Thursday 12 December 2019

Exceptional gains push Sean Mulryan's Ballymore UK profits to €217m

Sean Mulryan
Sean Mulryan

Gordon Deegan

Profits at the UK arm of Sean Mulryan's Ballymore Developments last year increased almost three fold to £154.9m (€217.6m)

New accounts lodged by Ballymore Properties Holdings Ltd and subsidiaries with Companies House in the UK show that the group recorded the profit in spite of revenues more than halving from £222.7m to £99.6m in the 12 months to the end of March 31st last.

The group's profits were boosted by a number of non-cash items including a £38m increase in the value of stock; a £15m increase in the value of fixed assets and a non-cash £50m profit on the restructuring of joint arrangements.

The group enjoys a pre-tax profit of £141.8m. However, a tax credit of £13m resulted in the post tax profit of £154.9m.

The figures show that aggregate remuneration for the firm's  four directors, Sean Mulryan, John Mulryan, David Pearson and Brian Fagan - who resigned in October 2014 - decreased from £450,000 to £414,000

The accounts disclose that the highest earning director - who is not identified - received £140,000 in remuneration last year.

The group had debt of £884m at the end of March last, but the accounts state that subsequent to year end, the group sold certain sites to joint venture, Eco-World Ballymore Holdings and "cash realised resulted in substantial debt being repaid post year end".

Numbers employed by the group last year increased from 144 to 172 with staff costs going up from £11m to £12.63m.

A breakdown of the group's revenues in 2015 show that £92.4m was generated in sales and construction income with £6.85m in rent. The group's cost of sales last year totalled £54.29m.

Outlining the highlights for the year, the directors state that units exchanged in the UK at March 2015 reached 1,425 valued at £842m and "these will complete throughout the period to end of 2016".

The directors state that 97pc of units in the course of construction are contracted for sale while phase one of the group's Embassy Garden scheme totalling 500 private apartments have sold off the plan.

The directors report that the group signed a revised agreement with NAMA in July of last year with revised financial targets.

The note states: "This is to recognise the milestones already achieved to date and also to focus the group of preparing for an exit from NAMA in the foreseeable future."

The directors add that "the group met its various targets during the year and the directors expect to meet the revised targets and deliver strong performance in the foreseeable future."

The directors state that the group has a number of developments under constriction and these will reach completion over the next couple of years.

A breakdown of the numbers employed show that 78 in development management; 34 are in operations; 28 in estate management; 17 in finance and 16 in sales and marketing.

Sean Mulryan has guaranteed the indebtedness of group companies to certain financial institutions.

At the end of last March, the group's shareholder deficit stood at £581m and accumulated losses stood at £435m and these deficits arose chiefly from non-cash write-downs and impairments in prior years.

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