Construction group McInerney has reported a drop in pre-tax profits for last year to €18.1m, compared with €19.1m in 2000.
Turnover rose from €174.3m to €185.2m but earnings per share fell from 46.32 cent to 43.74 cent.
McInerney's house building division is the main contributor to profits, with completions rising to 808 units from 652 in 2000. The company says trading conditions were difficult last year, but this year's selling season has started well.
It says recent Budget changes to encourage investors back into the housing market have stimulated increased demand this year.
McInerney's Irish contracting operations and Spanish leisure activities performed well, but the Irish commercial division and the UK division performed below expectations.
In the UK, the company acquired the Charlton Group in January for £8m sterling. It says this will provide it with critical mass necessary to serve the north west region in England.
McInerney shares closed 10% higer at €1.98 in Dublin this evening - a gain of 18 cent.
