House building group McInerney today posted €58 million in pre-tax profits for 2006 in what was a rise of 16 per cent.
The company also said house completions in Ireland fell to 1,025 last year, but higher prices raised profits to €51 million.
Last year it completed 2,372 houses in the United Kingdom, 18 per cent more than the previous year.
The company also announced the acquisition of Lancing Homes for £16 million, but it will be taking on £3 million of debt.
The group will also try to raise around €86.8 million through a rights issue to fund the Lancing deal and increase its UK land bank.
