Building group McInerney Holdings has reported a 100% increase in pre-tax profits for the first six months of the year to June 2004.
Pre-tax profits rose to €17.03m compared with €8.53m in the first six months of 2003, driven by higher output in the company's Irish housing business and margin growth in its Irish and UK housing businesses.
Group turnover increased from €138.5m to €158.3m for the six month period.
Basic earnings per share were 43.33 cent compared to 21 cent for the same time in 2003 - an increase of 106%. An interim dividend of 7 cent has been declared, up 41% on the same time last year.
McInerney Holdings said the Irish housing building division experienced an 'excellent' first half with a strong volume of sales being achieved. Some 574 private housing units have been finished compared with 355 for the first six months of 2003.
The company said the number of units completed for the whole of 2004 is expected to exceed 1,100. 'Market conditions remain particularly strong with our broad regional spread ensuring continued favourable demand for the group's range of housing products,' McInerney said.
The group's UK housing operation is continuing to increase its contribution to the group with a strong first half performance. 141 private housing completions, at increased margins, were recorded in the first six months of 2004 compared to 181 for the same time last year. It is expected that over 550 units will be completed by the end of the year.
McInerney's Spanish freehold division completed eight units in the first six months with 60 sales on hand for completion in 2005. The division is progressing two major freehold developments, which the company said will provide growth and profit revenue streams in the 2005 period and beyond.
'The group is pleased with the pace of profit growth achieved over the last three years,' commented McInerney's Chairman Ned Sullivan.
'The directors anticipate another excellent full year result. Our growth strategy is exceeding targets and is ahead of expectations,' he added.
McInerney shares were unchanged at €5.90 on the ISEQ this evening.
