Patent and trademark attorney firm reports jump in profit and revenues

Murgitroyd Group, Scotland’s only listed firm of patent and trademark attorneys, has seen an increase in annual revenue and pre-tax profit amid growing activity in the US.

Edward Murgitroyd is CEO at the Glasgow-based business. Picture: J1s Photography.

The Glasgow-based firm led by chief executive Edward Murgitroyd said that in the year to 30 November, revenue increased 5 per cent to £22.67 million, while pre-tax profit grew to £1.7m from £1.67m in the prior 12 months.

It added that it has 18 offices in ten countries, with more than half of its revenue now generated in the US.

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Basic earnings per share was up by 3 per cent to 14.2p while the proposed interim dividend came in at 7p per share, representing a year-on-year increase of 7.7 per cent.

Chairman Ian Murgitroyd commented: “I am pleased to report an increase in both revenue and profit before tax, which has allowed us again to propose an increased interim dividend, despite continuing macro-economic and political uncertainties.

“While Murgitroyd operates in a market with good long-term prospects, we are not complacent and will continue our capital investment programme initiated in 2018 through the current financial year, underpinning our future growth plans.”

The firm also highlighted its acquisition of Southampton-based Chapman IP, unveiled in February in a deal it said complements its existing European network and client base. “The acquisition is expected to be earnings-enhancing for Murgitroyd in the first full financial year following completion,” said the Scottish firm.

It has adopted a conventional executive board structure “in anticipation of the next phase of our growth and our increasing activity in the USA”.

Analyst James Tetley of N+1 Singer said: “Murgitroyd’s interims confirm a period of good underlying progress.”