McInerney pre-tax profits increase by 26% to €26m

PRE-TAX profits at McInerney increased by 26% to €26 million in 2003, according to Davy Stockbrokers.

McInerney Holdings is scheduled to release its 2003 results on Tuesday and Davy analyst Florence O’Donoghue said the company had produced earnings growth of 32% per annum since 1997.

“We envisage earnings growth of 26%, with the seasonally strong second half accounting for around two-thirds of the year’s earnings,” she said. Ms O’Donoghue believes higher levels of house building activity will be the primary driver of the results. Referring to the company’s trading statement in January, she said McInerney sold 1,481 private housing units in 2003. This represents a 28% increase on 2002.