Public relations and corporate advisory group Teneo’s Irish units saw its combined profits jump to €3.39 million last year, amid an increase in client fees, growth in its restructuring business and purchase of a German firm.
The combined results of the two units, Teneo Strategy Ireland and Teneo Restructuring Ireland, compared with a net profit of €508,000 for 2022, which had included a loss at the restructuring unit which had been it invested in scaling up after being established from a standing start in late 2021.
Teneo Strategy Ireland, the PR and management consultancy unit, led by chief executive Michael O’Keeffe, saw its core client fees increase 10 per cent to €11 million and overall turnover advance 2.4 per cent to €14.6 million last year.
The firm’s client roster includes Bank of Ireland, Circle K, British and Irish Lions rugby, Fáilte Ireland, Aer Lingus, Toyota and Dublin Zoo.
“2023 was a busy and successful year for Teneo Strategy Ireland,” said Mr O’Keeffe. “The continued growth is due to an increased number of cross-geography and international projects, diversification of our service offering and winning new clients.”
However, underlying profits in the division declined to €808,000 from €1.2 million in 2022, largely as a result of one-off costs in relation to an office move.
The reported profit figure for the unit, meanwhile, rose to €2.19 million, driven by New York-based Teneo group choosing to fold a German debt advisory and financial restructuring company, Herter & Co, acquired in late 2023, into Teneo Strategy Ireland.
Meanwhile, Teneo Restructuring Ireland, set up under managing director Damien Murran, who was hired from accounting firm RSM in August 2021, swung into a €1.2 million profit from a €681,850 loss, driven by start-up costs, for the previous year.
“The team is now 25 strong and our service offering reflects that of the international [Teneo] financial advisory business, including forensic accounting and litigation support services along with a broader capital advisory service,” said Mr Murran of the unit.
The restructuring division’s highest-profile current role is managing the liquidation of Kremlin-controlled aircraft and ship leasing companies GTLK Europe and GTLK Europe Capital, which owed creditors $3.75 billion (€3.6 billion) when put into wind-down by the High Court in Dublin in May 2023. The two Irish units have a total of about 100 employees.
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