Housebuilder McInerney Holdings this morning reported sharply higher full-year profits.
The Ireland-based company reported pre-tax profit up by 26 per cent to €50.1 million from €39.6 million in 2004. Sales rose to €489 million from a restated €373 million. The full-year dividend was raised by a third to 24 cents per share.
The group said it saw "favourable performances" in its three core regions of Ireland, the United Kingdom and Spain, with home completions up 13 per cent to 1,831.
The increase in the United Kingdom was 32 per cent in what McInerney said was a "generally slow" market.
"The fundamentals and dynamics affecting both the Irish and UK housing markets offer good potential for the group," said chairman Ned Sullivan. "We expect our focused strategy to continue to deliver growth in 2006."