McInerney profits rise 38% in 2003

McInerney, Ireland's largest homebuilder, said profits rose 38% last year as low interest rates boosted demand for new homes.

The group operates under three main divisions: housebuilding in Ireland, leisure (Spanish property rentals), and commercial development.

Pre-tax profits rose by €7.84m to €28.46m in the 12 months to December.

Turnover rose 52% to €352.5m.

The company will pay a total dividend for the year of 11c per share, a rise of over 75% on 2002.

McInerney built a total of 1,481 houses in 2003, up 28% from the previous year.

The total number of houses built by McInerney in Ireland was 969.

Chairman Roy Ferris said: "Demand for housing in all markets continues to be strong and the high level of deposits secured going into 2004 augers well for further enhanced returns to shareholders."

He also said that demand from first time buyers contributed to their success.

In Britain the company built around 447 private houses.