Ballymore’s British profits rise to £12.7m

IRISH developer Sean Mulryan has seen a major turnaround in the fortunes of his British business, according to accounts just filed at the Companies Office in London.

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.