Operating profit jumps at employee-owned PM Group
Irish project management firm PM Group has reported a 71pc jump in its operating profit to €15.6m last year.
Revenue rose 41pc mainly due to a significant increase in "pass through" revenue and costs incurred on behalf of clients in carrying out procurement and contract activities.
Fee revenue, which more accurately reflects the group's income, was up 13pc, as a consequence of several major projects and a strong pipeline of new business, the company said.
The employee-owned company saw its business in the UK improve, despite what it said was a “notable slow-down” in capital investment due to Brexit uncertainty.
In addition, the group benefitted from the acquisition of PM PROjEN in January last year, which added to the overall improvement in UK earnings.
Elsewhere, operations in mainland Europe “had a busy year”, with the company reporting strong levels of activity in the Netherlands, Belgium, Poland and Switzerland.
In North America, PM Group said it was “growing strongly” in the market.
PM Group now has more than 2,600 people worldwide, 900 of whom are shareholders in the company.
It is currently in the process of recruiting up to 200 people with another 100 to be recruited in 2020. Half of these jobs will be located in Ireland, and a large proportion of the roles will be graduate positions.
Dave Murphy, CEO, PM Group said: “The sustained activity levels of our clients in the sectors where we specialise is what is driving this strong performance.”
“In addition to organic growth, we have added value-enhancing acquisitions in Belgium and the UK and, given the strength of our balance sheet, we have the capacity to acquire further complementary businesses in our core markets, particularly in the United States and Europe.”