Ballymore’s UK arm turns pre-tax profit

The British arm of Seán Mulryan’s Ballymore Developments returned to profit last year to record pre-tax profits of £4.3m (€5.14m).

New accounts lodged by Ballymore Properties Holdings and subsidiaries with Companies House show the group returned to profit in spite of revenues falling 8% from £143.6m to £132.4m in the 12 months to the end of Mar 31 last. The group recorded the fiscal 2012 pre-tax loss of £372m arising mainly from a £282m write down in assets.

The directors’ report for 2013 states that “while the operating environment for the business has proven to be difficult, the group has had a number of successful financial and operating performance outcomes during the year”.