Profit at PM Group hit by Brexit and strong euro

Brexit and the strong euro left profits at Irish-based project manager PM Group trailing by 14 per cent at €9.1 million last year, the company said on Wednesday.

PM also confirmed the acquisition of Magnet Group in Belgium, an engineering business with 60 workers whose clients include Pfizer, Proctor & Gamble, Kellogg's and the Port of Antwerp. The deal follows its purchase earlier this year of UK engineering group Projen.

Revenues at PM Group, which works mainly for the global pharmaceutical, high tech and manufacturing industries, fell 14 per cent to €290 million, partly due to costs incurred by the business on clients’ behalf.

Operating profit fell 14 per cent to €9.1 million. PM Group attributed the slide to Brexit and the strength of the euro against other currencies. Net assets grew 10 per cent to €51.8 million.

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PM now employs more than 2,400 people worldwide and intends hiring a further 400 by 2020, more than half of whom will be graduates.

Chief executive, Dave Murphy, said that despite a number of external challenges, 2017 had been a strong year.

“We delivered a range of complex projects for multi-national clients around the world,” he said.

“Unsurprisingly, some UK clients are hesitant about committing capital to projects with ongoing uncertainty regarding Brexit.”

Mr Murphy added that PM is seeing strong growth this year, boosted by the purchases of Magnet and Projen.

Chairman Dan Flinter noted that PM achieved solid results last year. "The performance to date in 2018 has been really positive and a great tribute to the group's management and staff," Mr Flinter said.