McInerney Holdings said today that it will exceed 2001's performance figures in 2002. In a trading statement, the construction group says figures for the year to the end of 2002 will see substantial increases in both group housing completions and deposits on hand.
Barry O'Connor, the group's Managing Director, said its performance, particularly in the private housing sectors in Ireland and the UK, was very strong in 2002.
Private house completions in Ireland, UK and Spain increased by 63% from 711 in 2001 to 1,161 in 2002. Completions in Ireland, comprising both private and contract housing units, increased to 1,011 from 808 the previous year.
McInerney said that margins were maintained in the group's Irish housing business, while delivering higher unit output at lower average prices.
Following the group's purchase of Charlton Group last January, house completions in the UK soared from 9 in 2001 to 310 in 2002. Of the 257 private housing completions in the UK last year, 192 were from Charlton and 65 from Hargraves Homes.
But the company said the contracting margins were tighter during the year and the overall result was 'disappointing'. It added that land sale profits in Ireland were lower than in previous years.
'The group has experienced a very strong 12 month period nothwithstanding market expectations of much uncertainty,' O'Connor said. 'The acquisition of the Charlton Group in the UK proved to be well timed and added positively to both the increase in completions and deposits on hand. We remain optimistic in terms of growth for 2003,' he added.
Shares in McInerney closed up 15 cent at €2.25 in Dublin.
