28th Jan 2008 07:00
McInerney Holdings PLC28 January 2008 Monday, 28th January 2008 MC INERNEY HOLDINGS PLC TRADING UPDATE FOR YEAR ENDED 31ST DECEMBER 2007 Ireland, Dublin: McInerney Holdings plc today released a trading update for the year ending 31stDecember 2007. Preliminary financial results for the Group will be announced on Thursday, 6thMarch 2008. Overview Total private and contracting residential completions for the Group comprising outputs in Ireland,UK and Spain were 2,414 units (2006: 2,372). Total private housing deposits (Ireland, UK and Spain) on hand as at 31st December 2007 were 655(2006: 836). The commercial division completed 13,202sq metres (2006:13,108) and at year end there were 303sqmetres of reservations on hand. 2007 profit guidance is reaffirmed. UK Private house completions were 1,400 in 2007 (2006: 980). At year end, there were 372 deposits onhand (2006: 438). The reduction in deposits on hand relates to timing of forward sale releases inour inner city apartment business. Ireland Private house completions in Ireland were 594 in 2007 (2006: 1,025). Entering 2008 the Irishdivision had 282 private housing deposits on hand (2006: 380). The Irish contracting business completed 391 housing units in 2007 (2006: 309). A number of strategic land disposals in Ireland were profitably achieved in the second half of 2007releasing capital. Barry O'Connor, Managing Director, McInerney Holdings plc, stated: "We performed well in the morechallenging market conditions in the second half of 2007. Our balance sheet is strong going into2008. We remain comfortable with the current range of market expectations for 2007 profit. Our UK business again achieved a significant increase in output. Our broadened footprint hasenabled us to continue on a growth path. We aim to again achieve a significant volume increase inour homes business in 2008. The fundamentals driving UK housing demand remain strong and with thesoftening interest rate climate, should be favourable to our growth plans in the UK in 2008. In Ireland, negative sentiment and the tightening of credit caused us to achieve fewer unitcompletions than indicated in our September guidance. The market is going through a period ofcorrection, some of it necessary. This adjustment should provide a more stable housing market andshould be advantageous to our business model. The fundamentals behind the Irish housing marketremain positive. Our UK and Irish businesses remain focussed on efficient management of working capital with anemphasis on the provision of affordable product in key locations. As with other home builders ourview is that the next three months will provide a clearer picture of the year ahead." ENDS FOR INFORMATION: Siobhan Molloy Tel: +353 1 676 01 68 Weber Shandwick or +353 86 817 50 66 About McInerney Holdings plc McInerney Holdings plc is a leading development company, with divisions specialising in variousaspects of the construction market. It comprises four divisions operating in Ireland, Spain and theUnited Kingdom. The company is Ireland's largest national homebuilder and a significant housebuilder in the UK. It also undertakes extensive commercial and leisure projects both in Ireland andabroad. The company is listed on the Dublin and London Stock Exchanges (ISE: MCI.I/LSE: MCI). Seewww.mcinerney.ie for further information. This announcement has been issued through the Companies Announcement Service of the Irish Stock Exchange. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Medcaw Investm.