PM Group grew operating profit 26% last year as pandemic boosted pharma sector
This year will see its employees around the world return to offices ‘in large numbers’ as the company rolls out its hybrid working model
PM Group, the Irish-based worldwide engineering and building administration firm, grew its working revenue by 26 per cent final 12 months to €43.9 million, aided by development within the pharma sector because of the Covid-19 pandemic, its newest set of accounts present.
The group introduced its monetary outcomes for the 12 months ended December thirty first, 2021, on Friday. Web belongings elevated 31 per cent to €145 million.
Total income, together with cross by income – the place the group carries procurement and contract prices of behalf of purchasers – was €475 million, up 19 per cent. This efficiency was delivered following a powerful enhance in underlying payment income of 21 per cent.
Talking after the publication of the outcomes, the group’s chief monetary officer Rosita Fennell mentioned the Covid-19 pandemic had benefited the group financially.
“The pharma sector generates about two thirds of our income, and the sector was very sturdy final 12 months,” she mentioned.
“Covid benefited us from a income perspective, however there was additionally lots of price concerned when it comes to ramping up our digital infrastructure and enabling distant working.”
This 12 months will see PM Group staff world wide return to places of work “in massive numbers” as the corporate rolls out its hybrid working mannequin. The event of digitally enabled instruments will help staff to work flexibly.
Ms Fennell mentioned the corporate would supply workers the choice to work three days per week remotely.
“We see the good thing about making an attempt to deliver individuals again into the workplace so we’re providing individuals the chance to come back in on a two day foundation as much as a 5 day foundation.”
The group is employee-owned with greater than 1,200 individuals holding shares within the enterprise, up 20 per cent on the earlier 12 months.
PM Group’s workforce grew by 17 per cent to three,500 individuals working throughout Europe, North America and Asia in 2021. The group’s worldwide presence grew in 2021 with new workplace openings in america and Germany.
PM Group is at present engaged on a variety of tasks throughout a number of nations offering design, building and undertaking supply options to purchasers within the pharmaceutical, meals, mission crucial, med-tech and superior manufacturing expertise sectors.
The corporate is creating 500 new jobs this 12 months throughout a variety of disciplines together with engineering, building, commissioning, knowledge analytics, finance and IT. Of those, 300 positions can be primarily based in Eire. Recruitment for the brand new positions is already underway.
PM Group chief govt Dave Murphy mentioned the most important concern going through the enterprise going ahead is inflation, including that it has been exacerbated by the Ukraine struggle.
“The fast affect could be when it comes to vitality costs and gas costs,” he informed The Irish Occasions. “It’s also affecting inflation and driving enter costs. It does appear to be it us going to be with us for fairly some time sadly.
“Lots of our purchasers have real enterprise wants in that area, however we haven’t seen our purchasers pull again when it comes to any of their investments so we’re nonetheless optimistic when it comes to our jobs bulletins.
“The primary quarter of 2022 has seen the sturdy momentum we had on the finish of 2021 sustained.”
The group continues to develop throughout all its markets with main tasks undertaken for Bayer, Boehringer Ingelheim, Eli Lilly, J&J, Meta, MSD, Pfizer and Sanofi.
The group mentioned the outlook for 2022 is optimistic with exercise ranges and backlog remaining sturdy. Group efficiency within the first quarter to March has maintained the sturdy buying and selling momentum from 2021, with income and earnings up year-on-year.