Ballymore’s UK pre-tax profits fall

Pre-tax profits at the UK arm of Sean Mulryan’s Ballymore property development business fell 37% to £88.3m (€103.4m) last year.

Newly filed accounts, however, show that revenues at Ballymore’s UK division jumped from £99.29m to £555.16m during the 12 months to the end of last March.

The company’s directors said the sharp increase in revenues reflected a significant increase in the sale of residential units during the year.