PM profits surge to €9m

Operating profits at Irish project delivery company, PM Group surged by almost 25% to just shy of €9m with international markets and a number of strongly performing sectors domestically driving growth.

Pre-tax profits dipped from €9.7m to €8.8m as a result of an exceptional item of €2.13m arising from the restructuring of the company’s defined benefit scheme which inflated the figure in 2013.

The group’s turnover decreased from €355.49m to €349.45m in the year but its cost of sales dipped showed a greater decrease of €11.39m.

“We benefitted from large-scale FDI into Ireland by the global pharmaceutical industry in 2014, in particular by new entrants, and have been able to capitalise on our specialist pharmaceutical expertise in delivering high-tech projects in a number of locations,” said PM Group chief executive, Dave Murphy.

“We remain positive about future growth opportunities across our sectors.

“As a direct result of the relaxing of dairy quotas, we also delivered several new infant nutritional projects across Europe; including in Ireland, the UK, Holland and Germany.

“The global expansion of the data centre industry continues to be an area of strong growth and we see further new opportunities with our key clients in this sector.”

He lauded the IDA for its ability to attract large-scale pharma investments, such as Regeneron in Limerick, to Ireland which has helped PM Group grow that side of its business here and take advantage of the worldwide growth of the sector.

The group, which has been in existence for 43 years and operates in 35 countries across Europe, the USA, and Asia, employs 2,100 people globally.

Currency movements hit the group for more than €375,000 last year as opposed to a gain of €750,000 in 2013.

The currency issue is not of particular concern to the group, however, according to Mr Murphy who added that it can be an issue for its clients more so.

Similarly, credit availability isn’t an issue that has affected the business to a large degree but can limit clients looking for large-scale investments.

PM Group has a strong balance sheet from which to grow the business both organically and through acquisitions, Mr Murphy said, but the company does not have a pipeline of potential deals at the moment.

Net assets increased from €44m in the year to €49m as of December 31.


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