International construction company PM Group, with its headquarters in Tallaght, reported a drop of 23% in operating profit to €33.9 million due to investments in growth amid rising inflation. The firm saw total revenues decrease by 7.5% to €566 million, which encompassed pass-through revenue from carrying equipment and contract costs for clients. The statement released on Thursday confirmed that the professional service fees remained steady with 2022.
The corporation employs 3,527 workers in Europe, North America, and Asia, with almost 40% holding shares in the business. In the past year, a significant proportion (56%) of the group’s work was conducted for multinational clients based in Ireland, with the remaining business stemming from international operations.
PM Group’s Irish operations in the previous year included significant projects such a €360 million active pharmaceutical ingredient production facility in Blanchardstown, northwest Dublin, and designing a new distillery for Irish Distillers in Midleton, Cork. Despite challenges such as Brexit and political instability leading to decreased investment by multinational clients, the UK division of PM Group successfully delivered projects for Pfizer and Johnson & Johnson in Belgium, and for Thermo Fisher in the UK.
The company experienced significant growth in the Benelux region of continental Europe in 2023, while also expanding its service range in the German market with a new office in Frankfurt. The previous year was described as “challenging” for the firm’s operations in Poland, with the war in Ukraine and high inflation causing a slowdown.
PM Group also continued its expansion in the US by growing its Philadelphia office and inaugurating a new office in Raleigh-Durham, North Carolina, the fifth in the country. In January, Anthony O’Rourke, an internal candidate, succeeded Dave Murphy as the company’s chief executive.