PM Group, the Irish headquartered international project delivery company, achieved operating profits of €34.8m in 2020, an increase of 30% on 2019. This performance was achieved on the back of strong underlying fee income which was 9% up on prior year.
PM Group’s overall revenue, which includes pass through revenue, increased to €398 million in 2020, up 16%. Pass through revenue is where the Group carries procurement and contract costs of behalf of clients. Net assets increased to €111 million up from €85 million in 2019, which combined with minimal debt, underpins the Group’s ability to continue to invest in development and growth.
PM Group has a workforce of 3,200 people in Europe, North America and Asia, providing complex design, construction and delivery solutions to clients in pharma, food, mission critical, medtech and advanced manufacturing technology sectors.
The Group is employee owned with over 1,000 people holding shares in the Group, up 15% on prior year.
PM Group is creating 400 new jobs this year across a range of disciplines including architecture, engineering, construction, data analytics, project controls and Environmental. Of these, 200 positions will be based in Ireland. Recruitment for the new positions is already underway.
Last month, the Group appointed a new Chair, Brendan Jennings, who succeeds long standing Chair and Director, Dan Flinter. Prior to joining the Board, Brendan was CEO of Deloitte Ireland. In April, the Group appointed a new Chief Financial Officer, Rosita Fennell in succession to Larry Westman. Rosita held various financial positions within the Group and was most recently Company Secretary. She has also joined the Board.
Dave Murphy, Chief Executive of PM Group said: “Despite the enormous challenges posed by the global pandemic, our clients have continued to invest in developing their facilities and capacity right around the world. Many of the sectors and projects with which we are currently engaged, are actively dealing with the consequences of the pandemic.
“Therapeutics and vaccine manufacturing, food and beverage processing, medical devices and diagnostics as well as data centres are attracting significant investment to meet evolving market needs. Indeed, Pharma is a powerhouse sector for us with two-thirds of overall revenues generated in 2020 associated with the sector.
“The surge in investment has carried through to 2021, with international projects now accounting for more than 50% of Group activity for the first time in our history. We have set ourselves specific targets in our new five-year strategy in areas where we see strong growth potential in the years ahead. The development of a large-scale Electric Vehicle battery materials plant in Poland for Johnson Matthey, is a case in point.
“The growth of the business has created new opportunities for increasing employment, and we are pleased to be announcing 400 new jobs across a range of disciplines in Ireland and overseas. The attraction of working with experienced colleagues on exciting international projects for world leading organisations, combined with the potential to become an owner of PM Group in time, is a strong magnet for talent.”
Dan Flinter, outgoing Chair of PM Group said: “The entire team across the Group deserves great credit for the performance delivered in 2020 and into this current year. This historic performance achieved new milestones in underlying fee income and profitability, further strengthening the balance sheet. The Group has also made important strides in living the commitment to corporate responsibility and on each of the six pillars of the Group’s CR strategy.
“The Group’s prioritisation of health and safety was recognised by the achievement of ISO45001 certification across a range of locations, exceptional safety awards in Ireland and the UK and continued reduction in incident rates. Over 13 million safe hours were delivered in 2020 across all services and locations, the majority of which were under Covid-19 restrictions.”