UK division of Ballymore Developments back in profit

The UK arm of Sean Mulryan’s Ballymore Developments returned to profit last year to record pre-tax profits of £4.3 million (€5.15 million).

Accounts lodged by Ballymore Properties Holdings Ltd and subsidiaries show that the group returned to profit despite revenues falling by 8 per cent from £143.6 million to £132.4 million in the 12 months to the end of March 31st last.

The group recorded the fiscal 2012 pretax loss of £372 million arising mainly from a £282 million writedown in assets.

The directors’ report for 2013 states that “while the operating environment for the business has proven to be difficult, the group has had a number of successful financial and operating performance outcomes during the year”.

It states that on March 31st last, contracted pre-sales on the group's stock properties was £570 million, and since year end, the group completed the sale of Old Spitalfields Market for £105 million and the profit on that transaction will be recognised in the 2014 accounts.

The figures show that aggregate remuneration for the firm's four directors, Sean Mulryan, John Mulryan, David Pearson and Brian Fagan increased from £399,000 to £450,000. The highest earning director – who is not identified – received £160,000 in remuneration last year.

Numbers directly employed by the group last year reduced from 220 to 142.