PM Group's profits soar 11pc as firm insulated from Irish collapse
PROFITS at the project management and engineering company PM Group rose 11pc last year, as the company benefited from not having invested in the Irish property bubble.
In its accounts for 2009, the company, which focuses on capital projects in the private and public sector, reported a profit of €6.85m on the back of turnover that rose 6pc to €266m, as the company benefited from lower costs and a solid order book.
The increase in turnover came mostly from the US, where turnover was up nearly five-fold to €2.5m, and internationally, where it rose €13m.
Company chief executive Pat McGrath said the nature of PM Group's business meant it was not exposed when the Irish economy collapsed, and now the group was seeing the benefit of that business strategy.
"We were never involved in the property sector here, so we never really benefited from the boom. Just about the only thing the boom did for us was increase our cost base to a huge extent," he said.
"As well as that, going back three or four years ago, we began to shift our business away from Ireland when we began to see a bit of a slowdown in business here.
"By focusing on the big capital projects that we do, perhaps we aren't as exposed as some other businesses. Now we are benefiting from lower costs in Ireland," he added.
Mr McGrath said trading in 2010 had been "reasonable" so far and was in line with internal expectations.