House builder McInerney Holdings this morning reported a pretax profit of €58 million for 2007, marginally ahead of the €57.9 million reported in 2006.
Last year McInerney built 2,414 housing units in Ireland, Britain and Spain, although the number of completions in Ireland at just 594 was far below the target of 850 and almost half of the 1,025 units completed in 2006.
McInerney said market conditions in the final quarter of the year were difficult, with "consumer confidence low and personal credit restrictions being felt for the first time in recent years".
Despite this, its Irish house-building operation had a turnover of €281.8 million and earnings of €53.6 million, from the €51.6 million reported in 2006.
McInerney said its Irish land bank comprised had 4,500 plots at the end of 2007, of which over 2,100 had planning permission.
McInerney's operations in Britain fared better, with output increasing to 1,400 units, up over 400 on 2006. Private housing profit increased 56 per cent on an output growth of 43 per cent.