McInerney boosted by UK sales

McInerney Holdings' push to establish a foothold in the UK housing market has boosted the Irish group's latest annual profit.

Latest financial results (12 months to the end of December 2003) show group turnover higher at £240m, well ahead of the previous year's figure of £160m, and pre-tax profit is also healthier at £19m, a £5m climb on the figure in 2002.

The contribution from the group's fledgling UK housebuilding business was itemised to show a doubling of pre-tax profit to £5.2m on a turnover of £40m.

In an announcement to the London Stock Exchange this morning (Tuesday), McInerney said that in 2003, some 450 private house completions were achieved in the UK compared with 260 in 2002, representing an increase of 74%. Deposits on hand at year-end were 132.

The UK brands are Hargreaves Homes, Charlton Homes and Space. Operations now include Greater Manchester, Lancashire and West Yorkshire. Coverage runs south to Staffordshire and Derbyshire.

"The plans to position the UK operations as a key profit centre are ahead of expectations and provide satisfaction," said McInerney in the statement.