House builder McInerney has warned that its results for 2008 will be worse than expected, as it said it saw no improvement in the Irish and UK housing markets in the short-term.
In a trading statement, it said conditions in its markets deteriorated as the year went on.
McInerney said that, as a result, it was reviewing the value of its land bank, and this would mean its 2008 figures would take another hit.
The company also said it had reached a new agreement in principle with its banks in the UK on debt arrangements. This follows a similar agreement last year with its Irish banks.
McInerney said it built 1,359 homes in total last year, down from 2,414 in 2007. In Ireland, house completions were halved to 296.
The group said recent cuts in interest rates would help the housing market in the medium-term, but weak consumer sentiment and problems accessing mortgage lending were hitting demand.
