Building group McInerney Holdings said today 2001 was a turbulent period in the Irish construction industry and performance was below expectations during the year.
McInerney's results for 2001 showed pre-tax profits slipped to €18.1 million from €19.1 million in 2000.
The group’s Irish house-building division remains the main contributor to group profitability having completed 808 private and contract housing units in 2001, up from 652 units in 2000.
The group's Irish contracting operations and Spanish leisure activities also performed well during the period and the only poor performance was in the Irish commercial division and its British division.
McInerney’s chairman Mr Roy Ferris said the recent change in the Budget reintroducing mortgage interest relief for investment properties has encouraged investors back into the housing market and is stimulating increased demand from owner occupier purchasers in the current year.
"We continue to have a strong land-bank for our house-building, industrial and leisure operations. We have a high level of planning permissions in place and a solid demand for our products in our chosen markets" he said.
In addition, Mr Ferris said an increased level of business already written for 2002 provides the group with a solid base for the year ahead.
AFP