Turnover and profit at the parent company of Dublin-based advertising and public relations group Wilson Hartnell dipped in 2022, its latest set of accounts show.
Ogilvy and Mather saw its turnover drop to €18 million in the year ended December 31st, 2022, which was down from €21.7 million the year before. Its profit for the financial year was €1,653,787, which was down from €1,705,185.
Ogilvy and Mather is a subsidiary of the FTSE 100-listed advertising giant WPP, the largest advertising company in the world. Wilson Hartnell has been led by chief executive Sharon Murphy since 2018.
By way of context for its dip in turnover, which it put down to third-party costs, the group said it enjoyed “exceptional growth” in 2021 through new client acquisition locally as well as the acquisition of a new global WPP client.
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“In 2022, the group was focused on bedding in the new client base and ensuring we have the appropriate resource in place to service that level of business,” it said.
The group delivered a gross profit of €12.1 million, which was 6 per cent ahead of 2021.
The administrative costs of the group grew by 1 per cent year-on-year, which it said was due to it investing in key resources to service its existing client base but also to allow further growth in the future.
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The average number of people employed by the group during the year was 104, which was up from 93 the year before. The company spent a total of €6.6 million on staff throughout the year, which was up from €6 million the year before.
The group said it was undertaking a further review of its service offerings and structure to ensure that it is best placed to meet future client requirements.
The directors said the main risks and uncertainties facing the business included the loss of a major client; the risk of not retaining key employees; and an increased competitor base.
However, they said they were satisfied they had put in place appropriate procedures to manage these risks. As in the previous year, they did not recommend payment of a final dividend in 2022. The board signed off on the accounts on November 28th, 2023.
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