McInerney looking for opportunities in the Gulf

McInerney Holdings said today it is looking for opportunities in the Gulf region.

Speaking at the company's annual meeting in Dublin today, chairman Ned Sullivan also said the "suddenness and severity of the recession caught us all by surprise".

The company said in a statement 2008 had been an "extremely challenging year" and expressed its regret for the loss in share value.

At 1.25pm McInerney shares were unchanged at 13 cent and have lost 87 per cent of their value over the last year.

It said the key markets of Ireland and the UK remain "challenging as consumer confidence is low, access to mortgage funds remains restricted and the international financial climate is uncertain".

The company said there was a reluctance among first-time buyers in Ireland to enter the market and said housing output was now running behind the underlying demand.

The company said its key first-time buyer market in the UK had yet to see increases in terms of mortgage levels and approval rates, although there was signs of improvements for buyers with large deposits. McInerney is planning to expand its development of social homes there.

The company said its medium term objective was to rebuild shareholder value.

Additional reporting Bloomberg