PM Group eyeing up US and European acquisitions
PM Group, the Dublin- and Cork-based-management services group, is eyeing acquisitions in the US and western Europe as part of its five-year growth plan, which began last year.
PM yesterday reported a 21% increase in operating profits for 2015 to €10.9m, and said the strong growth it has seen in the past two years has been maintained in 2016.
Last year’s performance also saw an exceptional gain of €1.8m boost pre-tax profits to €12.6m and underlying revenue fees rise by 3%.
Group revenue stood at €297m, down from the previous year due to a reduction in construction ‘pass through’ revenue.
The business has also announced plans to recruit 500 graduates which will increasingly form the basis of its recruitment model over the next five years, with half of them due to be based in Ireland.
PM Group offers design (architecture), construction, and plant-management services for industrial building projects, with 45% of its revenues derived from Ireland, 20% from the UK, 10% from Asia (particularly Singapore and China), and the rest from mainland Europe and the US.
PM’s management said it is taking a “wait-and-see” approach regarding Brexit, but said it has not seen any major impact on its UK-based operations as yet.
However, weakening sterling will affect its UK revenues this year, although the impact on group earnings is likely to be minimal.
On the acquisition front, PM is in early-stage talks with potential targets and is keen on landing multi- disciplined privately-owned services firms to boost its European and US footprints.
It will remain privately-owned, having bought UK firm Amec Foster Wheeler’s 25% stake last year.
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