McInerney reports 16% increase

Construction company McInerney Holdings today announced a pre-tax profits increase of 16% to €58m for the year ended 31 December 2006 compared to the 2005 result of €50.1m.

Profit after tax for the year was €48.6m compared with €41.1m for the full year in 2005, an increase of 18%.

The group has also announced the acquisition of UK company Lancing Homes Limited for £16.25m (€24.2m).

Managing director of McInerney, Barry O’Connor said: "Our businesses in Ireland, the UK and Spain have performed well in 2006 and strong progress was achieved across all regions. The group is well positioned going into 2007. "

"We now have a significant operational base in the UK as a result of our acquisition strategy, continued investment in our land bank and development of our senior management team.

"Operationally, we have achieved our objective of growing our UK home building division to a scale similar to that of our existing Irish operations. The acquisition of Lancing further expands our land bank capacity and consolidates our position in the North East of England."