Matthew Freud’s public relations agency saw profits leap by more than a third last year as it increased revenue and improved margins despite a tough economy.
Freud Communications made pre-tax profits of £7.9 million against £5.9 million a year earlier.
Revenues were up 8% at £37.6 million, cementing Freud’s position as one of the 10 biggest PR firms in London.
Turnover has risen by more than half since 2008. Clients include movie studio Warner Bros and Masterchef TV production firm Shine, which is run by Freud’s wife Elisabeth Murdoch.
Her company was a good customer, spending £330,000 with his PR firm — double the level a year earlier.
Staff numbers rose to 206 from 184. The unnamed highest-paid director earned £378,000 but there was no dividend — unlike in 2010 when Freud, pictured, and his then partner, France’s Publicis Groupe, split £3.3 million. Freud bought back Publicis’s 56% stake last year but the accounts made no mention of it.
When foreign revenues from sister company Freud International are included, combined turnover was close to £40 million and operating profit was almost £9 million.
