McInerney announces €20.6m profits

McInerney Holdings have reported pre-tax profits of €20.6m for 2002, but managing director Barry O'Connor has denied plans for a possible management buyout.

However, he did confirm that the company's directors now own 17% of the firm following recent share deals.

Harcourt Developments who had a 10.5% shareholding in McInerney sold their stake yesterday at €3 per share to institutional investors and the company's management.

Speaking at today's AGM, chairman Roy Ferris said the substantial profit growth achieved through their British operations was clear validation of the Group's corporate strategy to increase earnings by geographical diversification.

He also expressed his satisfaction that the strategy would be successful in 2003.

"Our ambition is to create a Group that delivers high growth from a diversified operating base and this objective is being achieved," he said.

Today's figure was a 14% increase on 2001.