PM GROUP ANNOUNCED ITS FINANCIAL RESULTS
The Group achieved operating profit of €43.9m in 2021, an increase of 26% on 2020. This performance was delivered following a strong increase in underlying fee revenue of 21%.
PM Group reported overall revenue, which includes pass through revenue, of €475m in 2021, up 19%. Pass through revenue is where the Group carries procurement and contract costs of behalf of clients.
Net assets increased 31% to €145m which, combined with minimal debt, underpins the Group’s capacity to drive development and growth through continued investment in the business.
PM Group’s workforce grew by 17% to 3,500 people working across Europe, North America and Asia in 2021. The Group’s international presence grew in 2021 with new office openings in the United States and Germany.
PM Group is currently working on a range of complex projects across multiple countries providing design, construction and project delivery solutions to clients in the pharmaceutical, food, mission critical, med-tech and advanced manufacturing technology sectors.
The Group is employee owned with over 1,200 people having shares in the Company, up 20% on the previous year.
PM Group is creating 500 new jobs this year across a range of disciplines including engineering, construction, commissioning, data analytics, finance and IT. Of these, 300 positions will be based in Ireland. Recruitment for the new positions is already underway.
2021 represented the first year of PM Group’s new strategy, Delivering Our Future Together, focussed on continued growth in core markets as well as geographical and sector expansion. The strategy has sustainability at its core and in 2021, the Group achieved certified Carbon Neutral status.
Dave Murphy, CEO of PM Group, commented on the publication of its financial results:
“The strong operational and financial performance of our business in 2021 is a testament to a fantastic team of people right across the organisation. As we begin to navigate the post-pandemic world, it is really encouraging that we are in a position of strength to continue to serve our international clients and grow our business internationally.”
“2021 saw increased investment by our clients and 54% of our work is now international. As a company, we have further increased our U.S. presence through the opening of our Philadelphia office, to support the growth and opportunities we have seen there. We also opened a new office in Frankfurt, Germany, complementing our offices in Belgium and Switzerland.
“The first quarter of 2022 has seen the strong momentum we had at the end of 2021 sustained. Notwithstanding economic and geo-political issues, our multinational clients continue to invest major projects across key markets.
“Finally, we are delighted to be in a position to announce the creation of 500 new jobs, for which we are already actively recruiting. PM Group provides prospective employees with the opportunity to work on leading-edge projects for many of the world’s best-known companies, while having the opportunity to become an owner of the company. The success of our business is all down to our people and we look forward to adding more talented people to our team.”
Chair, Brendan Jennings, said:
“Everyone working with PM Group across the world deserves tremendous credit for the 2021 performance.
“It marks the first year of the Delivering Our Future Together strategy and in financial terms, we are already ahead of the strategic plan at this stage. Another key component of that strategy is ESG, and I am very encouraged by the progress we are making while continuing to deliver operationally and financially.
“As the Company continues to grow, the importance we place on delivering projects safely remains our top priority. I am delighted that in 2021, a year of significant growth, we exceeded our safety targets, while delivering over 17.5m hours of work.
“The greatest challenge we now face as a society is tacking the climate crisis. At PM Group, we have ambitious plans to reduce our environmental impact and the impact of our clients, through the capital projects we design and deliver.”
Denise Maguire Editor of Irish Construction Industry Magazine & Plan Magazine