McInerney profits race up 100%

Construction company McInerney Holdings has reported a mammoth pre-tax profit leap of 100% to €17.03m. Pre-tax profits for the same period last year (six months to end-June) were €8.53m.

Construction company McInerney Holdings has reported a mammoth pre-tax profit leap of 100% to €17.03m. Pre-tax profits for the same period last year (six months to end-June) were €8.53m.

Earnings per share increased by 106% to 43.33 cent, compared to 21 cent in 2003. Interim dividend was up 41% to 7 cent per share gross.

McInerneys built 574 homes in first six months of the year, compared to 355 in 2003. The number of units completed for the full year is expected to exceed 1,100.

In the UK, 141 private houses were completed, and at increased margins, in the first six months as compared to 181 for the same period in 2003. It is expected over 550 units will be completed for the full year.

The Spanish freehold division completed eight units in the first six months with 60 sales on hand for completion in 2005. The division is progressing two significant freehold developments, the company said. The first is at Mijas, where planning is advancing steadily, and the second more medium-term project is at Sotogrande.

"The directors are very pleased with this strong performance, which was driven by higher output in our Irish housing business and margin growth in our Irish and UK housing businesses," the company said today.

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