A key British division of developer Sean Mulryan’s Ballymore Group earned €1.6 million profit in the 12 months to March 31st, reversing the previous year’s €6 million loss, accounts show.
The Irish-based group has substantial businesses that build and sell new homes in London, controlled mostly through British-registered Ballymore Limited and subsidiaries.
Newly filed accounts show that the company earned a profit of £1.3 million (€1.6 million) in the 12 months to March 31st 2024, its last financial year.
The result reversed the £5.1 million Ballymore Limited lost during its previous financial year, on the back of almost £18 million in once-off charges.
Ballymore mostly builds new homes on old or disused industrial and commercial sites in the British capital.
Pat Dalton, group finance director, dubs London “undersupplied” in a report filed with the accounts, but cautions that inflation and high interest rates pose near-term challenges in Britain.
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“Such changes lead to falling demand and tightened mortgage availability, on which most of our customers are reliant, reducing the affordability of our homes,” says Mr Dalton.
Since the end of March, Ballymore agreed to join with local authority, Camden Council and Lateral, which works with life science companies, to develop the “Knowledge Quarter” at King’s Cross.
That will include about 350 homes and 19,000sq m of commercial space.
Also since March, the company sought planning for sites on Knights Road and Thames Road in east London.
Ballymore has permission to build more than 400 homes at Cuba Street in the city’s docklands.
In late 2023, the group and partner Sainbury’s sought permission for 2,500 homes, shops, offices, a supermarket and two parks at Ladbroke Grove in west London.
The company is redeveloping the Bishopsgate Goodsyard, a large site in Shoreditch, with British property group Hammerson, part owner of Dundrum Town Centre, the Republic’s biggest shopping mall.
Ballymore Limited’s revenue more than doubled to £28.8 million in the 12 months to March 31st from £14 million during the previous financial year.
On March 31st the company had net assets of £147 million. Total assets included £235 million due from other Ballymore Group companies and £20 million due from businesses that Mr Mulryan controlled.
It owed £250 million to other Ballymore Group businesses, the largest share of its £330 million short-term liabilities.
During the year it refinanced its loan from Investec Bank, leaving it with a £23.5 million debt due to be repaid in August next year.
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