Profits are on the up at Irish engineering firm PM Group, thanks to wins on foreign direct investment (FDI) projects.
Construction services firm PM Group expects its performance this year to outpace 2012 on the back of a continuing strong pipeline of work derived from FDI.
Speaking to the Irish Independent as the company reported its 2012 results, chief executive Dave Murphy said that the outlook for FDI investment in Ireland over the next six months remained robust after what had been a strong year so far.
The company posted revenue of €193m in 2012, up 10pc on 2011, while operating profit was 17pc higher at €8.1m.
PM Group, whose chairman is former Enterprise Ireland boss Dan Flinter, generated almost €108m of that turnover in Ireland. That was up from the €104.7m it reeled in the previous year. Last year €24.6m in revenue was recorded in the UK, virtually unchanged despite expectations that it might have slipped due to economic difficulties there.
The bulk of the revenue growth was derived from other global markets, such as China, Vietnam and India. It also did well in western European countries outside Ireland and the UK. Turnover at PM Group's operations in those other regions hit €57.3m last year, up from €42.4m in 2011.
Among PM's non-executive directors is former CRH boss Liam O'Mahony. Mr Murphy said that the company has continued to be active across specific sectors including pharma, medical technology, food and data centres over the past year.
Among its projects last year was Google's €75m data centre in west Dublin.
He added that the potential size of the company's order book was strong given the number of projects that might come to fruition. Between 60pc and 70pc of PM Group's revenue is sourced from multinationals.
It paid €482,000 in dividends to shareholders last year, down from €782,000 in 2011.
The company, which celebrates 40 years in business this year, has also had an operation in the US for the past two years.
Mr Murphy said that was a strategic move to ensure the firm had a presence close to some of its biggest clients.
PM's revenue in the US was €3.1m last year, down from €4.3m a year earlier.
The accounts for the company also show that it has agreed to pump €6.1m into a defined benefit scheme over five years. It said that €1.1m of that was injected last year.
The company also confirmed that it had reached a settlement with Health Minister James Reilly and his business partners related to a planned medical centre in Dublin that was never built.
PM Group had sued Dr Reilly and his two business partners, claiming €115,000 in alleged unpaid professional fees. Dr Reilly had rejected the allegation.
The minister and his two partners were reported to have paid a fraction of the amount PM Group claimed it was owed by way of full settlement of the action.