PM’s profits plummet 71%

Pre-tax profits at PM Group — the Cork- and Dublin-based international engineering services and project management business — plummeted by over 71% last year to €2.1m, according to newly published accounts.

The group attributed the drop in profits to a hit from €5m worth of exceptional costs, made up of €3.5m in impairments related to Irish-based property assets, and a further €1.5m in business restructuring costs.

Management said without these one-off items, pre-tax profits for the year were in line with the €7.3m generated in 2010.

Operating profits for 2011 came to just over €6.9m, largely unchanged on the previous year. Group turnover fell from €208.7m to €175.8m in 2011, but has increased by over 10% to date in 2012.

“Globally, there is significant investment in the bio-pharma, food, and advanced technology sectors in particular, which is creating a strong demand for engineering, architecture, and project management services,” said PM Group chief executive Dave Murphy.

“As a result, we have seen our sales grow by over 10% this year, which has led to the creation of over 200 new positions — of which 100 are in Ireland and 100 are in our international operations.

“Our international footprint, sectoral spread, and multinational client base are proving resilient in the face of international economic conditions and should continue to support the group’s performance in 2012. The group’s focus continues to be on developing long-term customer relationships in our core global sectors, supported by ongoing investment in a number of international locations,” he said.