McInerney posts €25m '09 loss
Published 31/03/2010 | 05:00
BUILDING company McInerney Holdings yesterday reported a pre-exceptional loss before tax of €25m in 2009 and said it was investigating ways of raising new capital.
The loss compares to €47m in 2008. The housebuilder also confirmed that it has written down its Irish landbank by over 50pc and its UK one by almost 40pc since mid-2008.
The results were broadly in line with analysts' expectations. Bloxham Stockbrokers said the actual results themselves were not the main concern. "For investors . . . the focus continues to be on the covenant negotiations which are still in progress," the broker said.
Chairman Ned Sullivan said the company has retained investment bank Goldman Sachs as it looks at raising new capital and restructuring.
Revenue for the Irish division has fallen precipitously from €164.6m to just under €62m, while across the entire company it has halved from €300m to €149.4m.
There will be no dividend payment for 2009.
In a sign of just how far the housing market has fallen, the company built only 131 houses in Ireland in 2009. In 2006, it completed 1,025 houses.