Estate agent Sherry Fitzgerald has reported pre-tax profits of €3.55m for the first half of this year, an increase of 63% on the same period a year earlier. Turnover was 16% higher at €15.9m.
Earnings per share grew by 81% to 17.36 cent and the debt/equity ratio has been reduced from 26% to 9%. New homes turnover more than doubled to €5.3m.
Chief executive Mark Fitzgerald said the results reflected restored confidence and demand in the residential property markets and in particular an increase in turnover in the new homes market from private buyers and investors.
He said trading levels moderated in the summer months this year, reflecting seasonal factors, but the outlook for the second half was positive.
Commercial fee income fell 16%, however, as the global economic slowdown hit corporate decision making.
The group has entered a franchise deal with Simply Mortgages to operate a financial services and mortgage broking business. Sherry Fitzgerald also says page impressions on its web site MyHome.ie have increased by 50% in the last year.
