Interim Results

MCINERNEY HOLDINGS PLC
24 September 1999


INTERIM STATEMENT 

OVERVIEW

The Directors are pleased with the results for the first half of 1999 as they
further consolidate our financial position and provide the Group with a solid
base for increased corporate activity.

The Group has recorded a profit before tax of E7.277m (IR£5.731m) for the
first half of 1999.  This compares with E4.629m (IR£3.646m) for the same
period in 1998 and profit before tax of E8.977m (IR£7.070m) for the full year
of 1998.

Turnover in the six month period increased by 48% from E34.066m (IR£26.829m)
to E50.339m (IR£39.645m) due to a larger number of house completions and some
higher value house completions in Dublin and Cork.

Basic earnings per share increased by 31% to E17.32 cents (IR13.64p) compared
with E13.21 cents (IR10.40p) for the same period in 1998.  The profit
attributable to Group shareholders was E5.046m (IR£3.974m) compared with
E3.320m (IR£2.615m) for the first half of 1998.

During the period, the Group generated a profit before tax of E0.596m
(IR£0.469m) from the sale of an office property at Parliament Street, Dublin.
Given the current strength of the Dublin commercial property market the Group
considered the disposal appropriate at this time.  Since the end of June the
Group has also profitably disposed of a second office property at the
Cornstore, Galway.  Excluding the contribution from the sale of Parliament
Street the Group's profit before tax in the period was E6.681m (IR£5.262m).

While no interim dividend is proposed the Directors expect as usual to propose
a final dividend in 2000 based on the results for the year ending 31st
December 1999.

CORPORATE ACTIVITY

In March 1999 the Group successfully completed a share placing to raise gross
proceeds of E9.654m (IR£7.603m). Some of these monies have since been used to
purchase a 47 unit site with planning at Castleknock, Dublin, where all houses
sold in the first week. A portion of the funds was also committed to three
large housing sites in Dublin and Cork, purchased subject to receipt of
planning permission.  A small site close to the Four Seasons Country Club in
Marbella was also purchased for a freehold apartment development.  Returns
from these investments will commence in the second half of 2000.

In August 1999 the Group acquired William Hargreaves Holdings Limited, a
modest house builder and developer based in Bolton, Lancashire.  This purchase
represents a measured expansion by the Group into the UK where economic
conditions are improving.

REVIEW OF OPERATIONS

The Group's operations are divided into housebuilding, commercial property
development and leisure activities.

Housebuilding Division

The number of house completions in the first half of 1999 was 299 compared
with 246 for the same period in 1998. Production levels were good and average
margins were ahead of expectations, due to the completion of a number of
houses on mature developments.  It is expected that the second half of the
year will see a return to more typical operating margins.

While continuing economic growth in Ireland will have a positive influence on
our housebuilding division, lengthy delays are being encountered in the
planning process.  These delays are hindering the ability of the industry to
deliver the house numbers necessary to satisfy market demand. Last year's
Irish Government initiatives to increase the supply of building land and make
houses more affordable are to be welcomed, but need to be balanced by
accelerating planning applications for potential house buyers to benefit.  

Furthermore, the Group's view is that the affordable housing provisions in the
recent Planning Bill are premature as the positive impacts on the market from
the Bacon initiatives have not yet been fully realised.

Commercial Division

Hillview Securities continues to grow ahead of expectations due to strong
demand for small industrial units. Sales secured on both Glasnevin projects
are ahead of target with most units sold prior to completion. Work is
commencing shortly on the redevelopment of a site in Tallaght.

Hillview completed the sale of two office properties at Parliament Street,
Dublin and the Cornstore, Galway.  Proceeds from both sales are being
reinvested to secure control of a 40 acre industrial site in the Ballycoolin
area of Dublin. 

Leisure Division

The Four Seasons Country Club Resort at Marbella has experienced further
growth with solid bookings for the high and mid season.  The rentals programme
has continued to be a success and is achieving volumes and prices ahead of
expectations.  

The Group has secured a freehold site for the development of 72 apartment
units close to the Four Seasons Country Club.  There has been a strong level
of interest in the proposed development and sales and construction are
expected to commence later this year.

OUTLOOK

The outlook for all our activities remains positive and encouraging. We look
forward to a good 1999 result and further growing and diversifying our trading
base in the year 2000.

R.B. Ferris

Chairman
 
                              MC INERNEY HOLDINGS PLC                        
                       CONSOLIDATED PROFIT AND LOSS ACCOUNT                  
                        For the period ended 30 June 1999                    

                                        30/06/99       30/06/98      31/12/98
                                           E'000          E'000         E'000
                                      (Unaudited)    (Unaudited)    ( Audited)

GROUP TURNOVER                            50,339         34,066        80,937
COST OF SALES                             39,347         25,984        64,214
                                          ------         ------        ------
GROSS PROFIT
Gross Profit Excluding Exceptional Item   10,992          6,703        15,344
Exceptional Contribution from Land Sales       -          1,379         1,379
                                          ------         ------        ------
TOTAL GROSS PROFIT                        10,992          8,082        16,723

Administrative Expenses                   (3,468)        (3,091)       (6,346)
Other Operating Income                       596              -             -
                                          ------          ------       ------
PROFIT BEFORE INTEREST & TAX               8,120           4,991       10,377

Interest Payable and Similar Charges        (866)           (425)      (1,436)

Share of Profits of Associate Undertakings    23              63           36
                                          ------          ------        ------
PROFIT BEFORE TAXATION                     7,277           4,629        8,977
Taxation (Charge) on Ordinary Activities  (2,231)         (1,309)      (2,562)
                                           -----          ------       -------
PROFIT AFTER TAXATION                      5,046           3,320        6,415

Dividend                                       -               -         (543)
                                           -----          ------        ------
PROFIT RETAINED FOR PERIOD                 5,046           3,320        5,872
                                           =====          ======        ======
BASIC EARNINGS PER SHARE                   17.32c          13.21c       25.51c
BASIC EARNINGS PER SHARE                   17.32c           9.28c       21.59c
(Before Exceptional Item)

FULLY DILUTED EARNINGS PER SHARE           16.34c          12.70c       24.53c


                            MC INERNEY HOLDINGS PLC
                         CONSOLIDATED BALANCE SHEET
                             As at 30 June 1999
                                                        30/06/99     31/12/98
                                                           E'000        E'000
                                                      (Unaudited)    (Audited)

FIXED ASSETS
Tangible Assets                                            4,643        5,548

Financial Assets                                           2,090        1,762
                                                          ------       ------
                                                           6,733        7,310
                                                          ------       ------
CURRENT ASSETS
Stocks                                                    52,359       40,668
Debtors                                                   11,404        7,069
Cash at Bank and in Hand                                   8,244        3,837
                                                          ------       ------
                                                          72,007       51,574
                                                          ------       ------
CREDITORS (Amounts falling due within one year)
Bank Loans and Overdrafts                                 16,003       12,104
Trade and Other Creditors                                 34,651       32,361
                                                          ------       ------
                                                          50,654       44,465
                                                          ------       ------

NETT CURRENT ASSETS                                       21,353        7,109
                                                          ------       ------
TOTAL ASSETS LESS CURRENT ASSETS                          28,086       14,419
                                                          ------       ------
CREDITORS (Amounts falling due after more than one year)
Bank Loans                                                   430        1,135
Other Creditors                                              132          174
                                                          ------       ------
                                                             562        1,309
                                                          ------       ------
PROVISIONS FOR LIABILITIES AND CHARGES
Deferred Taxation                                          1,718        1,718
                                                          ------      -------
                                                          25,806       11,392
                                                          ======       ======
FINANCED BY:
CAPITAL AND RESERVES
Called up Share Capital                                    4,017        3,192
Share Premium Account                                     16,288        7,982
Revaluation Reserve                                          625        1,450
Profit and Loss Account                                    4,876       (1,232)
                                                          ------       ------
TOTAL SHAREHOLDERS' FUNDS                                 25,806       11,392
                                                          ======       ======

                           MC INERNEY HOLDINGS PLC 
                       CONSOLIDATED CASHFLOW STATEMENT
                      For the period ended 30 June 1999

                                                        30/06/99     31/12/98
                                                           E'000        E'000
                                                      (Unaudited)    (Audited)

Nett Cash (Outflow) from operating activities             (5,436)        (704)

Dividends received from associates                            23          117

Returns on investments and servicing of finance           (1,027)      (1,285)

Taxation                                                  (1,950)        (860)

Capital Expenditure and financial investment               1,018       (2,125)

Equity dividends paid                                       (542)        (319)
                                                          ------        ------
Nett Cash (Outflow) before financing                      (7,914)      (5,176)
                                                          ------       -------
Financing                                                 10,935        4,028
                                                          ------       -------
Increase / (Decrease) in cash in period                    3,021       (1,148)
                                                          ======       ======

                           MC INERNEY HOLDINGS PLC
                            NOTES TO THE ACCOUNTS
                    For the period ended 30 June 1999

Breakdown of Group Turnover
                                            30/06/99     30/06/98     31/12/98
                                               E'000        E'000        E'000

Private Housing                               39,460       23,592       60,881
Land & Sites                                   1,276        3,470        4,011
Contracts                                      7,761        4,166       10,784
Leisure                                        1,446          928        1,915
Commercial                                       396        1,910        3,346
                                               ------       ------      ------
                                              50,339       34,066       80,937
                                              ======       ======       ======
Breakdown of Profit Before Taxation
                                            30/06/99     30/06/98     31/12/98
                                               E'000        E'000        E'000

Private Housing                                7,027        2,974        7,617
Land & Sites                                     303        1,682        2,239
Contracts                                        637          537        1,032
Leisure                                          568          436          746
Commercial                                       422          414          781
                                              ------       ------       ------
                                               8,957        6,043       12,415

Share of Profits of 
 Associate Undertakings                           23           63          36
Common Costs                                    (709)        (526)     (1,347)
Costs Incurred in on-going 
 Development/ Acquisition                       (128)        (526)       (691)
Interest Payable and Similar Charges            (866)        (425)     (1,436)
                                              ------       ------      ------
                                               7,277        4,629       8,977
                                              ======       ======      ======