Interim Results

McInerney Holdings PLC
25 September 2007


Tuesday, 25th September 2007


McInerney Holdings plc

Interim Statement for the six months ended 30th June 2007


The Group reports a profit before tax of €9.2million for the first six months of
2007 which compares to €11.2million for the corresponding period in 2006. 
Private housing profits rose by 97% in the UK and by 15% in Ireland for the
first six months as compared to the same period in 2006. Profit after tax was
€7.9million as compared to €9.3million in the corresponding period in 2006.
Basic earnings per share were 4.11 cent compared to 5.4 cent for the same period
in 2006 (as adjusted for the recent rights issue and share split).

An interim dividend of 3 cent gross will be paid on 26th October 2007 to
shareholders on the register on 5th October 2007. This is an increase from 2
cent last year (as adjusted for the recent share split), and represents a
rebalancing between the interim and final payments.

Operationally, our UK business is now the largest component of the Group and
this growth pattern is expected to continue. This is the consequence of our 2001
strategic plan to diversify earnings, relocate capital to the UK and expand and
diversify our operations.


UK

The UK housing operation recorded a significant increase in output in the first
half of 2007. We completed 446 homes in the first half of 2007, compared to 268
homes for the same period in 2006. Private housing profits were €3.6million
compared to €1.8million in the first half of 2006. Based on current activity, it
is expected that the strong momentum in the number of unit completions will
continue in the second half of the year.

The Group's expansion plans continue to progress. Our acquisition of Lancing
Homes in February has been immediately earnings enhancing and its integration is
complete. Our geographic spread across the North and Midlands of England now
extends to 74 sites. This broadened operational base, combined with a product
focus within the construction sector which continues to show strong demand, is
anticipated to support continued revenue and profit growth going forward.

In addition, recent reviews of planning strategy initiated by the Government
present the Group with further opportunities. McInerney recently pre-qualified
as one of a small number of private developers eligible to bid directly for
funds from the National Affordable Housing Programme (2008-2011). It is
anticipated this will boost our UK social housing division in future years.

The commercial division completed 1,842 sq metres of industrial units in the
outer London area compared to 2,376 sq. metres in the first half of 2006. A new
site was recently secured at Park Royal.



Ireland


The Group's Irish housing business completed 257 homes in the first half of 2007
compared to 362 homes for the same period in 2006.  Private housing profits were
€12.2million as compared to €10.7million for the first six months of 2006. The
Group anticipates unit completions for the full year to be short of 2006 levels
and below target for the year.

The fundamentals of the Irish economy and housing market remain strong although
consumer caution became more evident as the period progressed, impacted by the
tightening of interest rates. We provide quality, affordable homes and have a
significant geographic spread throughout the country. Recent new planning
permissions secured provide access to new locations offering good demand for
well priced housing product.

We are currently active on 28 sites in Ireland and expect this number to
increase next year. Despite a slower pace of demand in the Irish market, we
anticipate momentum to return and this, coupled with our favourable planning
permissions position, should result in our output increasing in 2008.

The Irish contracting business delivered a good performance and the order book
on hand is circa €137million. It is anticipated that this business will benefit
from the Government's capital programme for housing.

The Group's commercial division, Hillview Developments sold 1,591 sq. metres of
industrial units in the first half of 2007.



Spain

The Spanish market has witnessed a general slowdown. In this context, we are not
anticipating growth in the short term. Our Spanish operation completed 17 homes
in the first half of 2007 compared to 30 homes for the same period in 2006.


Outlook

In line with our strategic plan, our operations are now very broadly spread
through England and Ireland offering an affordable product.

Strong margins are being achieved in Ireland and this combined with increased UK
volume output and other activities will offset the Irish volume shortfall.

Our UK business has now achieved substantial critical mass and will continue to
become a greater contributor to Group earnings growth. The Directors expect a
strong full year result from the UK housing division.


We are confident of another good result for the full year.



Ned Sullivan

Chairman



ENDS

For Information

Siobhan Molloy             Tel: [phone]
Weber Shandwick            or [phone]


MC INERNEY HOLDINGS PLC
CONSOLIDATED INCOME STATEMENT
For the period ended 30 Jun 2007

                                                     30 Jun 2007             30 Jun 2006             31 Dec 2006
                                                       Unaudited               Unaudited                 Audited
                                                           €'000                   €'000                   €'000
 Continuing operations
 Revenue                                                 238,223                 228,823                 630,064
 Cost of Sales                                          (195,677)               (190,386)               (507,484)
 Gross Profit                                             42,546                  38,437                 122,580
 Administrative Expenses                                 (25,712)                (20,193)                (49,303)
 Share of Results from Joint Ventures                        546                    (74)                   1,064
 Profit from Operations                                   17,380                  18,170                  74,341
 Investment Income                                           516                      75                     570
 Finance Costs                                            (8,715)                 (7,035)                (16,913)
 Profit before Tax                                         9,181                  11,210                  57,998
 Tax                                                      (1,253)                 (1,863)                 (9,377)
 Profit attributable to Equity Holders of the Parent       7,928                   9,347                  48,621

 Earnings Per Share

 From Continuing Operations:
 Basic                                                     4.11                    5.40                   28.04
 Diluted                                                   4.02                    5.19                   27.03


MC INERNEY HOLDINGS PLC
CONSOLIDATED BALANCE SHEET
As at 30 Jun 2007
                                                        30 Jun 2007             30 Jun 2006           31 Dec 2006
                                                          Unaudited               Unaudited               Audited
                                                              €'000                   €'000                 €'000
 Non-Current Assets
 Goodwill                                                    58,601                  30,521                49,485
 Property, Fixtures & Equipment                              12,538                   7,622                 7,544
 Investment Property                                              -                     183                     -
 Interests in Joint Ventures                                  4,422                   2,457                 3,877
 Deferred Tax Assets                                          1,573                     161                 1,696
                                                             77,134                  40,944                62,602
 Current Assets
 Inventories                                                555,032                 407,693               442,093
 Trade & Other Receivables                                   78,416                  53,927                68,230
 Cash & Cash Equivalents                                     64,707                  37,147                84,382
 Assets Classified as held for Sale                             856                   1,654                 1,507
                                                            699,011                 500,421               596,212
 Total Assets                                               776,145                 541,365               658,814

 Current Liabilities
 Trade & Other Payables                                     169,604                 142,374               142,178
 Retirement Benefit Obligation                                  243                     487                   345
 Tax Liabilities                                             11,247                   5,855                19,225
 Provisions                                                   2,614                   2,124                 2,500
 Obligations under Finance Leases                               374                     412                   398
 Bank Overdrafts & Loans                                     47,137                  99,079                42,106
                                                             231,219                 250,331               206,752
 Net Current Assets                                          467,792                 250,090               389,460

 Non-Current Liabilities
 Bank Loans                                                  245,855                 112,916               238,230
 Retirement Benefit Obligation                                   398                     799                 1,039
 Deferred Tax Liabilities                                      4,556                   2,248                 2,296
 Provisions                                                    3,086                   2,910                 4,007
 Other Payables                                                   69                  10,384                 4,531
 Obligations under Finance Leases                                608                     476                   477
                                                             254,572                 129,733               250,580
 Total Liabilities                                           485,791                 380,064               457,332
 Net Assets                                                  290,354                 161,301               201,482

 EQUITY
 Share Capital                                                 5,047                   4,172                 4,173
 Capital Conversion Reserve Fund                                  62                      62                    62
 Share Premium Account                                       101,713                  17,481                17,484
 Equity Reserve                                                2,666                     862                 2,328
 Hedging & Translation Reserves                                3,153                   (326)                 2,504
 Retained Earnings                                           177,713                 139,050               174,931
                                                             290,354                 161,301               201,482

 Total Equity and Liabilities                                776,145                 541,365               658,814





MC INERNEY HOLDINGS PLC
CONSOLIDATED CASH FLOW STATEMENT
For the period ended 30 Jun 2007
                                                            30 Jun 2007              30 Jun 2006             31 Dec 2006
                                                              Unaudited                Unaudited                 Audited
                                                                  €'000                    €'000                   €'000

 Profit from Operations                                          17,380                   18,170                  74,341

 Adjustments for:
   Depreciation                                                   1,271                    1,081                   2,340
   Share of Results from Joint Ventures                           (546)                       74                 (1,064)
   Provision for Fair Value of Share based Payments                 338                      188                     591
   Profit on disposal of Tangible Assets                              -                      (6)                      10
   Pension Service Costs                                            239                      180                     420
   Change in provisions                                           (807)                        -                   1,006
 Operating Cash Flows before movements in Working                17,875                   19,687                  77,644
Capital
   Increase in Inventories                                     (78,790)                 (72,214)                (66,948)
   (Increase) / Decrease in Receivables                         (6,735)                    2,091                 (7,595)
   Increase in payables                                           4,774                   10,786                   5,423
 Cash Generated by Operations                                  (62,876)                 (39,650)                   8,524
 Taxation Paid                                                  (1,452)                  (4,794)                (12,148)
 Interest Paid                                                  (8,742)                  (7,704)                (16,056)
 NET CASH FROM OPERATING ACTIVITIES                            (73,070)                 (52,148)                (19,680)

 INVESTING ACTIVITIES
 Interest Received                                                  423                       49                     187
 Dividends Received from Joint Ventures                               -                    1,976                   1,976
 Loans advanced to Joint Ventures                               (3,287)                  (3,439)                 (5,030)
 Loans repaid from Joint Ventures                                     -                      345                     351
 Proceeds on disposal of Property, Fixtures &                        87                      148                     250
Equipment
 Purchases of Property, Fixtures & Equipment                    (5,785)                  (1,940)                 (3,157)
 Employer Contributions to Pension Scheme                         (273)                    (243)                   (346)
 Acquisition of Subsidiary                                     (25,047)                  (3,508)                (38,133)
 NET CASH USED IN INVESTING ACTIVITIES                         (33,882)                  (6,612)                (43,902)

 FINANCING ACTIVITIES
 Dividends Paid                                                 (6,009)                  (5,006)                 (8,343)
 Share Capital Subscribed                                        85,103                      328                     332
 Repayments of Borrowings                                     (112,106)                 (50,728)               (106,929)
 Repayments of Obligations under Finance Leases                   (341)                    (291)                   (630)
 New Bank Loans Raised                                          122,440                   88,862                 198,789
 (Decrease) / Increase in Bank Overdrafts                       (2,125)                      822                   1,047
 NET CASH FROM FINANCING ACTIVITIES                              86,962                   33,987                  84,266
 NET (DECREASE) / INCREASE IN CASH AND CASH                    (19,990)                 (24,773)                  20,684
EQUIVALENTS
 CASH AND CASH EQUIVALENTS AT START OF PERIOD                    84,382                   62,056                  62,056
 Effect of Foreign Exchange Rate Changes                            315                    (136)                   1,642

 CASH AND CASH EQUIVALENTS AT END OF PERIOD
 Bank Balances and Cash                                          64,707                   37,147                  84,382






MC INERNEY HOLDINGS PLC
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE

For the period ended 30 Jun 2007
                                                            30 Jun 2007              30 Jun 2006             31 Dec 2006
                                                              Unaudited                Unaudited                 Audited
                                                                  €'000                    €'000                   €'000

 Actuarial gain on defined benefit pension scheme                   986                      493                     425
 Exchange difference on translation of foreign                      303                      156                   2,467
operations
 Fair value movement on interest rate swaps                         352                    1,033                   1,466
 Tax on Items taken directly to reserves                          (123)                     (62)                   1,013
 Net Income recognised directly in equity                         1,518                    1,620                   5,371

 Transfers to income on interest rate swaps                         (6)                        9                      95
 Profit for the Period                                            7,928                    9,347                  48,621
 Total recognised income and expense for the period
    attributable to equity shareholders                           9,440                   10,976                  54,087




CONSOLIDATED RECONCILIATION OF CHANGES IN SHAREHOLDERS'
EQUITY
For the period ended 30 Jun 2007
                                                                                                                   Total
                                                                                                           (Attributable
                                                                                     Hedging &                 to Equity
                                                               Share    Capital    Translation   Retained     Holders of
                                                             Capital   Reserves       Reserves   Earnings        Parent)
                                                              €'000      €'000          €'000      €'000          €'000

 Balance at 1 January 2006                                    4,145     17,916        (1,524)    134,278        154,815

 Total recognised income and expense for the period               -          -          1,198      9,778         10,976
 Recognition of share based payments                              -        188              -          -            188
 Dividends Paid                                                   -          -              -    (5,006)        (5,006)
 New share issue                                                 27        301              -          -            328

 Total movement                                                  27        489          1,198      4,772          6,486

 Balance at 30 June 2006                                      4,172     18,405          (326)    139,050        161,301


 Balance at 1 January 2007                                    4,173     19,874          2,504    174,931        201,482

 Total recognised income and expense for the period               -          -            649      8,791          9,440
 Recognition of share based payments                              -        338              -          -            338
 Dividends Paid                                                   -          -              -    (6,009)        (6,009)
 New share issue                                                874     84,229              -          -         85,103
                                                             
 Total movement                                                 874     84,567            649      2,782         88,872

 Balance at 30 June 2007                                      5,047    104,441          3,153    177,713        290,354




MC INERNEY HOLDINGS PLC

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 also form an activity of each business
segment. These divisions are the basis on which the Group reports its primary segment information.


 REVENUE                                                                        30 Jun 2007        30 Jun 2006
                                                                                  Unaudited          Unaudited
                                                                                      €'000              €'000
 Ireland:
 Private Housing                                                                     70,351             83,697
 Developed Sites & Land                                                                 814              1,580
 Construction Contracts                                                              44,719             51,367
 Commercial                                                                           2,910              7,556
 Commercial Land                                                                      2,437                  -
                                                                                    121,231            144,200
 UK:
 Private Housing                                                                     88,247             56,405
 Developed Sites & Land                                                               9,001              5,396
 Construction Contracts                                                              10,540              4,971
 Commercial                                                                           4,381              4,116
                                                                                    112,169             70,888
 Spain:
 Club Management                                                                      1,209              1,363
 Leisure Freehold                                                                    10,011             14,569
                                                                                     11,220             15,932
Group Revenue (including joint ventures)                                            244,620            231,020
 Eliminations                                                                       (6,397)            (2,197)
Group Revenue (excluding joint ventures)                                            238,223            228,823


 SEGMENT RESULTS                                                                30 Jun 2007        30 Jun 2006
                                                                                  Unaudited          Unaudited
                                                                                      €'000              €'000
 Ireland:
 Private Housing                                                                     12,249             10,677
 Developed Sites & Land                                                                 377                729
 Construction Contracts                                                                 889                831
 Commercial                                                                             367              2,117
 Commercial Land                                                                        473                  -
                                                                                     14,355             14,354
 UK:
 Private Housing                                                                      3,579              1,819
 Developed Sites & Land                                                                 677              2,615
 Construction Contracts                                                               1,248                276
 Commercial                                                                             432                278
                                                                                      5,936              4,988
 Spain:
 Club Management                                                                        288                479
 Leisure Freehold                                                                       521              1,785
                                                                                        809              2,264
 Total Segment Results                                                               21,100             21,606
 Common costs                                                                       (3,720)            (3,436)
 Profit from operations                                                              17,380             18,170
 Investment income                                                                      516                 75
 Finance costs                                                                      (8,715)            (7,035)
 Profit before tax                                                                    9,181             11,210
 Tax                                                                                (1,253)            (1,863)
 Profit after tax                                                                     7,928              9,347


 Dividends
                                                                                30 Jun 2007        30 Jun 2006
                                                                                  Unaudited          Unaudited
                                                                                      €'000              €'000
 Amounts recognised as distributions to equity holders
during the period:

 Charge to Profit & Loss
 Final dividend of 3.6c per share for the year ended 31 December 2006
   (2005: 3c per share) paid in period                                                6,009              5,006

 Proposed Dividend
 Proposed interim dividend for the year ended 31 December 2007 of
  3c per share (2006: 2c per share)                                                   6,056              3,337



The proposed interim dividend was approved by the Board on 24 September 2007 and
has not been included as a liability in these financial statements.

Comparative figures for dividend per share have been adjusted following the
share split.







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