Green Property shares rose strongly on the Irish market after the group produced full year results well ahead of market forecasts, with the group's net asset value per share up 35 per cent to €10.56 (£8.31) per share from €8.13 per share at the end of 1999.

But with Green's share price still trading at a 20 per cent-plus discount to its British peer group, its chief executive, Mr Stephen Vernon, said it is possible that Green may go into the market and buy back shares. In November, Green spent €44 million buying back 5.5 per cent of its shares. After yesterday's results, Green shares rose as high as €8.13 before closing up 20 cents on the day on €7.85.

Mr Vernon said no immediate buyback was planned but one could take place later this year. He indicated his clear preference, however, for Green to spend its money on new property ventures. "A buyback is a bit of a waste of money which could otherwise go into expansion," he commented.

Green's profits before tax rose 57 per cent to €66 million with earnings per share up by almost the same amount to 49.1 cents per share. Green shareholders are to get a final dividend of 6.25 cents per share, bringing the total dividend for the year to 9 cents per share, a rise of 12.5 per cent on the 1999 pay-out.