Ballymore Group has ‘active developments’ with projected value of €5.5bn

Sean Mulryan's Ballymore Group has "active developments" with a projected gross development value of £4.7 billion (€5.5 billion).

Along with the “active developments” under management via the Mulryan family and joint ventures, the group has residential developments with a gross development value of £1.9 billion that have been granted planning permission but have not yet been activated.

According to the directors’ report accompanying new accounts for Ballymore Ltd, the group has a forward pipeline of more than 7,500 homes and 1.5 million sq ft of commercial space.

The directors say the group has £3.7 billion in gross development value from residential developments and £1 billion in gross development value from commercial developments. They also note that the Ballymore Group has a net asset value in excess of £500 million, with the activities for Ballymore Ltd representing “only part of the Ballymore Group’s UK activities”.

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The accounts for the Ballymore unit show that pretax profits increased almost fourfold to £80 million in the 12 months to the end of March last.

This was in large part due to a reversal of a previous impairment of £30.9 million.

Revenues

Revenues at the company last year almost halved from £100 million to £55.6 million. Directors’ pay totalled £396,687 and the highest paid director was paid £200,000. Accumulated profits totalled £116 million while the company’s cash more than halved from £131 million to £53 million.

On the prospects for the wider Ballymore group, the directors state that to enhance future development potential, the Ballymore Group continues to invest heavily in planning activities for its substantial land portfolio within the UK and Ireland.