The Printed Image (TPI), the Colin Culliton-led marketing group that last week acquired events firm Pluto Communications, saw profits fall by nearly a third last year.

TPI, which has shifted focus away from printing activities in recent years, reported a pre-tax profit of €556,225 for the 12 months ending October 31st, 2015, down €213,359 on the €769,584 recorded a year earlier, recently filed accounts show.

Gross profits also declined, falling 11 per cent from €4.6 million to €4.07 million, while operating profit was down 36 per cent to €782,363 from €1.2 million.

Mr Culliton, a finalist in the 2016 EY Entrepreneur of the Year awards, established TPI in 1990. Clients include PTSB, Irish Life, GSK, Paddy Power, C&C, Coca-Cola and Musgraves.

TPI, whose main activity is graphic design, lithographic screen and digital printing, saw sales drop by 27 per cent in 2009 as the recession hit.

Diversify

Over the years the company has sought to diversify, growing from a small print firm to a six-company strong group that also includes the Runway Marketing agency, Zest Merchandise, graphics studio The Creative Works and the Tap marketing consultancy. Last week, TPI announced the acquisition of Pluto Communications, an “experiential marketing” specialist for an undisclosed sum.

TPI employed 108 people last year with staff costs, including directors’ salaries, totalling €4.8 million.

“The company is trading in a stable economic climate with a reduction in demand for its product. It has resulted in downward pressure on its price and margins. In response the company has reduced its costs accordingly and continues to monitor its future trading strategies,” the directors’ said in a note accompanying the accounts.