Murgitroyd eyes US west coast for fresh expansion

Murgitroyd, the Glasgow-based firm of patent attorneys, will open a second US operation this year as its eyes a decade of profit growth since its 2001 flotation.

Revealing record interim sales and profits, chief executive Keith Young said the west coast was in his sights "reflecting the importance of the US market to the group".

The Scots firm recently relocated its existing Stateside "business development office" in North Carolina from Raleigh to larger premises in Durham. Its global expansion is being overseen by group chairman Ian Murgitroyd, who is now based in the US.

The firm, which floated on the Alternative Investment Market in 2001, has 15 offices in eight countries having also recently set up shop in Tokyo.

Young said: "The opening of a west coast office in the US extends the time zones we cover. It is an important part of our marketing being available to a client whenever we are needed."

He added: "We have been investing in the last couple years where many professional services firms have been scaling back."

Yesterday's results for the six months to the end of November revealed a 12 per cent year-on-year rise in revenues to 16 million, with pre-tax profits up by 7 per cent to 1.79m - both record figures.

Shareholders are set to pocket an interim dividend of 3.5p, up 16.7 per cent on a year earlier.

The group said gross margin percentage had eased from 62.5 per cent to 60.1 per cent, "reflecting ongoing market pricing pressures".

Analysts at Brewin Dolphin, who have a "buy" recommendation on the shares, said the outlook for Murgitroyd remained "encouraging".

The broker said: "Headline market indicators point to increasing activity levels, which bodes well for the future."