Ballymore’s UK arm turns pre-tax profit

Seán Mulryan: One of four directors.

The British arm of Seán Mulryan’s Ballymore Developments returned to profit last year to record pre-tax profits of £4.3m (€5.14m).

New accounts lodged by Ballymore Properties Holdings and subsidiaries with Companies House show the group returned to profit in spite of revenues falling 8% from £143.6m to £132.4m in the 12 months to the end of Mar 31 last. The group recorded the fiscal 2012 pre-tax loss of £372m arising mainly from a £282m write down in assets.

The directors’ report for 2013 states that “while the operating environment for the business has proven to be difficult, the group has had a number of successful financial and operating performance outcomes during the year”.

It states that on Mar 31 last, contracted pre-sales on the group’s stock properties totalled £570m, while the directors also report that since year end, the group completed the sale of Old Spitalfields Market for £105m.

The figures show that aggregate remuneration for the firm’s four directors, Seán Mulryan, John Mulryan, David Pearson, and Brian Fagan increased from £399,000 to £450,000. The highest earning director — who is not identified — received £160,000 last year in renumeration.

The directors state that at Mar 31, 2013, the group had total debt of £1.06bn and is dependent on the continued financial support of Nama and banks.

The directors state that the group’s property portfolio has a carrying value of £473m.

The directors “believe that there is significant further value within certain of its stock assets that is not recognised under the accounting conventions on which the balance sheet is prepared”.

The directors state that the group’s business plan contains the achievement of financial targets, through disposal of non-core assets and through joint ventures.

The group’s shareholders’ deficit totalled £794.6m last March that included an accumulated loss of £667.8m. The group’s cash increased from £18.6m to £26.3m.

The group recorded an operating profit of £24.7m last year that followed an operating loss of £336.4 in fiscal 2012.

Net interest payments of £26.6m reduced the firm’s profits and a profit of £7m on the sale of assets contributed to the £4.3m pretax profit. Numbers directly employed last year reduced from 220 to 142 with staff costs declining from £10.1m to £10m.


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