Profits down at engineering and architecture firm PM

PROFITS AT engineering and architecture specialist PM Group fell 11 per cent to €7 million last year, its latest figures show.

PM Group, which was project manager on the Lansdowne Road stadium makeover, had revenues last year of almost €209 million, a fall of 21 per cent on the €266 million turnover it generated in 2009.

Profits before tax were down 11 per cent in 2010 at €7.3 million from €8.17 million.

However, a once-off gain of €713,000 from the sale of a subsidiary, PMI Software, boosted profits in 2009.

The group has been focusing on growing its business outside Ireland, and yesterday announced it has opened an office in China, one of a number of markets into which it has said it wants to expand.

Recently appointed chief executive Dave Murphy pointed out that the country’s food and biopharmaceutical markets are amongst the fastest growing in the world.

“We have considerable experience working in these sectors and with investment in manufacturing facilities on the increase there, it was an obvious strategic move for the group,” Mr Murphy said.

He said the company will continue to focus on international markets to offset the fall in sales in Ireland.