for the year to the end of May, down from £4.3m a year earlier, as it absorbed the cost of an acquisition in the US and Nicaragua.

But revenues rose to £44.3m, up from £42.2m last time, and chairman Ian Murgitroyd said the earnings trajectory had turned positive during the second half of the year after counting the cost of the deal to acquire parts of Dallasbased MDB Capital Group and Managua-registered Patentvest.

He added: “Generating a sustainable return on this investment remains a key goal for the group, in conjunction with profitable growth through targeted business development, economies of scale and effective cost control, which remain central to the group’s strategy.”

A final dividend of 12p a share was proposed, lifting the full-year payout by 6.3 per cent to 17p.