Taggart profits up 35% to €25.3m

NORTHERN Ireland property group, Taggart Holdings announced pre-tax profits of €25.3 million for last year, a rise of 35% on 2005.

They also said turnover increased by 135% to €165m.

The company, who built over 400 houses in 2006 said the strong results were driven by a successful mix of acquisitive and organic growth.

Company director, Michael Taggart said: “We are delighted to announce an excellent set of results for 2006, with annual turnover breaking the €150m threshold for the first time.

It was an exciting year for the Taggart Group, with the successful acquisitions of Cecil M Yuill Ltd in North England and Fraser Estates in Northern Ireland, both of which are already proving to be highly profitable.

“Solid organic growth was delivered across all of our businesses in Ireland and the UK, with particularly high demand in Northern Ireland contributing to our strong performance in that market,” added Mr Taggart.

Taggart entered the US market for the first time last year with the acquisition of a development site in Florida and said they will continue to look for opportunities both in the American market and in central and Eastern Europe.

“We remain focused on delivering further profitable growth for the Taggart Group and are confident that 2007 will be another successful year,” said Mr Taggart.