Ballymore property group subsidiary reports loss of €2.9m

Accumulated losses of almost €90m at Ballymore Properties Ireland Ltd at end March 2023, latest accounts show

A subsidiary of Sean Mulryan’s Ballymore property group reported a loss of €2.9 million last year, bringing its total accumulated losses by the end of March 2023 to almost €90 million.

Accounts filed by Ballymore Properties Ireland Ltd show that the €2.9 million loss for the year ending March 31st, 2023, was up from a deficit of €1.8 million in the previous 12 months.

Turnover at the company, which provides project management and administration services to related parties controlled by Mr Mulryan, reached €13.2 million last year, up from €11.9 million in the previous 12 months.

While its gross profit reached €12.7 million, administrative expenses of €15.5 million resulted in an overall loss for the year.

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On March 31st, 2023, the company had net liabilities of €89.9 million, with the majority of these liabilities (€89.5 million) owed to other entities in the property group. According to the accounts, the liabilities are interest-free, unsecured, and payable on demand.

At the same time, the company is owed €39.4 million in receivables from Ballymore group undertakings and related parties.

Ballymore Properties Ireland Ltd employed 94 staff last year, up from 82 in 2022, with the majority (73) in construction and planning roles. Its wage and salaries bill reached €8.3 million last year, meaning that on average staff were paid €88,100.

Total staff costs were €9.3 million, up from €7.9 million a year earlier while director remuneration was €225,000, up from €218,192.

The accounts note that subsequent to year-end, the share capital in the company was acquired by Benhol Ltd, another entity controlled by Mr Mulryan.

Accounts were also filed recently by two other companies controlled by Mr Mulryan: Ballymore Residential Ltd and Ballymore Developments Ltd.

2023: The year in business

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Ballymore Residential, a property development company, reported an operating loss of €307,139 for the year to March 31st, 2023, compared with a profit of €119,851 in the previous 12 months.

The company reported no turnover for either 2022 or 2023, but received other operating income of €2.8 million in its latest financial year. This included a legal settlement in addition to a partial refund of development fees by a county council.

The company had administrative expenses of €3.1 million, resulting in its loss for the year.

Ballymore Developments, meanwhile, reported turnover of €305,507 in the year to the end of March 2023, down from €42.8 million in 2022. Its profit after tax was €50,225, down from €13.7 million a year earlier.

The company provided construction management services for a project in Naas completed in a previous financial year. Turnover in the most recent set of accounts was due to the sale of its development site Oakglade in September 2022.

Ballymore Group declined to comment on the results of the three entities.

Ellen O'Regan

Ellen O’Regan

Ellen O’Regan is a former Irish Times journalist.