Interim Management Statement
November 10 2009 - 5:36AM
UK Regulatory
TIDMMCI
RNS Number : 2650C
McInerney Holdings PLC
10 November 2009
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| Tuesday, 10th November 2009 |
| MCINERNEY HOLDINGS PLC |
| INTERIM MANAGEMENT STATEMENT |
| McInerney Holdings plc ('the Group') today issues the following Interim |
| Management Statement ('IMS') for the period from 1st July 2009 to 9th |
| November 2009. |
| The Group continues to experience poor trading conditions in its key housing |
| markets of Ireland and the UK. |
| In Ireland, the Group's house sales remain flat. Low consumer sentiment |
| persists and this, coupled with a lack of mortgage availability, is |
| curtailing market demand. The prospect for any immediate change to the |
| current market conditions is uncertain. In the UK, the housing market is |
| stabilising and the Group is experiencing a steady rate of house sales albeit |
| at low levels. The Group is reviewing all non cash generative aspects of the |
| business consistent with the objective of maximising cash flow. Headcount has |
| been reduced by over 650 since 2007. |
| The Group has written down its Irish landbank by over 50% and the UK landbank |
| by almost 40% since mid 2008. The write down assumes that current trading |
| prices and sales volumes continue for the sales life of the landbank in both |
| the UK and Ireland. Any sustained recovery in either the UK or Irish housing |
| markets would provide the Group with the opportunity to earn back a |
| significant proportion of this asset write down. |
| At the time of the Group's Interim Statement, it was stated that measurement |
| of certain bank convents had been deferred. Some of these deferrals have now |
| expired. The Group will breach certain covenants when tested this month. The |
| covenant position is being dealt with within the banking negotiations that |
| are currently underway. Negotiations with the Group's funders are |
| progressing. The Directors anticipate reaching a positive outcome to the |
| banking negotiations prior to the next results announcement in March 2010. |
| ENDS |
| FOR INFORMATION: |
| Siobhan Molloy Tel: (01) 676 01 68 |
| Weber Shandwick or 086 817 50 66 |
| Note Regarding Forward Looking Statements |
| Certain statements made in this Interim Management Statement are forward |
| looking statements. Such statements are based on current expectations and are |
| subject to a number of risks and uncertainties that could cause actual events |
| or results to differ materially from any expected future events or results |
| referred to in these forward-looking statements. |
| |
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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
END
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