Dave Murphy, the retiring chief executive of PM Group, a privately-owned company, dismisses the notion that construction costs in Ireland are significantly higher than in other markets like Germany and the United States. He also highlights the importance of investing in green energy infrastructure. According to Murphy, all clients seeking to invest are interested in accessing renewable energy sources such as wind and solar. He believes that water infrastructure is also crucial for the projects PM Group is involved in.
PM Group, which employs 3,500 individuals, collaborates with multinational clients across various sectors globally, including technology, pharmaceuticals, and food and beverage. In 2021, the company generated €612 million in revenue, experiencing a 29% increase. Its operating profit reached €44 million, consistent with the previous year’s performance. Chief Financial Officer Rosita Fennell emphasizes that underlying fee revenue, a more accurate reflection of overall performance, rose by 14% in 2021.
PM Group attributes its profitable performance to strategic investments in international expansion and digital infrastructure. These achievements are particularly noteworthy given rising costs and inflationary pressures. The company currently generates 50% of its revenue in Ireland, while continental Europe accounts for 28%. The UK contributes approximately 9%, and the US represents 6%. Fennell envisions generating 60-65% of revenues internationally in the long term.
The expansion plans of PM Group include opening a new office in Raleigh-Durham, North Carolina, next month, following the successful establishment of its fourth office in Philadelphia last year. Anthony O’Rourke, the current operations director for Ireland, the UK, and Europe, will succeed Dave Murphy as the new chief executive.
Despite cautious capital investments in the prevailing environment, Murphy observes that clients remain active. While caution is more evident in certain sectors, such as the tech industry, where investments in data centers have slowed down, the demand for pharmaceuticals, factory capacity, and food and beverage remains significant.
Murphy believes that companies considering capital investments in Ireland are not deterred by perceived high construction costs. He points out that the country attracts a significant amount of capital flows and foreign direct investment. Instead, concerns revolve around energy capacity catching up. In Murphy’s view, Ireland is no more costly than countries like Germany, the Netherlands, or Switzerland when it comes to undertaking projects.
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