PM Group sees pre-tax profits surge by 300%

Pre-tax profits surged by nearly 300% at engineering firm PM Group last year, latest annual accounts filed by the Dublin and Cork-based company show.

The Irish-owned international architecture and engineering firm recorded a pre-tax profit of €8.1m in 2012; up from €2.1m in 2011; although the latter figure was hampered by exceptional charges totalling €5m.

Gross profit remained steady at €34.3m, but operating profit was up by 17% at just over €8m and revenue — boosted by increased activity in the company’s core markets of Ireland, Belgium, Asia (mainly India and China) and Britain — rose by 10% to €193m.

Group chief executive Dave Murphy said that the strong 2012 figures, coupled with “a positive performance so far in 2013”, shows that “despite the difficult conditions in the construction industry, generally, there are opportunities in providing highly skilled services for project delivery in Ireland and internationally”.

PM — or Project Management Holdings — carries out engineering, construction and architectural services for clients in the food, medical technology, BioPharma and IT sectors.

Last month the group announced the creation of 250 jobs — 100 of which will be filled in its Dublin and Cork facilities by the end of this year. PM’s total workforce has now passed the 2,000 employee mark for the first time in the company’s 40-year history, and Mr Murphy said yesterday that as revenue continues to grow, so should job numbers. However, operational focus is likely to remain on existing geographical markets rather than identifying new territories.

“We are looking to the future with confidence and we continue to focus on developing long-term global customer relationships in our core sectors supported by ongoing investment in growth locations,” he added.

The group’s accounts show borrowings are low with liquidity being supported by positive cash flows and “focused management of working capital”.