Final Results - Replacement

McInerney Holdings PLC
22 March 2000

The issuer has made the following amendment to the Final Results
announcement released today at 10.45 under RNS No 7217H.

The results previously reported in pounds sterling and pounds Irish should have
been reported in Euros and pounds Irish.  In each case there is no
change to the figures themselves. 

All other details remain unchanged.

The full corrected version is shown below.
-------------------------------------------------------------------

                            McInerney Holdings PLC                            
                            ----------------------

                           PRELIMINARY ANNOUNCEMENT                           
            Financial Results for the Year ended 31 December 1999             




Last year proved to be another successful year of growth for the Group in each
of our core businesses, with significant increases in profitability being
achieved.  


Financial Highlights
--------------------

The Directors are pleased to report profits before tax of EUR 14.155m
(IR£11.148m), an increase of 58% on the 1998 result of EUR 8.977m (IR£7.070m).
Basic earnings per share in 1999 were 35.31 cents (IR27.81p), compared to
25.51 cents (IR20.09p) in 1998.

Profits after tax for the year were EUR 10.732m (IR8.452m) against EUR 6.415m
(IR£5.052m) in the previous year.  Group turnover rose from EUR 80.94m
(IR£63.74) in 1998 to EUR 109.67m (IR£86.37m) in 1999. 

The sale of two investment properties in Dublin and Galway provided a
contribution before tax of EUR 1.580m (IR£1.245m).


Dividend
--------

In light of these satisfactory results, an interim dividend of 2.54 cents
(IR2.00p), based on the 1999 results, will be paid on the 20th April 2000, to
shareholders registered at 7th April 2000.  No final dividend will be
proposed. 

Capital Structures
------------------

During 1999, the Group completed a successful share placing to raise gross
proceeds of EUR 9.654m (IR£7,603m). A large percentage of this fund has been
invested to strengthen the Group's land-bank, particularly in the Dublin and
Cork regions.  The Group now has control of a quality, broadly spread
land-bank, which will meet the projected demand for Irish housing in the
medium term.  Our land-bank management policy will continue to be based on
selective land purchases, balanced with strategic land sales, as the Group
fine-tunes its regional land-bank. 


Operational Highlights
----------------------

The results constitute a solid performance by the Group's operating divisions,
with the housing, commercial and leisure operations each substantially
increasing their respective contribution to Group profitability.  The strong
performance of our commercial and leisure activities is particularly
encouraging, as they provide us with significant profit generation outside our
core Irish housebuilding activities.

Residential:     Demand for residential housing remained strong in Ireland
during 1999, and the Irish housebuilding division, McInerney Construction, was
again the major contributor to our results.  The number of completions during
the year was 600, of which 567 were in private housing and 33 were in contract
housing. Improved margins were achieved on all housing activities. 

A general easing of house price inflation was experienced, particularly in
Dublin, in the latter half of the year, while house prices in other regions
grew at a faster rate.  The Group has maintained its policy of ensuring a
broad geographical spread of housing activities in Ireland, and regional price
improvement has further helped the performance of the Group. 

Commercial:     Hillview Securities, our commercial arm, increased its profits
in 1999 and its performance continued to exceed expectations.  This success
was due to the strong demand for industrial units.  Hillview is currently
involved in a number of ongoing projects in this area.  The funds from the
company's sale of two investment properties in Dublin and Galway are currently
being re-invested to secure control of industrial sites in Dublin and Cork. 

Leisure:     The Group's operation at Four Seasons Country Club, Spain, posted
a higher profit return for the year.  Its focus on rentals continues to pay
dividends, with volumes and prices secured ahead of targets.  A new block of
12 apartments was completed in the summer of 1999 at the Club.  The Group has
continued expansion in Spain through securing a freehold site to develop 72
apartments at Carib Playa, located close to Four Seasons.  Sales and
construction have already commenced. 

UK Activity:     In the second half of 1999, the Group acquired William
Hargreaves Holdings Ltd, a small developer and house builder based in Bolton,
Lancashire, as part of a measured expansion by the Group into the UK market.
We are satisfied with the progress of this acquisition to date.


Challenges Ahead
----------------

All economic indicators point to another year of strong growth in the Irish
economy.  This should ensure continued strong growth for all the Group's Irish
based activities.  The outlook for our leisure operations in Spain is also
very encouraging, and we plan to develop further our freehold activity in this
marketplace. We continue to review the UK market and intend to expand our
activities if the right opportunities arise.

The current year should also gain from the full impact of the capital raising
exercise in 1999, as the benefit from new sites acquired will feed through to
the Group's earnings.  The Group remains focussed on maximising shareholder
value and it achieves this objective by obtaining above average return on
capital employed on its investments.  We continue to see attractive
development opportunities in our key markets in Ireland and Spain that will
allow us to meet our demanding return on capital criteria. 

Trading in the first quarter of 2000 is good, and we anticipate further strong
growth for the Group in the current year. 

R B. Ferris
Chairman

FOR INFORMATION:     

Greig McCambridge, McInerney Holdings plc     003531 298 5700
John Mumford, Williams de Broe Plc            0207 588 7511




McINERNEY HOLDINGS PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT 
For the year ended 31 December 1999 

                    
                                                               
                                                       1999           1998
                                                (Unaudited)       (Audited)
                                                   EUR '000       EUR '000

TURNOVER INCLUDING GROUP SHARE OF
JOINT VENTURE                                                                
Continuing Operations                               101,307         81,120
Acquisitions                                          9,878              -
                                                    -------        -------
                                                    111,185         81,120

Less: Share of Joint Venture Turnover                (1,519)          (183)
                                                    -------        -------

GROUP TURNOVER                                      109,666         80,937

COST OF SALES                                       (86,655)       (64,214)
                                                    -------        -------
                     
GROSS PROFIT                                                                
Gross Profit Excluding Exceptional Item              23,011         15,344
Exceptional Contribution from Land Sales                  -          1,379
                                                    -------        -------
TOTAL GROSS PROFIT                                   23,011         16,723
                                                               
Administrative Expenses                              (8,519)        (6,346)
                                                    -------        -------

Group Operating Profit
      Continuing Operations                          14,696         10,377
      Acquisitions                                     (204)             -
                                                    -------        -------
                                                     14,492         10,377
Share of Operating Profits in Joint Ventures                   
      Continuing Operations                             155             36
      Acquisitions                                       95              -
                                                    -------        -------

TOTAL OPERATING PROFITS INCLUDING JOINT VENTURES     14,742         10,413
                                                               
Surplus on disposal of Investment Properties          1,580              -

Interest Payable and Similar Charges                 (2,167)        (1,436)
                                                    -------        -------    
                                                               
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION        14,155          8,977

Taxation Charge arising on Ordinary Activities       (3,423)        (2,562)
                                                    -------        -------
PROFIT ON ORDINARY ACTIVITIES AFTER TAX              10,732          6,415
                                                               
Proposed Dividend                                      (804)          (543)
                                                    -------        -------
PROFIT RETAINED FOR THE YEAR                          9,928          5,872
                                                    =======        =======
 
BASIC EARNINGS PER SHARE                              35.31 c        25.51 c
                                                               
FULLY DILUTED EARNINGS PER SHARE                      33.39 c        24.53 c
                                                               

The Auditors have confirmed that they will be issuing an unqualified opinion
on the accounts from which the financial information set out on pages 3 to 6
for the year ended 31 December 1999 has been extracted.  The financial
information for the year ended 31 December 1998 has been extracted from
audited accounts on which the Auditors issued an unqualified opinion and which
have been delivered to the Registrar of Companies.




McINERNEY HOLDINGS PLC
CONSOLIDATED BALANCE SHEET
As at 31 December 1999


                                                       1999           1998
                                                (Unaudited)       (Audited)
                                                  EUR  '000       EUR '000
                                                               
FIXED ASSETS                                                                
Intangible Assets                                     6,042              -
Tangible Assets                                       4,934          5,548
Financial Assets
    Joint Ventures:   Share of Gross Assets           9,004          4,719
                      Share of Gross Liabilities     (9,020)        (4,664)
                      Loans to Joint Ventures         2,383          1,707
                                                     ------         ------
                                                      2,367          1,762

TOTAL FIXED ASSETS                                   13,343          7,310
                                                     ------         ------
CURRENT ASSETS                                                            
Stocks                                               64,995         40,668
Debtors                                              12,613          7,069
Cash at Bank and in Hand                             11,793          3,837
                                                     ------         ------
                                                     89,401         51,574
                                                     ------         ------
CREDITORS (Amounts falling due within one year)
Bank Loans and Overdrafts                            19,444         12,104
Trade and Other Creditors                            43,356         32,361
                                                     ------         ------
                                                     62,800         44,465
                                                     ------         ------

NET CURRENT ASSETS                                   26,601          7,109
                                                     ------         ------
TOTAL ASSETS LESS CURRENT LIABILITIES                39,944         14,419
                                                     ------         ------
                                                               
CREDITORS (Amounts falling due after more 
than one year)                                                            
Bank Loans                                            6,287          1,135
Other Creditors                                       1,818            174
                                                     ------         ------
                                                      8,105          1,309
                                                     ------         ------

PROVISIONS FOR LIABILITIES AND CHARGES 
Deferred Taxation                                       921          1,718
                                                     ------         ------
                                                     30,918         11,392
                                                     ======         ======
FINANCED BY :                                                                
CAPITAL AND RESERVES    
Called up Share Capital                               4,017          3,192
Share Premium Account                                16,271          7,982
Revaluation Reserve                                     371          1,450
Profit and Loss Account                              10,259         (1,232)
                                                     ------         ------
TOTAL SHAREHOLDERS' FUNDS - ALL EQUITY               30,918         11,392
                                                     ======         ======





McINERNEY HOLDINGS PLC
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 1999


                                                       1999           1998
                                                (Unaudited)      (Audited)
                                                  EUR  '000       EUR '000

Net Cash Inflow/(Outflow) from operating
activities                                            2,159           (704)
                                                     ------         ------

DIVIDENDS RECEIVED FROM JOINT VENTURES                   38            117
                                                     ------         ------

RETURNS ON INVESTMENTS AND SERVICING 
OF FINANCE                                                                
Interest Received                                       165             18
Interest Paid                                        (2,072)        (1,294)
Interest element of Finance Lease payments              (13)            (9)
                                                     ------         ------
                                                     (1,920)        (1,285)
                                                     ------         ------

TAXATION                                             (1,836)          (860)
                                                     ------         ------

CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchase of Tangible assets                            (960)          (977)
Sale of Tangible Assets                               4,520             57
Investment in Financial Assets                          188         (1,205)
                                                     ------         ------
                                                      3,748         (2,125)
                                                     ------         ------
                                                               
ACQUISITION OF SUBSIDIARY UNDERTAKING                (5,953)             -
                                                     ------         ------

EQUITY DIVIDENDS PAID                                  (542)          (319)
                                                     ------         ------

Net Cash Outflow before Financing                    (4,306)        (5,176)

FINANCING                                                      
Share Capital Subscribed                              9,114              -
Repayment of Loans                                  (15,044)        (6,481)
Proceeds from Borrowings                             18,307         10,591
Capital Element of Finance Lease Rentals               (143)           (82)
                                                     ------         ------
                                                     12,234          4,028
                                                     ------         ------
Increase/(Decrease) in cash in year                   7,928         (1,148)
                                                     ======         ====== 
                                                               





McINERNEY HOLDINGS PLC
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 December 1999


SEGMENTAL INFORMATION

Segmental Analysis of Turnover and Profit              1999           1998
                                                 (Unaudited)     (Audited)
                                                   EUR '000       EUR '000

Turnover                                                                
Private Housing                                      77,647         60,881
Land & Sites                                          1,614          4,011
Contracts                                            13,086         10,784
Leisure                                               2,762          1,915
Commercial                                            4,679          3,346
UK Construction - Acquired                            9,878              -
                                                    -------        -------
Group Turnover                                      109,666         80,937
                                                    =======        =======
                      
Profit  before Interest & Taxation                                      
Private Housing                                      13,560          7,617
Land & Sites                                            140          2,239
Contracts                                             1,307          1,032
Leisure                                               1,172            747
Commercial                                            2,015            781
UK Construction - Acquired                             (203)             -
                                                    -------        -------
Segment Profits                                      17,991         12,416

Share of Operating Profits in Joint Ventures            250             36
Common Costs                                         (1,569)        (1,348)
Costs incurred in on-going Development/
Acquisition
   Activities                                          (350)          (691)
Net Interest Payable                                 (2,167)        (1,436)
                                                    -------        -------
Profit  Before Taxation                              14,155          8,977
                                                    =======        =======
                                                               


Segmental Analysis of Net Assets

                                                       1999           1998
                                                (Unaudited)      (Audited)
Business Sectors                                  EUR  '000       EUR '000

Continuing Activities
Private Housing                                      25,410         17,914
Leisure                                               6,808          1,800
Commercial                                            5,410          3,459
UK Construction                                       9,667              -
                                                    -------        -------
Net Operating Assets                                 47,295         23,173

Unallocated Liabilities                              (2,439)        (2,379)
                                                    -------        -------
                                                     44,856         20,794

Net Borrowings                                      (13,938)        (9,402)
                                                    -------        -------
Total Net Assets                                     30,918         11,392
                                                    =======        =======


All activities are located in Ireland with the exception of Leisure, which is
located in Spain, and UK Construction, which is located in the North of
England.  Segment profit before interest & taxation arising from Commercial
activities, includes the surplus on disposal of Investment Properties.