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.
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