Trading Update - Amendmnt

McInerney Holdings PLC
31 January 2003

                                   CORRECTION

For Immediate Release, 31 January 2003

                             McInerney Holdings plc

                     Trading Update for Year ended 31/12/02

Among the highlights contained in the trading update issued this morning (31
January 2003), on RNS at 07.44am, RNS no. 8739G, the percentage figure with
regard to private house completions was in fact 63% and not 61% as stated.


  • Aggregate (Ireland, UK and Spain) private house completions for the Group
    increased by 63% from 711 in 2001 to 1161 in 2002.


FOR INFORMATION:

Brian Harmon, Weber Shandwick FCC

Tel: [phone] or [phone]

The correct text is detailed below.

31 January 2003



                            MC INERNEY HOLDINGS PLC

                     TRADING UPDATE FOR YEAR ENDED 31/12/02

Ireland, Dublin: McInerney Holdings plc today released a trading update for the
year ending 31st December 2002 which shows that the Group will exceed 2001
performance figures.

The trading highlights will record an improved performance over 2001 figures
with substantial increases in both aggregate Group housing completions and
deposits on hand. Preliminary financial results for the Group will be published
in a month's time.

Trading highlights:

  • Aggregate (Ireland, UK and Spain) private house completions for the Group
    increased by 63% from 711 in 2001, to 1,161 in 2002.

  • Year-end aggregate (Ireland, UK and Spain) housing deposits on hand rose
    by 134% to 726 compared to 310 at year-end 31 December 2001.

  • Completions in Ireland, comprising private and contract housing units,
    increased to 1,011 compared to 808 for the year ended 31/12/01.

  • Margins were maintained in the Group's Irish housing business, while
    delivering higher unit output at lower average prices.

  • Following the Group's acquisition of Charlton Group (UK) Limited in
    January 2002, house completions in the UK, comprising private and contract
    housing units, have increased from 9 in 2001 to 310 in 2002. Of the 257
    private housing completions in the UK in 2002, 192 were from Charlton and 65
    from Hargreaves Homes.

  • Land sale profits in Ireland were lower than in previous years.

  • Aggregate (Ireland and UK) contracting house completions increased by 29%
    from 146 in 2001 to 185 in 2002. Contracting margins were tighter and the
    result was disappointing.

Barry O'Connor, Managing Director, said that the Group's performance,
particularly in the private housing sectors in Ireland and the UK, was very
strong.

'The Group has experienced a very strong twelve month period notwithstanding
market expectations of much uncertainty. The acquisition of the Charlton Group
in the UK proved to be well timed and added positively to both the increase in
completions and deposits on hand. We remain optimistic in terms of growth for
2003'

About McInerney Holdings plc

McInerney Holdings plc is one of Ireland's leading development companies, with
divisions specialising in various aspects of the construction market. McInerney
Holdings plc comprises four divisions operating in Ireland, Spain and the United
Kingdom. Established in 1909, the company is Ireland's largest national
homebuilder, and undertakes extensive commercial and leisure projects both in
Ireland and abroad. The company is listed on the Dublin and London Stock
Exchanges (ISE: MCI.I/LSE: MCI).

                                      ENDS

FOR INFORMATION:

Brian Harmon, Weber Shandwick FCC

Tel: [phone] or [phone]

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

                      This information is provided by RNS
            The company news service from the London Stock Exchange