Housing recovery still ‘uncertain’
The group’s management met with shareholders to update on the measures it is taking to steady its finances following the posting of a heavy first-half pre-tax loss, earlier this month, the announcement of a €156m impairment charge and the halving in value of its Irish land bank (the value of its British land bank was reduced by 40%).
Group chairman Ned Sullivan said that house sales in Britain have remained stable during September, “albeit at a very low level”. He said the previously announced write-down in the value of its main two land banks was “a very conservative view”, but a realistic view given the current market conditions.
