Profits at the parent company of Dublin advertising and public relations group Wilson Hartnell fell to €129,000 as rising costs outpaced growth in turnover.

Accounts Ogilvy & Maher Group Limited and Subsidiaries, which is controlled by WPP, the world's largest advertising group, show income fell 56% year-on-year from €294,000 in 2022.

Turnover from continuing operations increased by more than €1.3m or 9.3% to €19.3m, but the cost of sales rose from €6.3m to €8m, and administrative expenses fell marginally to €10.3m.

Some €739,800 in net finance income contributed to a profit of €2.3m before tax of €380,100 and other losses totalling €1.8m, including a €944,000 actuarial loss recognised in its retirement benefit scheme.

A dividend of €2.7m was paid to WPP, the first paid by Ely Place-based Wilson Hartnell to its parent for 12 years.

The company's directors, including CEO Sharon Murphy, said they are "planning for future growth and ensuring the continuous delivery of high standards in service and output".

They added that they are focused on further strengthening the group's core capabilities while also "identifying and developing new and emerging services to ensure that it is best placed to meet future client requirements.

The directors said that particular emphasis would be put on the role and deployment of artificial intelligence to "unlock future possibilities" for the group and its clients.

Current assets of €46.9m including cash and equivalents of €634,200 and a partly offset by €22.8m owed to creditors.

The balance sheet shows shareholder equity of €24.4m following the dividend payment, down from just under €27m in 2022.

Employee numbers declined from 104 to 100 and payroll costs rose from €6.6m to €7.2m.

Photo: Sharon Murphy. (Pic: Conor McCabe)