McInerney shares up after bullish forecast

SHARES in house building group McInerney Holdings rose 13 cents to €13 in Dublin yesterday following a bullish forecast for the year.

Chairman Ned Sullivan told the group’s annual general meeting in Dublin that the company was experiencing solid demand across all its businesses.

Shareholders were told the high level of demand for Irish housing was showing no sign of diminishing.

And it was expected this demand would continue, boosted by employment, demographics and inward migration, he said.

For that reason, he said, market conditions look favourable for the foreseeable future.

“We anticipate the group performing solidly in 2006, delivering significant growth in unit numbers, revenues and earnings,” he said.

In the last financial year McInerney achieved a 26% increase in pre-tax profits to €50.06m as earnings per share rose 16% to 124c.

Shareholders were told the group is expanding into regions where housing demand is good. It has begun site preparations in Macroom, Co Cork, and lodged a planning application for an Athlone project.

The group also expects to submit an application for housing developments in Athy in response to growing demand for new homes in that area.