UK arm of Irish developer helps boost group turnover to £228.8m in its interim results
A good performance from its UK operation helped Irish residential developer McInerney deliver a positive set of interim results.
Pre-tax profit saw a mild increase to £11.21m up from £11.012m, a rise of 1.7%, for the period ending 30 June. Group turnover rocketed 34% to £228.8m from £171.2m.
The UK market was the most successful for McInerney. The division, which includes private housing, construction contracts and commercial work, completed 268 units compared with 142 units in the corresponding period in 2005. UK turnover shot up nearly 80% to £56.4m
The developers domestic market of Ireland proved tougher. It completed 362 units in the six month period, down from 438 units while turnover fell 8.4% to £83.697m. However the group expects full year completions to be on a par with last year.
Ned Sullivan, chairman, said: “The group is favourably positioned across all markets. We expect to achieve strong growth in unit numbers and revenue in 2006. The directors are confident of a positive result for the current year.”