IRISH INVESTOR relations (IR) group K Capital Source appears to be weathering the economic storm. Latest accounts show that it had accumulated profits of just over €1.2 million at the end of 2009.

The agency, run by Mark Kenny and Jonathan Neilan, made an operating profit of €170,000 on revenues of €1.1 million last year.

K Capital told me that 2009 was a “challenging year”. No kidding – but its performance this year is “running significantly ahead” of 2009. “This is driven by a growing demand for corporate governance services where we advise domestic and international companies on evolving best-practice.”

It’s nice to know that someone is having a good year here. K Capital was an offshoot of the old Jefferson Smurfit listed packaging group and has successfully boxed off the IR market here in the past couple of years. It was acquired by Financial Dynamics, which in turn is a subsidiary of New York-based global consultancy FTI.

This has helped to open doors in the US, where K Capital has secured advisory work for listed companies wanting to globalise their IR programmes. These include the Dow Chemical Company and Coca-Cola.

This should some fizz to its next set of accounts.