PM Group, the international engineering and project management firm headquartered in Dublin, has reported turnover of €355.5m for the year ended December 31st 2013, well ahead of prior year due to a significant increase in construction revenue.
Operating profit before exceptional items was €7.2m, a 26% increase on 2012. Pre-tax profits rose 20% to €9.7m. Net assets at December 31st 2012 were €44.2m.
Commenting on the results, CEO, 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 €110 million in new work orders in 2013 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.
“We continue to invest heavily in our business across people, technology and innovation to drive the internationalisation of PM Group. Whether it’s a vaccine manufacturing facility in Belgium or a flavours facility in Shanghai, the technical and operational capability we deploy to design, construct and commission must be world class every time. Our team of over 2,000 people across Europe, Asia and North America continues to win business against the best in the sector, for which they deserve huge credit. This in turn has delivered a robust financial performance underpinned by a strong balance sheet,” continued Murphy.
PM Group chairman, Dan Flinter said: “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 our revenues were generated outside of Ireland in 2013, where we are increasingly using our international resources and capabilities to service existing global clients in the locations where they are investing.”
Concluding CEO Murphy said: “Revenue was ahead of target and well ahead of 2012, in Ireland and Western Europe due to our involvement in large scale pharma, food and data centre projects. Our UK operation has performed particularly well on the back of increased investment there in our core sectors and we also saw significant recovery in Central and Eastern Europe following a number of turbulent years. We had strong growth in our operations in Singapore and Shanghai and completed a number of large projects in India from our Bangalore office. Our East Coast West Coast presence in the US is also proving very beneficial in terms of developing client relationships and supporting offshore investments launched from the US.”