Revenues at PM Group decline 16%
A fall in property values and restructuring costs combined to dent profits at engineering specialist PM Group last year.
PM Group, which provides consulting engineering services in Ireland, Europe, the US and Asia, said yesterday that revenues in 2011 fell 16 per cent to €175.8 million.
Operating profits remained stable at €6.9 mil- lion on the back of a number of completed projects.
A number of once-off charges cost the group just under €5 million last year, leaving profit before tax at €2.1 million, down more than 80 per cent on the €7.3 million it recorded in 2010.
These included a €3 million reduction in the value of one of PM's Irish properties.
The restructuring of its British architectural business Devereux cost it €1.2 million, while the group wrote a further €500,000 off the goodwill arising from that business.
The closure of its office in Sweden cost €220,000.
The group also had a €3.8 million pension deficit at the end of the year.
Chief executive Dave Murphy said yesterday that the group was benefiting from increased spending in biopharmaceutical, food and technology sectors globally.