Cork-founded PFH sees profits rise by almost threefold to more than €16m
The group's operating profit, however, increased from €5.5m to €16.4m in the same period, which PFH said was mainly due to a decrease in payroll costs and pension contributions.
Strong demand from a growing client base saw Cork's recently-acquired software firm PFH Technology increase its profits by almost threefold last year, rising to more than €16m in 2024.
Latest financial accounts from PFH Technology Group Ltd noted that strong marketplace demand, driven by what appeared to be a "permanent shift to hybrid working," led to growth across public, private and multinational company sectors.
The company, which was acquired by Japanese imaging company, Ricoh in 2023, also credited an increase in clients' digital transformation projects, but mostly from a "strong focus" on selling more solutions to existing customers, as well as growing its client base year-on-year.
However, the group's turnover fell slightly in the twelve months ending in June 2024, decreasing to €151m from €156m in the previous year which it attributed to an AVP adjustment in the period.
The group's operating profit, however, increased from €5.5m to €16.4m in the same period, which PFH said was mainly due to a decrease in payroll costs and pension contributions.
Founded in 1985 by Paul Hourican, PFH employs hundreds of employees across its headquarters in Cork and its Dublin and Galway offices.
Once boasting more than 750 staff, the group's employee numbers have fallen since joining the Ricoh group, with staff numbers in 2024 falling to 653, down from 714 in the previous year.
Staff costs in the period also fell notably, dropping from €43.5m in 2023 to €35.6m last year.
Following its acqusition, the company said it remains to be "the leading ICT supplier" in its chosen market, adding that it continues to expand its portfolio of solutions which include architect and design, implementation, project management and managing customers' ICT assets.
Looking forward, PFH said it will continue to identify additional IT related solutions, noting that the company directors were "confident about sales orders and activities" for its 2025 financial year.
