McInerney upbeat for strong full-year profits

Building group McInerney said the buoyant Irish market and the recovery of the UK market should ensure strong full year profits…

Building group McInerney said the buoyant Irish market and the recovery of the UK market should ensure strong full year profits.

The company released interim results for the commercially less significant first half of the year which show pre tax profits of €11 million compared to €16.6 million for the corresponding six month period in 2004.

However this shortfall partly reflects a change in the timing of building completions and full year profits should rise strongly as new house buyers close sales agreed in the first half of the year.

The group said performance in the Irish housing business was solid with margins remained strong and anticipates in excess of 1,100 units will be completed in the full year. The division is now selling forward into 2006.

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The Group's commercial division reported a significantly strong performance in the first half. It sold 6,723 sq metres of industrial units compared to 3,800 square metres for the same period in 2004. Its industrial sites Ballycoolin, Hibernian and Newtownmountkennedy have experienced high demand and Hibernian is almost fully sold.

In the UK, the company said it is well positioned to capitalise on pent-up demand in its main UK market of the north of England.