ISEQ falls despite positive results news

Construction company McInerney Holdings made the biggest waves on the ISEQ today, announcing a whopping 100% jump in profits.

The winning formula was simple - building more houses at higher margins. McInerney built 574 homes in Ireland in the six months to June 30 and completed 141 in the UK. The company also has a foothold in the Spanish house-building market.

The ISEQ responded in kind - McInerney shares were up 10 cent to €6 per share in morning trade.

It was a busy morning for results, with announcements also from Irish Ferries owner Irish Continental, bathroom group Qualceram Shires and Employment services group CPL Resources.

Irish Continental blamed poor foot passenger numbers for a €500,000 fall in profits (€1.9m for the first six months of 2003 to €1.4m to end-June 2004).

A solid foundation built on repeat business was credited by employment services group CPL Resources for a full-year, pre-tax profit jump of 49% to €2.6m. The group’s turnover increased by 41%, over the prior year, to €73.9m.

Profits were also up, though by a far smaller margin, at bathroom products group Qualceram Shires, which reported pre-tax profits of €3.01m for the six months to the end of June 2004, compared with €3m the same time last year. The company is looking to the end point of the Special Savings Incentive Schemes to continue the positive trends in the economy, with knock-on effects for the home improvement trade.

The ISEQ stands at 5577.39, down 16.62 points, due to falls particularly in the financials. AIB was down 10 cent to €13.23, Bank of Ireland fell four cent to €11.33 and Anglo Irish Bank was down seven cent to €14.47.