Project Management firm PM Group report €612m in revenue

TALLAGHT project management firm PM Group reported a 29 per cent rise in revenues last year.

In the year ending 31 December 2022, overall revenues for the group were €612m.

This included pass through revenue where the group carries procurement and contract costs on behalf of their clients. Underlying fee revenue, which more accurately reflects the group’s performance, was up 14 per cent.

Operating profit remained steady at €44m last year. This was attributed to investment in international expansion and digital infrastructure amid inflationary cost increases.

Around 51 per cent of the group’s projects are undertaken outside Ireland, with operations in the UK, mainland Europe, United States and Asia.

PM Group provides design, construction and project delivery solutions to clients in the pharmaceutical, food, mission-critical, med-tech and advanced manufacturing technology sectors,

The group opened its fourth US office in Philadelphia in 2021, while a new location in North Carolina is set to commence operations next month.

The remaining 49 per cent of the group’s activity was for multinational clients located here, including AstraZeneca and Pfizer.

Irish operations were strong as the business expanded to support delivery of projects, according to PM Group. Mainland Europe remained its largest international market, accounting for 28 per cent of revenues.

The UK market also recorded growth despite a “challenging local economic environment”.

PM Group’s global workforce remained at 3,500 people, unchanged from the prior year. 1,200 of employees have shares in the company.

PM Group pointed to positive momentum so far this year with a strong backlog.

However, chief executive Dave Murphy said the external environment is “undoubtedly more challenging”.

“With issues such as higher interest rates and high inflation, we have seen more caution,” he said.

“However, many of our multinational clients continue to invest in major capital projects across key markets.”

Last month, the group also acquired automation and digital systems firm Milestone Solutions. The Cork-based company is a technical solutions provider for manufacturing clients in the life sciences and food sectors.

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