Cork IT firm PFH posts 50% drop in profit as staff costs surge 

The firm was acquired last year by Japanese imaging company, Ricoh for an undisclosed amount

Staff costs in the year rose by €5.7m in 2023, €4m of which went to wages and salaries.

Long-standing Cork IT firm, PFH saw profits halve last year with rising staff costs leading to a sharp fall in company earnings. 

The company's operating profit fell to €5.1m in 2023, down from €9.9m in the previous year which the company said was due to increased payroll and pension contributions.