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.