Mike Murphy resigns from property firm board

FORMER broadcaster Mike Murphy has resigned from the board of directors of property development firm Harcourt Developments.

Mr Murphy, who turns 70 later this year, turned his back on a successful near 40 year broadcasting career in the early 2000s to concentrate on his business interests.

Harcourt Developments owns and manages a number of office, retail and residential developments across Ireland and Britain, Europe, the Caribbean and North America.

Its ventures include the Titanic Quarter in Belfast, which recently generated construction and design contracts worth nearly €200 million, and Ireland’s largest business park in Park West in Dublin.

While neither Mr Murphy nor a representative of Harcourt Developments was available for comment, notification of Mr Murphy’s resignation from the board of directors — which formally took effect at the turn of the year — was lodged with the Companies Office last week.

The Dublin-headquartered company’s latest set of accounts, covering the calendar year 2009, show that its pre-tax losses widened during the year, going from just over €21.9m to €23.9m.

Operating profits for Harcourt Developments fell from €13.44m to €8.32m. Group turnover increased from €138.6m to €140.8m.

In the last set of accounts, the company said it was in “active negotiations” with a number of institutions aimed at raising external finance, given the large proportion of its existing loan facilities being transferred to the National Asset Management Agency (NAMA).

“There is continued uncertainty in the commercial property market, generally, and particularly in Ireland,” the company states.

“Commercial values have fallen by varying levels in countries in which the group has a presence. The group benefits from a well diversified portfolio.”