Trading Update

McInerney Holdings PLC
28 January 2008


Monday, 28th January 2008



MC INERNEY HOLDINGS PLC

TRADING UPDATE FOR YEAR ENDED 31ST DECEMBER 2007



Ireland, Dublin: McInerney Holdings plc today released a trading update for the year ending 31st
December 2007.  Preliminary financial results for the Group will be announced on Thursday, 6th
March 2008.



Overview

Total private and contracting residential completions for the Group comprising outputs in Ireland,
UK and Spain were 2,414 units (2006: 2,372).



Total private housing deposits (Ireland, UK and Spain) on hand as at 31st December 2007 were 655
(2006: 836).



The commercial division completed 13,202sq metres (2006:13,108) and at year end there were 303sq
metres of reservations on hand.



2007 profit guidance is reaffirmed.



UK

Private house completions were 1,400 in 2007 (2006: 980). At year end, there were 372 deposits on
hand (2006: 438). The reduction in deposits on hand relates to timing of forward sale releases in
our inner city apartment business.



Ireland

Private house completions in Ireland were 594 in 2007 (2006: 1,025). Entering 2008 the Irish
division had 282 private housing deposits on hand (2006: 380).



The Irish contracting business completed 391 housing units in 2007 (2006: 309).



A number of strategic land disposals in Ireland were profitably achieved in the second half of 2007
releasing capital.



Barry O'Connor, Managing Director, McInerney Holdings plc, stated: 'We performed well in the more
challenging market conditions in the second half of 2007. Our balance sheet is strong going into
2008. We remain comfortable with the current range of market expectations for 2007 profit.



Our UK business again achieved a significant increase in output. Our broadened footprint has
enabled us to continue on a growth path. We aim to again achieve a significant volume increase in
our homes business in 2008. The fundamentals driving UK housing demand remain strong and with the
softening interest rate climate, should be favourable to our growth plans in the UK in 2008.



In Ireland, negative sentiment and the tightening of credit caused us to achieve fewer unit
completions than indicated in our September guidance. The market is going through a period of
correction, some of it necessary. This adjustment should provide a more stable housing market and
should be advantageous to our business model. The fundamentals behind the Irish housing market
remain positive.



Our UK and Irish businesses remain focussed on efficient management of working capital with an
emphasis on the provision of affordable product in key locations. As with other home builders our
view is that the next three months will provide a clearer picture of the year ahead.'



ENDS



FOR INFORMATION:

Siobhan Molloy                                  Tel: [phone]

Weber Shandwick                            or [phone]





About McInerney Holdings plc

McInerney Holdings plc is a leading development company, with divisions specialising in various
aspects of the construction market. It comprises four divisions operating in Ireland, Spain and the
United Kingdom. The company is Ireland's largest national homebuilder and a significant house
builder in the UK. It also 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). See
www.mcinerney.ie for further information.



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