Estate agent Sherry Fitzgerald has reported a 26% rise in pre-tax profits to 4.1 million euros for last year on 57% higher turnover of 27.2 million euros. Earnings per share rose by 99% to 31.65 cents and a final dividend of three cents is to be paid.
During the period Sherry Fitzgerald increased its network to 63 locations nationwide and chief executive Mark Fitzgerald says it is well placed to achieve its aim of handling 20% of the Irish house sales market and 10% of the mortgage market.
Growth in the second hand market was 9%, while new home sales were up by 73%. 28% of new home sales were outside Dublin. Turnover at the group's commercial arm DTZ Sherry Fitzgerald rose by 81%. During the period it acquired a 20% stake in Belfast agency McCombe Pierce. Sherry Fitzgerald also launched property portal MyHome.ie last month in association with AIB and two other property agents.
The company says negative sentiment in the residential property market following Government measures last year had largely dissipated by year end, and business in the first three months of 2001 is well ahead of last year.
But it says the US slowdown has affected the commercial sector, with signs that occupiers are beginning to postpone expansion decisions.
