Murgitroyd to focus on costs as profits rise 3%

Glasgow-based patent specialist Murgitroyd has reported a 3 per cent increase in first-half profits and said its “key focus” for the rest of the year would be to keep costs under control.

The firm posted a pre-tax profit of £2.27 million for the six months to the end of November, up from £2.21m for the same period a year earlier, despite a 2 per cent dip in revenues to £17.6m.

Murgitroyd, Scotland’s only listed firm of patent attorneys, said: “Despite being confident in our prospects we are however not complacent given the current economic environment and therefore remain cautious.

“Cost control must continue to be a key focus for the board as we continue to develop the business by investing in growth opportunities.”

Shareholders will receive an interim dividend of 3.75p per share, up from 3.5p a year ago.