Re: Interim Results

McInerney Holdings PLC
28 September 2005

                                                   Wednesday 28th September 2005


McInerney Holdings plc
Interim Statement for the six months to 30th June 2005


McInerney Holdings plc reports its results for the six months ending 30th June
2005. As previously indicated, profit performance and earnings growth will be
weighted towards the second half of 2005. This has been supported by high sales
levels achieved since Spring, which suggest a very strong full year result will
be achieved.

The Group reports a profit before tax of €11.0m for the period ending 30th June
2005 which compares to €16.6m for the corresponding six month period in 2004.
This reflects the change in pattern of site starts and certain one-off factors
in the first half of 2004, including the disposal of the Eyre Square Centre in
Galway. Group turnover was €171.2m representing an increase of 8.2%. Basic
earnings per share were 27.68 cent, compared to 43.90 cent for the same period
in 2004.

The Directors are satisfied with this performance and demand is robust across
all of the Group's markets. Both the Irish and UK housing businesses are
significantly forward sold for the latter half of the year and the Group
anticipate a strong overall result for the full year and to enter 2006 well
positioned.

An interim dividend of 9 cent gross will be paid on 28th October 2005 to
shareholders registered on 7th October 2005.


Ireland

Performance in the first six months by the Group's Irish housing business was
solid. Margins remained strong.  Some 438 housing units were completed as
compared to 574 for the corresponding six month period in 2004, the reduction
being mainly due to the timing of site starts. A significant volume of sales are
on hand and due for completion by year end. The Group anticipates in excess of
1,100 units will be completed in the full year.  The division is now selling
forward into 2006.

The contracting order book has nearly tripled in comparison to the same period
last year and this division will increase its contribution considerably in 2005
and 2006.

The Group's commercial division reported a significantly strong performance in
the first half. It sold 6,723 sq metres of industrial units compared to 3,800 sq
metres for the same period in 2004. Its industrial sites Ballycoolin, Hibernian
and Newtownmountkennedy have experienced high demand and Hibernian is almost
fully sold.


UK

The Group's UK housing division continues to expand. Our objective is to
establish it as a leading home provider in the North of England providing a
specific product mix targeted to  the affordable homes sector where demand is
greater. The division completed 142 units in the first six months. Strong sales
since March indicate a completion level in the region of 700 units by the end of
2005 compared to 500 units in 2004. While marginally below our original
ambitious target for 2005, it will represent growth of about 40%. In the first
six months, the Group increased the landbank under its control from 1,800 to
2,300 plots (plus 400 under option).

With the opening of new regions in Yorkshire and the North Midlands, the
division is well positioned for further growth in 2006 and beyond.  The Group's
strategy of producing affordable product in areas with large housing needs
positions our UK operations more favourably than our competitors in this market.

The Directors expect a strong full year result from the UK housing division in
2005 and sustained growth going forward.

The Group's commercial operation is showing significant expansion. A number of
new projects have commenced. At Croydon, a business development of 7,400 sq
metres, just launched, is attracting strong interest. Our site at Chesham is
currently in planning for 10,200 sq metres. A joint venture with Bank of
Scotland on a site in Watford has recently received planning approval for 11,100
sq metres and is in development thus offering positive revenue opportunities in
2006.


Spain

Our Spanish operations recorded a strong result for the first half year and an
excellent second half is also anticipated. The freehold division completed 8
units in the first six months, with a total of 60 expected by year end. This
compares to 13 for the full year 2004.  The planning process at the Group's
Mijas site has been slower than expected but is now in the final stages of
planning approval. An initial review by town planners of our Sotogrande site is
positive.  These sites provide excellent earnings potential for the Group from
2006 onwards.


Outlook

Demand in our key markets continues to be positive. The Irish market remains
buoyant and continued strong demand is anticipated over the medium term,
supported by demographic factors. Going into 2006, we are well positioned in the
UK to capitalise on pent up demand and expansion opportunities within our
expanded geographic regions. We expect our UK house building operations to be of
similar size to the Irish operation in the near term.

The strong sales performance in the first half confirms that a large percentage
of revenue earnings and profit recognition will be achieved in the second half
of the year. The Group anticipates another strong result for the full year of
2005.

Ned Sullivan
Chairman


MC INERNEY HOLDINGS PLC
CONSOLIDATED INCOME STATEMENT
For the period ended 30 June 2005


                                                     30/06/2005           30/06/2004           31/12/2004
                                                      Unaudited            Unaudited             Audited
                                                        €'000                €'000                €'000 
 Revenue
 Continuing Operations                                 171,238              157,428              365,939
 Acquisitions                                                -                  868                7,420
 Revenue                                               171,238              158,296              373,359
 Cost of Sales                                        (141,280)            (127,777)            (302,272)
 Gross Profit                                           29,958               30,519               71,087

 Administrative Expenses                               (14,688)             (13,370)             (28,450)
 Share of Results from Joint Ventures                      519                3,453                5,754

 Profit from Operations                                 15,789               20,602               48,391

 Investment Income                                          76                  127                  183
 Finance Costs                                          (4,853)              (4,167)              (8,986)

 Profit before Tax                                      11,012               16,562               39,588
 Tax                                                    (1,839)              (2,135)              (4,560)
 Profit for the Period from Continuing Operations        9,173               14,427               35,028
 Dividends                                              (3,643)              (1,971)              (4,273)
 Retained Profit for the Period                          5,530               12,456               30,755

 Profit attributable to Equity Holders of the
Parent                                                   9,173               14,427               35,028

 Earnings Per Share

 From Continuing Operations:
 Basic                                                  27.68                 43.90               106.50
 Diluted                                                26.28                 42.41               101.55


 MC INERNEY HOLDINGS PLC
 CONSOLIDATED BALANCE SHEET
 As at 30 June 2005
                                                     30/06/2005           30/06/2004           31/12/2004
                                                      Unaudited            Unaudited             Audited
                                                        €'000                €'000                €'000
 Non-Current Assets
 Goodwill                                              22,390                 24,411               21,744
 Property, Plant & Equipment                            6,071                  6,687                6,241
 Investment Property                                      183                  5,569                5,509
 Interests in Joint Ventures                            7,335                  4,583                6,854
 Assets Classified as held for Sale                     4,237                      -                    -
 Deferred Tax Asset                                       963                      -                  908

                                                       41,179                 41,250               41,256

 Current Assets
 Inventories                                          341,556                251,565              269,349
 Trade & Other Receivables                             39,297                 55,609               40,827
 Cash & Cash Equivalents                               33,102                 18,595               26,670

                                                      413,955                325,769              336,846

 Total Assets                                         455,134                367,019              378,102

 Current Liabilities
 Trade & Other Payables                               144,539                141,459              127,872
 Retirement Benefit Obligation                            320                    300                  300
 Tax Liabilities                                        9,242                  6,254                9,116
 Obligations under Finance Leases                         383                    306                  316
 Bank Overdrafts & Loans                               87,173                 24,291               58,433

                                                      241,657                172,610              196,037

 Net Current Assets                                   172,298                153,159              140,809

 Non-Current Liabilities
 Bank Loans                                            79,746                 87,611               57,043
 Retirement Benefit Obligation                          1,896                    825                1,656
 Deferred Tax Liabilities                               2,190                  1,549                2,039
 Other Payables                                         4,105                  3,786                1,814
 Obligations under Finance Leases                         440                    434                  408

                                                       88,377                 94,205               62,960

 Total Liabilities                                    330,034                266,815              258,997

 Net Assets                                           125,100                100,204              119,105


 EQUITY
 Share Capital                                          4,144                  4,110                4,140
 Capital Conversion Reserve Fund                           62                     62                   62
 Share Premium Account                                 17,158                 16,764               17,113
 Equity Reserve                                           485                    112                  298
 Hedging & Translation Reserves                        (1,812)                (3,013)              (2,269)
 Retained Earnings                                    105,063                 82,169               99,761

                                                      125,100                100,204              119,105


 MC INERNEY HOLDINGS PLC
 CONSOLIDATED CASH FLOW STATEMENT
 For the period ended 30 June 2005
                                                     30/06/2005           30/06/2004           31/12/2004
                                                      Unaudited            Unaudited             Audited
                                                        €'000                €'000                €'000

 NET CASH FROM OPERATING ACTIVITIES                    (35,035)                2,052                9,242

 INVESTING ACTIVITIES
 Interest Received                                          76                    54                  325
 Dividends Rteceived from Joint Ventures                     -                 1,900                1,900
 Loans advanced to Joint Ventures                       (1,547)               (8,868)              (9,202)
 Loans repaid from Joint Ventures                            -                     -                1,078
 Proceeds on disposal of Property, Plant &
Equipment                                                    -                     -                  410
 Purchases of Property, Plant & Equipment                 (686)               (1,081)              (1,773)
 Acquisition of Subsidiary                                   -                (9,959)             (10,952)

 NET CASH USED IN INVESTING ACTIVITIES                  (2,157)              (17,954)             (18,214)

 FINANCING ACTIVITIES
 Dividends Paid                                         (3,643)               (1,971)              (4,273)
 Share Capital Subscribed                                   49                   125                  504
 Repayments of Borrowings                              (28,736)              (26,769)             (26,884)
 Repayments of Obligations under Finance Leases           (192)                 (154)                (360)
 New Bank Loans Raised                                  75,690                38,191               41,047
 Increase / (Decrease) in Bank Overdrafts                  205                (1,464)              (1,057)

 NET CASH FROM FINANCING ACTIVITIES                     43,373                 7,958                8,977

 NET INCREASE / (DECREASE) IN CASH AND CASH
EQUIVALENTS                                              6,181                (7,944)                   5

 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD       26,670                26,435               26,435

 Effect of Foreign Exchange Rate Changes                   251                   104                  230

 CASH AND CASH EQUIVALENTS AT END OF PERIOD             33,102                18,595               26,670



 MC INERNEY HOLDINGS PLC
 NOTES TO THE INTERIM REPORT
 For the period ended 30 June 2005


 Segment Information
 The Group operates in three countires, Ireland, UK and Spain. The principal
activities of the Group are Private Housing, Contracting, Commercial 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.

 The segment information about these businesses is presented below:

 REVENUE                                                                30/06/2005            30/06/2004
                                                                         Unaudited            Unaudited
                                                                           €'000                 €'000
 Ireland:
 Private Housing                                                            89,930               106,723
 Developed Sites & Land                                                      1,299                 3,320
 Contracts                                                                  25,535                10,093
 Commercial                                                                  8,641                 1,714
 Commercial Land                                                               700                   -

                                                                           126,105               121,850
 UK:
 Private Housing                                                            31,439                25,461
 Developed Sites & Land                                                        435                   -
 Contracts                                                                   9,839                 5,467
 Commercial                                                                    -                     -

                                                                            41,713                30,928
 Spain:
 Club Management                                                             1,495                 1,617
 Leisure Freehold                                                            1,175                 3,901
 Land                                                                          750                   -

                                                                             3,420                 5,518
 Total Revenue                                                             171,238               158,296


 SEGMENT RESULTS                                                      30/06/2005             30/06/2004
                                                                       Unaudited             Unaudited
                                                                         €'000                  €'000
 Ireland:
 Private Housing                                                            11,878                 14,327
 Developed Sites & Land                                                        242                    918
 Contracts                                                                   1,022                  1,303
 Commercial                                                                    948                    287
 Commercial Land                                                                65                    -

                                                                            14,155                 16,835
 UK:
 Private Housing                                                             1,054                  2,171
 Developed Sites & Land                                                        325                    -
 Contracts                                                                     448                    180

                                                                             1,827                  2,351
 Spain:
 Club Management                                                               375                     56
 Leisure Freehold                                                            1,175                    138
 Land                                                                          301                    -

                                                                             1,851                    194
 Total Segment Results                                                      17,833                 19,380

 Common Costs                                                              (2,563)                (2,231)
 Share of Results from Joint Ventures                                          519                  3,453
 Profit from Operations                                                     15,789                 20,602

 Investment Income                                                              76                    127
 Finance Costs                                                             (4,853)                (4,167)

 Profit Before Tax                                                          11,012                 16,562
 Tax                                                                       (1,839)                (2,135)
 Profit After Tax                                                            9,173                 14,427


 Dividends
                                                                         30/06/2005             30/06/2004
                                                                          Unaudited             Unaudited
                                                                            €'000                  €'000

 Charge to Profit & Loss
 Final Dividend 2004 of 11c per share (2003: 6c
per share) paid in period                                                    3,643                  1,971

 Proposed Dividend
 Proposed interim dividend for the year ending 31 December 2005 of
9c per share (2004: 7c per share)                                            2,983                  2,302


 The proposed interim dividend was approved by the Board on 23 September 2005
and has not been included as a liability as at 30 June 2005.


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






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