PM Group profits dip as revenues hit €336m
Engineering firm PM Group has reported operating profits of €10.6m for 2016, down slightly on the previous year, according to the group's annual results.
This is despite group revenue soaring by 13pc to €336m during the period.
The increase in revenue was driven by an increase in project activity. In addition, underlying fee revenues increased 3pc during the year.
However, the euro-translated profits were dampened by market volatility in underlying trading currencies.
Net assets of €47.1m at the company, whose clients are almost entirely multinationals in the pharma, food and tech sectors, were up from €42.2m in 2015, enabling the group to invest in the development of international locations, as well as further improving its project execution and delivery.
Major activity currently being undertaken by PM Group in Ireland includes projects for Glanbia in Waterford and for Boston Scientific in Galway.
In the US, the company opened a larger office in Boston, which has been optimised to service the growth of the pharmaceutical and life sciences sector in the Massachusetts area.
The company undertook major projects in Poland during the year, while also expanding its service offerings in Singapore and China.
Looking to the rest of the year, PM Group CEO Dave Murphy told the Irish Independent that the company had seen a notable deferral of investment from its pharma and food clients in the UK, which would have an impact of around 10pc on the group's profit.
However Mr Murphy said that the Irish market remained a "strong performer", with FDI continuing to positively impact the group's performance here.