PM Group Reports strong results for 2014
PM Group, the international project delivery specialists headquartered in Ireland, has reported operating profit of €8.97 million for the year ended 31st December 2014.
This is an improvement of 24% on the prior year resulting from improved trading activity across all business locations. Turnover in the year was €349.5 million broadly in line with 2013. Pre-tax profits recorded a decrease of 8% to €8.88 million reflecting once off exceptional gains in 2013. Net assets at 31st December 2014 were €49 million.
Commenting on the results, Chief Executive Officer, Dave Murphy said: “We’ve seen solid revenue growth in key sectors which has driven profitability right across the Group. Almost 60% of our business is now generated outside of Ireland. We booked €135 million in new work orders in 2014 and have had a strong first half year in 2015 on the back of the high level of booked work coming into the year.
“The Irish market performed strongly in 2014 with revenue well ahead of the prior year, and the UK has also been a significant contributor to our overall profit growth. 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. 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,” concluded Dave Murphy.
· Operating profit of €8.97m, up 24% on prior year
· Turnover of €349.5m and pre-tax profits of €8.88m
· Net assets increased from €44m to €49m
· Strong performance across all business locations; particularly in Ireland and the UK
· Strong global performance across Pharma, Food and Data centre sectors
PM Group Chairman, Dan Flinter said: “The Board is very pleased with the results for 2014 and the strength of our project pipeline has enabled us to attract great talent particularly in the area of design and construction. We need to ensure that talent is developed and nurtured, particularly in Ireland, as the global recovery strengthens and the battle for talent intensifies. This will drive continued investment in people and systems as we look to strengthen our 2,100 strong team over the course of 2015.”
PM Group operates across Europe, the USA and Asia with a 43 year track record in project management, process design, facility design and construction management for leading multinational companies.