PM Group to create 500 jobs as pretax profit rises to €12.6m

Project manager PM Group, earned almost €13 million profit in 2015 and said it plans to hire 500 people over the next five years.

The group, whose primary business is overseeing large building and engineering projects, said on Tuesday that operating profits last year rose 21 per cent to €10.9 million.

Turnover fell to €297 million last year from €350 million in 2014, but pre-tax profits rose more than 33 per cent to €12.6 million from €9 million. It had net assets of €42 million.

Dublin-headquartered PM plans to hire 500 engineering, architecture and construction graduates over the next five years as the company grows.

It will recruit over half of those in Ireland. It already employs 2,200 people across its businesses here, in Britain, Europe, the US and Asia.

Chief executive, Dave Murphy, said that the group’s underlying revenues and operating profit grew last year.

“I’m delighted to announce that we have embarked on a significant graduate recruitment drive to fuel future development,” he added.

Mr Murphy explained that the company began a five-year plan in 2015 to expand its business in its key sectors and regions.

“PM Group is trading steadily in 2016 to date and we are targeting an operating profit out-turn for the year similar to that achieved in 2015,” he said.

The group works for the pharmaceutical, food, medical technology, manufacturing and energy industries.

Chairman Dan Flinter highlighted the fact that the group bought out Amec Foster Wheeler’s 24.6 per cent stake in the business.

“The outcome of this initiative means that PM Group is now 100 per cent owned by our employees,” he said.

“As we pursue our business strategy, it is essential that we continue to attract the top talent across all disciplines who are interested in working on leading edge projects for international clients here in Ireland, and across our overseas markets,” Mr Flinter added.

PM Group’s parent is Project Management Holdings Ltd.

From Irish Times (25/10/2016)