Unfavourable exchange rates took a slice out of profits at Scottish intellectual property firm Murgitroyd Group during the year to May 31.
Pre-tax profits at the company slid by 9% to £4.13million, although turnover increased by nearly 7% to £38.4million.
Chief executive Keith Young told the Press and Journal more stable exchange rates in the current trading year would help the Glasgow firm get back to profits growth.
Murgitroyd has UK offices in Aberdeen, Belfast, Edinburgh, Glasgow, London, Newcastle and in York.
Elsewhere, it has offices in Ireland, Finland, Italy, Germany, France, Switzerland and the US.
Chairman Ian Murgitroyd said: “The reduction in earnings, caused in part by unfavourable foreign exchange rate movements, is disappointing, but we remain encouraged by our ability to win new business.
“The market in which we operate continues to display growth but pricing pressure remains.”
