PM Group profits up 20%

Dave Murphy

Irish engineering and project management firm, PM Group yesterday reported turnover of €355.5m to the end of 2013, a significant increase on the €193m generated the previous year.

At €9.7m, pre-tax profit grew substantially by 20% on 2012 thanks largely to increasing construction revenues, while operating profit rose 26%.

PM Group chief executive, Dave Murphy said: “We’re very pleased to report a good performance for 2013, notwithstanding a moderate economic recovery in established markets and a slowing growth rate in emerging markets. We booked €110m in new work orders across the group and finished the year with a significantly stronger order book. That momentum has carried through to 2014 with current project activity ahead of last year.”

More than 40% of the Dublin-headquartered company’s business is based in the domestic market with mainland Europe and the UK its next biggest markets.

The company is also growing its footprint in the East with offices in Singapore, Shanghai and Bangalore.

In the 12 months to the end of 2013, the company’s cost of sales mounted in line with increasing volumes; rising to €317.4m from €160.6m the previous year.

With approximately 2,150 employees globally, 1,100 of whom are based in Ireland, staff costs climbed €1.5m to €12.87m in 2013 while other operating charges increased by almost €3m.

The value of net assets at the end of the year grew from €37.4m to €44.2m.

PM Group chairman, Dan Flinter said the company’s growth is partly attributable to its established position in a number of key business sectors and its broadening global reach.

“We are now capitalising on the leading positions established worldwide in key sectors such as pharmaceuticals, food, med-tech and data centres. More than half of our revenues were generated outside of Ireland in 2013, where we are increasingly using our international resources and capabilities to service global clients in the locations where they are investing,” said Mr Flinter.

An interim dividend of €0.25 per ordinary share resulted in a cost of €751,508 compared to €482,000 in 2012 when a €0.16 per share dividend was paid to shareholders.

As well as a strongly performing UK market, the company’s fortunes were aided by a recovery in Central and Eastern Europe following a few turbulent years.


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