Public relations firm Murray Consultants made a profit of some 650,000 in the 15 months after the company was restructured to bring in new directors and shareholders in 2001.

Accounts recently filed at the Companies Office show that Murray Consultants Limited retained 425,545 in its profit and loss account at the end of September 2002 after tax and goodwill. Its turnover was €10 million.

The accounts reflect the trading period beginning in July 2001, when Murray Consultants Public Relations Limited was restructured to become Murray Consultants Limited.

It was a busy time for the firm, which is one of the most prominent public relations companies in Dublin.

Business handled in the period included aspects of the AIB trader fraud scandal, the takeover of Smurfit by Madison Dearborn, and the involvement of Mr JP McManus and Mr John Magnier in Manchester United.

The new Murray Consultants company took over the trade and assets of its parent by making a goodwill payment of €1,144,714 in July 2001 to reflect the transfer of capital reserves. At the end of December 2001, the parent held almost €1 million in its capital reserve account.

Murray Consultants co-founder Mr Joe Murray said the structure of the firm had been changed to bring senior staff "more closely into the company".

These staff included Mr Pat Walsh, who has since been appointed deputy managing director of the firm, and Ms Pauline McAlester, who oversees the company's management of the Ryanair account.

Other shareholders include Ms Geraldine Kearney, Mr Kevin O'Reilly and Ms Blaithin Boylan.

Mr Murray said the restructuring had proved very successful for the company.

It is thought that neither Mr Murray nor Mr Jim Milton, who have run the company together for many years, took money out of the firm at the time of the restructuring.

They both continue to be active players in the company's day-to-day operations.

It was reported that a British PR firm was prepared to pay €20 million for Murray Consultants in the summer of 2002, but talks broke down without the conclusion of a deal.