PM Group, the Irish-headquartered international project delivery company, has announced its financial results for the year ended 31 December 2024. PM Group achieved an operating profit of €34.8m in 2024, a 2.7% increase on the previous year.

Overall revenue (including subcontractor revenue) was €494m (2023: €566m), with the decrease due to lower subcontractor revenues on certain client projects. Subcontractor revenue is where the Group carries equipment and contract costs on behalf of clients.

Notably, underlying professional services fee revenue grew by 5% year-on-year, reflecting increased project activity across the Group.

Net assets remained strong at €164 million, underpinned by minimal debt, which reinforces the Group’s capacity to invest and grow.

All operating regions delivered profits in 2024, underscoring the resilience and balance of business across its global markets. Trading in 2025 remains positive with a strong pipeline of projects.

Anthony O’Rourke, CEO of PM Group, said: “I’m pleased to report that we delivered a strong and resilient performance in 2024 despite a challenging global environment. The operational and financial results are a testament to the fantastic efforts of our people across the organisation.

“Our largest market, Ireland, experienced continued growth and multinational client investment, while our Europe region had a very good year with broad-based revenue growth. The UK team contributed strongly to major projects internationally through our multi-office execution model.

“In the USA, we continue to expand our footprint as we deliver high-profile projects for clients in the world’s largest life sciences market. In 2025, we are seeing increasing opportunities to bid for substantial projects in the USA, given our existing track record with USA companies and the wave of large-scale investment announcements.

“Asia also performed well. We completed a number of high-profile projects in China and Singapore and continued to grow our design capability in India to support projects globally.

“During 2024, we also launched a number of new strategic initiatives and made significant efforts in carbon reduction to enhance our project delivery. Overall, 2024’s performance and progress have laid a strong foundation for the next phase of our growth.”

Brendan Jennings, Chairperson of PM Group, added: “Our performance in 2024 is a credit to the dedication and professionalism of our teams across PM Group. We are especially proud of the strides we have made in health, safety and wellbeing, reflected in our strongest safety performance to date.

“This was the penultimate year of our current strategic cycle. We have initiated a new strategy that will run from 2026 to 2029 with ambitious growth targets and clear priorities to drive our future success.

“With a strong leadership team and a resilient, dynamic organisation, we are very confident that PM Group will continue to grow sustainably and achieve remarkable success in the years ahead.”

2024 Operations

The Irish operation, accounting for approximately 63% of PM Group’s activity, remained buoyant in 2024, with robust continued investment by multinational clients. This team supports projects in Ireland and across our international footprint.

PM Group’s Europe region delivered a very strong performance in 2024, with all European business units achieving growth. The Benelux operation had significant project wins in architecture, engineering design and construction management. The Company also broadened its service offering in Switzerland and Germany, supporting major life science projects and new data centre investments. Overall, Europe’s pipeline remains healthy, driven by growth and continued investment across the continent.

The UK operation made a strong contribution to international projects, supporting major client work in Europe and beyond.

In the United States, PM Group continued to build scale and capability. The USA saw continued growth of its Philadelphia office and the establishment of a new office in Raleigh-Durham, North Carolina. Major project wins in 2024 included the commencement of large-scale design projects in New Jersey, Maryland and North Carolina. The USA life sciences market represents a strategic opportunity, and PM Group is well-positioned to capitalise on this growth.

PM Group’s Asia operations delivered another successful year in 2024. The Group’s India office continued its rapid developmen,t further enhancing PM Group’s multi-office design capability, which benefits projects worldwide.

Outlook 2025

The Group entered 2025 with positive momentum, carrying forward the strong project activity from late 2024. There is a healthy pipeline of projects across key sectors, services and regions. In 2025, PM Group will continue to invest in strategic priorities, including expanding the business in the USA and Europe and driving internal digital transformation to enhance service offerings.

Overall, 2025 is anticipated to provide a strong foundation for PM Group’s new 2029 strategy, and the company is confident of continuing its steady growth trajectory in its major markets.

Pictured above: PM Group CEO, Anthony O’Rourke, CFO Rosita Fennell and Chairman Brendan Jennings.

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