Irish public relations group Drury Porter Novelli paid a dividend of €1.5 million last year to its global parent company, Omnicom, according to its latest accounts. This was the first such payment since 2009 and reflects strong cash generation by the company.
Accounts just filed for Drury Communications Ltd show that the group's turnover last year was stable at €2.5 million. Its operating profit declined by 10 per cent to €423,711 due to higher administrative expenses.
A number of exceptional items totalling €1.5 million meant the company closed the year with a pretax loss of €1.1 million. This compared to a surplus in 2012 of €451,600.
Restructuring
The bulk of the of the exceptional costs related to a decision by Omnicom to dissolve a related company, DCL Holdings, as part of a restructuring of its companies worldwide. This resulted in an intercompany loan of just under €1.3 million being impaired, with the impact reflected in Drury’s accounts for last year. In addition, Drury’s reserves were reduced by €919,768 to reflect an onerous lease provision relating to a former premises in Clonskeagh.
Drury’s total employment expenses rose by 7 per cent to €1.9 million while directors’ remuneration amounted to €985,781, which was in line with 2012.
Drury director Paddy Hughes said the agency is on target to achieve revenues of just under €3 million.
Drury has a broad base of clients, including building materials giant CRH, bookmaker Paddy Power, fast food chain McDonald’s, global technology company group HP, energy firm Eirgrid, and global investment group Blackstone.
Last year it advised on the receivership of Thomas Crosbie Holdings, the examinership of DIY retailer Homebase, and the receivership and subsequent examinership of fashion retailer A-Wear.
