McInerney records robust performance in 2003
Development company McInerney Holdings has said that its growth strategy is ahead of target, with the Irish and British housing market continuing to show strong demand.
Last year saw a substantial increase in both total group housing completions and in deposits on hand for 2004, according to a trading statement issued by the company today.
Total private house completions for the Group increased by 28% to 1,481 in 2003, from 1,161 in 2002 for Ireland, Britain and Spain.
Year-end housing deposits on hand (Ireland, UK and Spain) rose by 35% to 978 compared to 726 at year-end 31 December 2002 which breakdown into 779 in Ireland, 132 in UK and 67 in Spain.
Private house completions in Ireland increased to 969 compared to 879 for the corresponding time in 2002.
A strong performance was recorded in Britain with house completions increasing to 447 from 257.
McInerney Spain completed 65 units at its luxury Los Flamingos freehold development in Marbella compared to 25 units in 2002.
As expected the Group's commercial division, Hillview Securities recorded a good turnaround and completed 132,500 sq ft of industrial units, an increase from 19,800 sq ft at year-end 2002.
Speaking today, Barry O'Connor, Managing Director, said that the Group's performance, particularly in the private housing sectors in Ireland and the UK, was robust.
"The Group recorded a strong operational performance in 2003 with the Irish housing market continued to show strong demand.
"Our UK housing division continued to take best advantage of the buoyant market in the north west of England and is well positioned for further expansion opportunities.
"The group is well placed for 2004 while the strong level of deposits on hand provides the Group with high visibility of earnings.
"“Our growth strategy is ahead of target and operational figures underline this, " O'Connor concluded.
The company was trading at €5.23 down 1c on the Dublin Stock Exchange this morning.
