Irish project management company PM Group has reported a 26 percent increase in its operating profit over the past year.
For the year ended December 31, 2021, PM reported an operating profit of €43.9 million.
Sales increased last year by 19 percent to 475 million euros. This included pass-through revenue, where the group bears procurement and contract costs on behalf of its customers. Fee income, which more accurately reflects group income, rose 21 percent.
Over half of the group’s projects are carried out outside Ireland, with offices in the UK, mainland Europe, the United States and Asia.
Irish operations have been strong, according to PM Group, with sales and profits exceeding expectations. Mainland Europe remained the largest international market with a 30% share of sales.
The UK market, which accounted for 9 per cent of revenue, saw strong growth in Birmingham and Manchester, although the company noted that “uncertainty caused by the pandemic and Brexit is still affecting the rate of customer investment in the UK”.
The US grew to 6 percent of the group’s total sales, up 4 percent in 2020, while in Asia the group enjoyed a record year at its Singapore office.
PM Group’s global workforce grew to 3,500 employees, a 17 percent increase over the previous year. 1,200 employees now own shares in the company, a jump of 20 percent from 2020.
The group now plans to create 500 jobs over the next year across a range of disciplines, including engineering, construction, data analytics and finance. 300 of these will be roles in Ireland.
PM Group said activity levels and order backlog remained strong in the new fiscal year, with first-quarter revenue and earnings up year-on-year.
“We have continued to expand our US presence by opening our office in Philadelphia to support the growth and opportunities we have seen there. We have also opened a new office in Frankfurt, Germany, complementing our offices in Belgium and Switzerland,” said Chief Executive Dave Murphy.
“The first quarter of 2022 continued the strong momentum we had at the end of 2021. Regardless of economic and geopolitical issues, our multinational clients continue to invest in large projects in key markets,” he added.
https://www.independent.ie/business/irish/profits-rise-at-employee-owned-pm-group-41805811.html The profits of the employee-owned PM group are increasing