Ballymore’s British profits rise to £12.7m
Ballymore Properties’ British arm saw pre-tax profits rise to €18.4 million (£12.7 million) in the year to end March, 2004, from £8.6m the previous year.
The company saw its turnover for the year also leap ahead from £38m to £97.2m last year. The accounts also show that turnover was boosted from the sale of properties and construction income, which rose from £29m in 2003 to £88m last year. But rental income dropped slightly to £8.3m from £9m.
The company’s balance sheet shows it has total assets of £250m.
The rebound in profits in 2004 also helped shareholders’ as funds rose to £80m at the end of the year.
Directors’ remuneration increased from £177,000 to £1.63m. It is believed that Mr Mulryan was the beneficiary of the entire amount.
The company also increased its workforce during the year, adding 11 employees to bring the total to 91.
The wages and salary bill doubled to £6.2m, giving an average annual pay of £68,000.
Mr Mulryan has emerged in recent years as the largest developer in Britain.
He is part of a consortium that is in line to develop an area of London worth close to £2 billion.
The company has teamed up with Canary Wharf, the developer of the east London docklands, to regenerate an area of the city called Wood Wharf.
The project, which is being awarded by the British Waterways agency, is in the final stages of being negotiated.
Under the scheme Mr Mulryan and Canary Wharf are planning to turn the 20 acre sites into a mix of commercial office space, a hotel and 1,500 luxury apartments
Ballymore Properties was set up by Mr Mulryan in 1982 and has quickly grown to become one of the largest property developers in Ireland and Britain with both residential and commercial arms.
Mr Mulryan was one of the first Irish developers to spot the potential of the London property market and has developed luxury apartment complexes close to the docklands and the financial heart of the city.
It has also moved on office developments.
