Overseas operations boost PM Group's profits
Pre-tax profits at Irish international engineering and project management firm PM Group jumped by a fifth last year to €9.7m as it won more business outside Ireland.
The company is now looking to expand its operations in the UK, where it employs 300 people. It anticipates that it will require an extra 200 staff.
The UK business has been growing its client base and is a strong focus for further development in the Group.
It provides specialised services to high end indigenous UK companies and leading multinational clients.
The company's UK managing director, Peter Farrelly, said there has been a strong resurgence in UK manufacturing.
"One of the trends driving this is 'onshoring'; returning production from so-called low-cost overseas countries.
"According to the 'Financial Times', for instance, one in six UK manufacturers in 2013 brought production back from overseas or was in the process of doing so.
"This is a result of a myriad of factors including political instability in less developed countries, the cost of shipping, and changes to UK tax legislation which has made manufacturing cheaper in the UK, and also physical risks such as the Tsunami in South East Asia. This has really boosted construction activity in the UK and is a trend that we see continuing."
Mr Farrelly said the company has witnessed a boom in automotive and aerospace industries for instance, with companies like Rolls Royce and Airbus developing new facilities.
PM Group was established in Ireland in 1973 and has 2,100 staff across 18 countries.
The group is involved with projects in 30 countries throughout Europe, Asia, the USA and the Middle East.
PM Group has recently been working on a number of projects in the emerging area of cell therapy as part of a government drive to develop the UK cell therapy industry, and has seen increased activity from large-scale pharma companies like GSK and Astra Zeneca.
"Irish companies have a lot to offer in this active UK market including our flexibility on the locations and types of projects, ease of access to the market, and the expertise we have developed in sectors that are now performing very well in the UK," Mr Farrelly said.
"As a company, if you can establish yourself in the UK, it can then act as a real springboard to markets in mainland Europe, with particularly easy access to western and northern Europe."