Profits at Dublin headhunting firm Merc Partners halved last year

Dublin-based recruitment firm Merc Partners Spencer Stuart posted after-tax profit of €177,013 last year.

New accounts filed by Merc Partners Ltd show that profit of €177,013 up to the end of September last year represented a 54 per cent drop from profit of €387,257 in 2020.

The headhunting company was acquired in 2019 by Spencer Stuart, a US company with more than 60 offices worldwide in more than 30 countries. The price of Spencer Stuart’s acquisition, privately held since 1956, has not been publicly disclosed.

Founded in 1980, Merc has worked to appoint senior executives across a range of industries and the public sector.

Merc previously brought on Gabriel Makhlouf as Governor of the Central Bank of Ireland.

Treasury Secretary Paschal Donohoe confirmed at the time that Merc had been paid €70,236 for his work, including the €12,300 cost of a newspaper advertisement. Merc Partners is currently assisting the central bank in finding a new chief operations officer.

The company, which employs 16 people, will continue to be led by Managing Director Ruth Curran, who ran the company before it was sold to Spencer Stuart.

Management Board remuneration increased last year from €653,771 to €694,198, which is made up of salary payments of €629,398 and pension payments of €64,800. The company employs 16

Merc Partners’ condensed financial statements for the year ended September 30, 2021 show that the company paid a dividend of €51,100 for the past year.

This was followed by a dividend payout of €23,610 in 2020.

The company’s accumulated profits increased to €1.68 million last year and the company’s cash position increased by €329,221 to €1.59 million.

The company’s rental and service fees were zero last year after paying €89,658 in 2020. Last year’s profit includes non-cash depreciation costs of 26,438 euros.

Accounts for another of Spencer Stuart’s Irish companies, Spencer Stuart International Ireland Ltd, which is engaged in the supply of intellectual property to the group, reported a pre-tax profit of €1.1m in 2020.

The company’s latest accounts show that it reported a pre-tax profit of 1.1 million euros in 2020 after revenues fell 10 percent from 45.66 million euros to 41.2 million euros.

The company’s revenue comes from its operations in Ireland and the workforce totaled 55 in 2020. Profits at Dublin headhunting firm Merc Partners halved last year

Fry Electronics Team

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