Mr Brophy, CEO of Red Flag Global, confirmed the record revenue performance for 2023 and said: “We’re budgeting for further significant growth in revenues and profit across the business for 2024.”
The revenues of just under €12m for 2023 follow revenues of just over €11m for 2022.
Mr Brophy was commenting on new 2022 accounts for Red Flag Consulting Ltd which show that the strategic communications and public affairs agency recorded post-tax profits of €2.36m in 2022.
That was 11pc down on the post-tax profits of €2.65m for 2021.
The company had dividends payable of €588,534 for 2022 and this followed dividends payable of €765,663 for 2021.
Commenting on the 2022 performance, Mr Brophy said: “It was another very strong year for Red Flag Global, coming off what was a record year in 2021, as we grew the business globally from our bases in Brussels, Washington DC, London and Dublin.
“The company grew revenue across the board with particularly strong performances in our technology, food and agriculture, international trade policy and financial services lines.”
He added: “There is increasing client appetite for our fully-integrated advisory approach and client retention is very high and increasing with significant new client wins.”
Mr Brophy said that 2023 “was a strong year and we expect to report growth of approximately 15pc in net profit”.
The company – which was established by Mr Brophy in 2013 – today employs 57 full-time equivalent posts and they include the recently appointed head of policy, Carolina Costa, who is based in the firm’s Brussels office.
At the end of December 2022, the company’s accumulated profits totalled €6.43m while its cash funds almost doubled from €1.69m to €3.06m during the year.
Six directors served on the board during the year, including non-executive chairman Gavin O’Reilly, who was Mr Brophy’s boss when Mr O’Reilly was chief executive of INM, former owners of the Irish Independent.
Aggregate directors’ pay totalled €691,724 in 2022 which was a sharp increase on the directors’ pay of €454,431 in 2021. The directors’ pay for 2022 comprised €548,795 in remuneration and €142,929 in fees.
