Interim Results

McInerney Holdings PLC
27 September 2006

                                                   Wednesday 27th September 2006


McInerney Holdings plc
Interim Statement for the six months ending 30th June 2006

The Group reports a profit before tax of €11.210m for the period ending 30th
June 2006 which compares to €11.012m for the corresponding six month period in
2005.  Profit after tax was €9.347m compared to €9.173m.  Group turnover was
€228.8m compared to €171.2m.  Basic earnings per share were 28.07 cent compared
to 27.68 cent for the same period in 2005.

As in 2005, profit performance and earnings growth will be weighted towards the
second half of 2006. Both the Irish and UK housing businesses are on course for
strong sales completions in the second half, and the Directors are confident of
another favourable outcome this year.  Our focus on achieving further expansion
in the UK is being realised and the Directors are satisfied with the outcome.

An interim dividend of 10 cent gross will be paid on 27 October 2006 to
shareholders registered on 6 October 2006.  This compares to an interim dividend
of 9 cent gross for the first half of 2005.

Ireland

Performance in the first six months by the Group's Irish housing business was
solid.  362 housing units were completed, compared to 438 for the corresponding
period in 2005.  This reduction is largely due to the weighting effect of sales
completions on two apartment schemes in Dublin taking place in the second half.
The Group anticipates unit completions for the full year to be at a similar
level to last year, resulting in another strong performance in the Irish market.

We continue to expand into new regions.  Sites have been secured in Moycullen
and Youghal. Strong market demand for Irish housing continues, boosted by
employment, demographics and inward migration. We remain well positioned to
capitalise on these trends by virtue of our nationwide spread, broad product mix
and site locations where housing demand is strong.

The Irish contracting business delivered a solid performance and the order book
on hand is circa €130m.

The Group's commercial division, Hillview Developments, performed well in
Ireland, selling 4,225 sq. metres of industrial units.   Two new sites have been
secured in Dublin.

UK

Excellent progress was made on all fronts in the UK in the first six months. The
division completed 268 units, compared to 142 units in the corresponding period
in 2005. The Group anticipates full year completions of over 900 units compared
to 658 in 2005.

The Group's ambitious expansion plans continue to progress.  Following on from
the successful integration of Augusta Developments, which was acquired in
February 2006, the Group recently announced the acquisition of Bowey Homes based
in Gateshead.  With a focus on the owner occupier market, Bowey significantly
increases our area of operation in the North East of England as well as
diversifying our product mix.  Trading post acquisition has been positive and
integration plans are proceeding smoothly.

The Directors expect a strong full year result from the UK housing division and
are particularly pleased with the significant momentum that has been achieved in
the scale of the UK operation in terms of management structure, geographic
spread and output since our expansion plans began a number of years ago.

Our UK management team was significantly boosted during the first half of 2006
with further senior appointments at group and regional level.  The Directors
believe this enhanced management structure ensures the UK division is well
placed for substantial future growth and expansion.  Our operations cover the
North West, the North East, Yorkshire, and now also the West Midlands and the
South Midlands regions. This broadened base should support significant revenue
and profit growth going forward.

The UK's commercial division continued to generate good revenue to the Group, at
positive margins in the first six months, completing some 2,376 sq. metres of
industrial units.  Good margins were achieved.

Spain

Our Spanish operation had a good result for the first half of the year,
completing 30 units compared to eight in the corresponding six month period in
2005.  The Group anticipates the completion of circa 60 units for the full year,
compared to 35 in 2005.  Construction will shortly commence on the new site at
the golf based development of El Cortesin in Casares.

Outlook

The Group is favourably positioned across all markets.  We expect to achieve
strong growth in unit numbers and revenue in 2006.  The Directors are confident
of a positive result for the current year.


Ned Sullivan
Chairman



                                      ENDS

FOR PRESS INFORMATION:

Siobhan Molloy                            Tel: [phone] or (086) 817 50 66
Weber Shandwick FCC





 MC INERNEY HOLDINGS PLC
 CONSOLIDATED INCOME STATEMENT
 For the period ended 30 June 2006


                                                                  30/06/2006         30/06/2005         31/12/2005
                                                                  Unaudited          Unaudited           Audited
                                                                     €'000              €'000              €'000
 Continuing operations
 Revenue                                                              228,823            171,238            489,098
 Cost of Sales                                                      (190,386)          (141,280)          (394,478)
                                                                 ------------       ------------       ------------
 Gross Profit                                                          38,437             29,958             94,620

 Administrative Expenses                                             (20,193)           (14,688)           (33,458)
 Share of Results from Joint Ventures                                    (74)                519               (21)
                                                                 ------------       ------------       ------------
 Profit from Operations                                                18,170             15,789             61,141

 Investment Income                                                         75                 76                421
 Finance Costs                                                        (7,035)            (4,853)           (11,502)
                                                                 ------------       ------------       ------------
 Profit before Tax                                                     11,210             11,012             50,060
 Tax                                                                  (1,863)            (1,839)            (8,963)
                                                                 ------------       ------------       ------------
 Profit attributable to Equity Holders of the Parent                    9,347              9,173             41,097
                                                                 ============       ============       ============

 Earnings Per Share

 From Continuing Operations:
 Basic                                                                  28.07              27.68             124.01
 Diluted                                                                27.00              26.28             118.66





 MC INERNEY HOLDINGS PLC
 CONSOLIDATED BALANCE SHEET
 As at 30 June 2006


                                                                  30/06/2006         30/06/2005         31/12/2005
                                                                  Unaudited          Unaudited           Audited
                                                                     €'000              €'000              €'000
 Non-Current Assets
 Goodwill                                                              30,521             22,390             22,390
 Property, Fixtures & Equipment                                         7,622              6,071              6,188
 Investment Property                                                      183                183                183
 Interests in Joint Ventures                                            2,457              7,335              4,660
 Deferred Tax Assets                                                      161                963                318
                                                                 ------------       ------------       ------------
                                                                       40,944             36,942             33,739
                                                                 ------------       ------------       ------------
 Current Assets
 Inventories                                                          407,693            341,556            333,241
 Trade & Other Receivables                                             53,927             39,297             52,044
 Cash & Cash Equivalents                                               37,147             33,102             62,056
 Assets Classified as held for Sale                                     1,654              4,237              2,750
                                                                 ------------       ------------       ------------
                                                                      500,421            418,192            450,091
                                                                 ------------       ------------       ------------
 Total Assets                                                        541,365            455,134            483,830
                                                                 ------------       ------------       ------------

 Current Liabilities
 Trade & Other Payables                                               147,408            144,663            131,633
 Retirement Benefit Obligation                                            487                320                422
 Tax Liabilities                                                        5,855              9,242             15,795
 Obligations under Finance Leases                                         412                383                395
 Bank Loans & Overdrafts                                               99,079             87,173            106,058
                                                                 ------------       ------------       ------------
                                                                      253,241            241,781            254,303
                                                                 ------------       ------------       ------------
 Net Current Assets                                                   247,180            176,411            195,788
                                                                 ------------       ------------       ------------
 Non-Current Liabilities
 Bank Loans                                                           112,916             79,746             66,990
 Retirement Benefit Obligation                                            799              1,896              1,358
 Deferred Tax Liabilities                                               2,248              2,190              2,303
 Other Payables                                                        10,384              4,105              3,649
 Obligations under Finance Leases                                         476                440                412
                                                                 ------------       ------------       ------------
                                                                      126,823             88,377             74,712
                                                                 ------------       ------------       ------------
 Total Liabilities                                                    380,064            330,158            329,015
                                                                 ------------       ------------       ------------
 Net Assets                                                           161,301            124,976            154,815
                                                                 ============       ============       ============

 EQUITY
 Share Capital                                                          4,172              4,144              4,145
 Capital Conversion Reserve Fund                                           62                 62                 62
 Share Premium Account                                                 17,481             17,158             17,180
 Equity Reserve                                                           862                485                674
 Hedging & Translation Reserves                                         (326)            (1,812)            (1,524)
 Retained Earnings                                                    139,050            104,939            134,278
                                                                 ------------       ------------       ------------
                                                                      161,301            124,976            154,815
                                                                 ============       ============       ============
 Total Equity and Liabilities                                         541,365            455,134            483,830
                                                                 ------------       ------------       ------------



 MC INERNEY HOLDINGS PLC
 CONSOLIDATED CASH FLOW STATEMENT
 For the period ended 30 June 2006
                                                                  30/06/2006         30/06/2005         31/12/2005
                                                                  Unaudited          Unaudited           Audited
                                                                     €'000              €'000              €'000

 Profit from Operations                                                18,170             15,789             61,141

 Adjustments for:
   Depreciation                                                         1,081                958              1,952
   Share of Results from Joint Ventures                                    74              (519)                 21
   Provision for Fair Value of Share based Payments                       188                187                376
   Profit on disposal of Tangible Assets                                  (6)                -                 (48)
   Pension Service Costs                                                  180                211                281
                                                                 ------------       ------------       ------------
 Operating Cash Flows before movements in Working Capital              19,687             16,626             63,723

   Increase in Inventories                                           (72,214)           (68,615)           (63,267)
   Decrease / (Increase) in Receivables                                 2,091              2,476            (3,233)
   Increase in payables                                                10,786             19,656              9,752
                                                                 ------------       ------------       ------------
 Cash Generated by Operations                                        (39,650)           (29,857)              6,975

 Taxation Paid                                                        (4,794)              (218)            (7,625)
 Interest Paid                                                        (7,704)            (4,749)           (10,747)
                                                                 ------------       ------------       ------------
 NET CASH FROM OPERATING ACTIVITIES                                  (52,148)           (34,824)           (11,397)
                                                                 ------------       ------------       ------------
 INVESTING ACTIVITIES
 Interest Received                                                         49                 76                134
 Dividends Received from Joint Ventures                                 1,976                -                2,000
 Loans advanced to Joint Ventures                                     (3,439)            (1,547)            (9,270)
 Loans repaid from Joint Ventures                                         345                -                5,267
 Proceeds on disposal of Property, Fixtures & Equipment                   148                -                  195
 Purchases of Property, Fixtures & Equipment                          (1,940)              (686)            (1,735)
 Employer Contributions to Pension Scheme                               (243)              (211)              (421)

 Acquisition of Subsidiary                                            (3,508)                -                  -
                                                                 ------------       ------------       ------------
 NET CASH USED IN INVESTING ACTIVITIES                                (6,612)            (2,368)            (3,830)
                                                                 ------------       ------------       ------------

 FINANCING ACTIVITIES
 Dividends Paid                                                       (5,006)            (3,643)            (6,629)
 Share Capital Subscribed                                                 328                 49                 72
 Repayments of Borrowings                                            (50,728)           (28,736)           (80,183)
 Repayments of Obligations under Finance Leases                         (291)              (192)              (460)
 New Bank Loans Raised                                                 88,862             75,690            135,894
 Increase in Bank Overdrafts                                              822                205                258
                                                                 ------------       ------------       ------------
 NET CASH FROM FINANCING ACTIVITIES                                    33,987             43,373             48,952
                                                                 ------------       ------------       ------------
 NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS              (24,773)              6,181             33,725

 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                      62,056             26,670             26,670

 Effect of Foreign Exchange Rate Changes                                (136)                251              1,661
                                                                 ------------       ------------       ------------

 CASH AND CASH EQUIVALENTS AT END OF PERIOD
 Bank Balances and Cash                                                37,147             33,102             62,056
                                                                 ============       ============       ============




 MC INERNEY HOLDINGS PLC
 NOTES TO THE INTERIM REPORT
 For the period ended 30 June 2006


 Segment Information
 The Group operates in three Markets, Ireland, UK and Spain. The principal 
 activities of the Group are Private Housing Development, Contracting, 
 Commercial Development and Leisure. The Leisure activities are divided into 
 Club Management and Freehold sales.
 Land sales are also a part of each business segment. These divisions are the 
 basis on which the Group reports its primary segment information.


 REVENUE                                                                            30/06/2006        30/06/2005
                                                                                    Unaudited         Unaudited
                                                                                       €'000             €'000
 Ireland:
 Private Housing                                                                         83,697            91,341
 Developed Sites & Land                                                                   1,580             1,299
 Construction Contracts                                                                  51,367            25,535
 Commercial                                                                               7,556             8,641
 Commercial Land                                                                              -               700
                                                                                   ------------      ------------
                                                                                        144,200           127,516
                                                                                   ------------      ------------
 UK:
 Private Housing                                                                         56,405            31,439
 Developed Sites & Land                                                                   5,396               435
 Construction Contracts                                                                   4,971             9,839
 Commercial                                                                               4,116               -
                                                                                   ------------      ------------
                                                                                         70,888            41,713
                                                                                   ------------      ------------
 Spain:
 Club Management                                                                          1,363             1,495
 Leisure Freehold                                                                        14,569             1,175
 Developed Sites & Land                                                                       -               750
                                                                                   ------------      ------------
                                                                                         15,932             3,420
                                                                                   ------------      ------------
 Eliminations                                                                           (2,197)           (1,411)
                                                                                   ------------      ------------
 Total Revenue                                                                          228,823           171,238
                                                                                   ============      ============



 SEGMENT RESULTS                                                                    30/06/2006        30/06/2005
                                                                                    Unaudited         Unaudited
                                                                                       €'000             €'000
 Ireland:
 Private Housing                                                                         10,677            12,397
 Developed Sites & Land                                                                     729               242
 Construction Contracts                                                                     831             1,022
 Commercial                                                                               2,117               948
 Commercial Land                                                                              -                65
                                                                                   ------------      ------------
                                                                                         14,354            14,674
                                                                                   ------------      ------------
 UK:
 Private Housing                                                                          1,819             1,054
 Developed Sites & Land                                                                   2,615               325
 Construction Contracts                                                                     276               448
 Commercial                                                                                 278                 -
                                                                                   ------------      ------------
                                                                                          4,988             1,827
                                                                                   ------------      ------------
 Spain:
 Club Management                                                                            479               375
 Leisure Freehold                                                                         1,785             1,175
 Developed Sites & Land                                                                       -               301
                                                                                   ------------      ------------
                                                                                          2,264             1,851
                                                                                   ------------      ------------
 Total Segment Results                                                                   21,606            18,352

 Common Costs                                                                           (3,436)           (2,563)
                                                                                   ------------      ------------
 Profit from Operations                                                                  18,170            15,789

 Investment Income                                                                           75                76
 Finance Costs                                                                          (7,035)           (4,853)
                                                                                   ------------      ------------
 Profit Before Tax                                                                       11,210            11,012
 Tax                                                                                    (1,863)           (1,839)
                                                                                   ------------      ------------
 Profit After Tax                                                                         9,347             9,173
                                                                                   ============      ============


 Dividends
                                                                                    30/06/2006        30/06/2005
                                                                                    Unaudited         Unaudited
                                                                                       €'000             €'000
 Amounts recognised as distributions to Equity Holders during the period.

 Charge to Profit & Loss
 Final Dividend of 15c per share for the year ending 31 December 2005
   (2004: 11c per share) paid in period                                                   5,006             3,643
                                                                                   ============      ============
 Proposed Dividend
 Proposed interim dividend for the year ending 31 December 2006 of
   10c per share (2005: 9c per share)                                                     3,337             2,986
                                                                                   ============      ============


 The proposed interim dividend was approved by the Board on 26 September 2006 
 and has not been included as a liability in these financial statements.




This announcement has been issued through the Companies Announcement Service of
                            The Irish Stock Exchange




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            The company news service from the London Stock Exchange         ILFLDADIRFIR