Industry & Business

PM Group’s boss rules out flotation on profit rise

 Breaking News
  • Arkphire Secures New Investment IT solutions and networking company, Arkphire, has announced that Bregal Milestone, a private capital firm, has completed an investment into the business. The investment by Bregal Milestone comes from their new €400 million pan-European fund dedicated to investing in high-growth European companies. Typical commitments from Bregal Milestone range from €20 million to €60 million. Arkphire provides [...]...
  • Government Investment in Research & Development Amounts to Over €750 Million in 2018 The latest figures on Government investment in research and development (R&D), published by the Department of Business, Enterprise and Innovation, show that over €750 million is estimated to have been invested in R&D in 2018. The data in The Research and Development Budget 2017-2018 publication is compiled from a comprehensive survey of thirty Government Departments [...]...
  • Smart Dublin in Partnership With Enterprise Ireland Award 21 New Innovation Contracts Approximately €700,000 is to be awarded to companies under Enterprise Ireland’s Small Business Innovation Research (SBIR) initiative which will enable them explore innovative solutions to address challenges faced by Local Authorities. 21 companies have been awarded Phase One funding to progress the feasibility of their solutions. Phase One funding will allow each recipient to carry [...]...
  • Tourism Industry Barometer Reflects Buoyant Year But Hints at Brexit Concerns Tourism performance throughout 2018 continues to be on a strong footing, according to the latest Fáilte Ireland Tourism Barometer. The survey of more than 500 tourism businesses around the country shows over half of the tourism industry is reporting their business to be up, with two thirds (64%) saying that tourism agency supports have been [...]...
  • Glanbia to Acquire SlimFast For $350 Million Glanbia, the global nutrition group, has agreed to acquire SlimFast and other brands for $350 million from the owners KSF Holdings LLP and HNS Intermediate Corporation. SlimFast is a leading weight management and health & wellness brand family distributed primarily in the food, drug, mass and club (FDMC) channel in the US and UK. It [...]...

PM Group’s boss rules out flotation on profit rise

PM Group’s boss rules out flotation on profit rise
October 01
08:56 2015

Irish engineering firm PM Group doesn’t intend plotting a stock market flotation yet, with a strong enough balance sheet to allow it to continue its expansion strategy for at least the next five years, according to chief executive Dave Murphy.

The company, whose clients are almost entirely multinationals in the pharma, food and tech sectors, said its operating profits rose 24pc to €9m last year, despite revenue remaining largely flat at €349m, according to results yesterday.

The company – almost 25pc-owned by Switzerland-headquartered engineering group Amec Foster Wheeler – counts Google, Dell, Astra Zeneca, Merck, Glanbia and Mondelez among its clients. It generates the biggest chunk of its business outside Ireland.

Mr Murphy said that while the group had experienced a strong 2014 within the pharmaceutical sector in particular, economies generally across continental Europe remain muted.

“We saw it two years ago in Ireland that foreign direct investment flows had picked up,” said Mr Murphy.

“There’s no significant pick-up across Europe. There’s still a reasonable amount of investment in the sectors we’re focused on, but you couldn’t say there’s any major up-tick in business across the Eurozone.”

PM Group generated €101m, or almost 29pc of its revenue in Ireland last year, with €144.8m, or 41pc, recorded in continental Europe. Another €61m, or 17pc, was made in the UK, and €4m in the US. Other revenue unclassified by region totalled €38.7m.

The firm plans to grow revenues by 25pc over the next five years, and its earnings by 70pc. By 2020, it aims to generate 40pc of profit outside Ireland.

Mr Murphy said the issue of a flotation does sometimes arise at board level.”It does come up from time to time,” said Mr Murphy. “But right now, we have a very strong balance sheet, we’ve no debt, and we’re largely able to fund any growth through our own resources.”

He said the business relies on personal interaction with clients. “We believe that the benefit of having a private feel of having employee-shareholders and managers means that people can often get a lot of benefits from the business that they mightn’t from a plc environment.”

He added that the company would think “long and hard” before considering a flotation.

“The biggest attraction would be to have more fluidity for our shares – we currently have a private market that happens once a year. But right now, we’re not looking for funds.”

Chief financial officer Larry Westman also said that the company is now “back on the acquisition trail” after consolidating previous buys. “If we find the right opportunity, whether it’s geographic, or a skills set or a niche service, we’ll move on that.”

About Author

admin

admin

Related Articles

New Subscriber





Subscribe Here



Advertisements



















National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4