PM Group's profits slump after 'project completions'
Published 27/10/2011 | 05:00
Irish-based engineering firm PM Group saw profits fall more than 10pc last year as turnover slumped after the completion of a number of projects.
Accounts just filed by the PM Group showed a profit before tax of €7.3m on turnover of some €209m. That compared to a profit of €8.2m on revenue of €266m a year earlier.
The Tallaght company blamed the slip on what it called "the completion of a number of large-scale projects".
In July, the group said that it "disposed of the trade and certain assets of Centrix Limited trading as PM Centrix, its remaining software business, allowing the group to concentrate on its core services".
New chief executive Dave Murphy, who replaced Pat McGrath in July, said the international markets remained a priority.
"We continued to focus on international markets to offset the reduction in sales volumes from Irish-based projects," he said.
"The next few years will continue to be difficult economically, but the group's focus on our core sectors in specific countries is proving successful in growing our international business.
"Our expansion into the US market in 2010 and opening an office in China will be of long-term benefit, as will our geographic locations, sectoral spread and multi-national customer base which are proving resilient in the face of tougher international economic conditions and continue to underpin the group's performance in 2011," Mr Murphy concluded.