UK arm of Sean Mulryan’s Ballymore Developments builds profit

Profits at the UK arm of Sean Mulryan’s Ballymore Developments last year increased almost threefold to £154.9m (€217.6m).

New accounts lodged by Ballymore Properties Holdings Ltd and subsidiaries with Companies House in the UK show that the group recorded the profit despite revenues having fallen from £222.7m to £99.6m in the 12 months to the end of March.

The group’s profits were boosted by a number of non-cash items, including a £38m increase in the value of stock; a £15m increase in the value of fixed assets and a non-cash £50m profit on the restructuring of joint arrangements.

The profit also included a tax credit of £13m which resulted in an after tax profit of £154.9m.

Aggregate remuneration for the firm’s four directors, Sean Mulryan, John Mulryan, David Pearson and Brian Fagan — who resigned in October 2014 — decreased from £450,000 to £414,000.

The highest earning director, who is not identified, received £140,000 in pay last year.

The group had debt of £884m at the end of March last, but following the end-of- year accounts, it sold certain sites to a joint venture called Eco-World Ballymore Holdings and “cash realised resulted in substantial debt being repaid post year-end”.

Numbers employed rose from 144 to 172, and staff costs increased from £11m to £12.63m.

A breakdown of the group’s revenues in 2015 show that £92.4m was generated in sales and construction income and £6.85m in rent.

Outlining the highlights for the year, the directors say that the number of units exchanged in the UK at March 2015 reached 1,425 valued at £842m.

The directors say that 97% of units in the course of construction are contracted for sale.


Hannah Stephenson has advice on how to care for your garden when wet weather strikesHow to prevent and deal with waterlogging in the garden

If you're down in the epidermal dumps, exfoliation, hydration and decongesting is what you need.The Skin Nerd: How to prep and pep that played-out January skin

The Winter Show, which gets underway in New York this Friday, is a celebration of world cultures, from antiquity to the present.Time travellers are packing their suitcases for New York this week

“Finish him!” It’s one of the most famous lines in video games – in fact, they pretty much built the entire series around it. Mortal Kombat is notorious for brutal finishing moves, in which the characters kill off their opponents in horrific (and often humourous) fashion.Game Tech: Mortal line lives on in the cinema

More From The Irish Examiner