Taggart Pretax Earnings Rise by 18% to £8.546m
Property Developer Taggart Holdings Ltd today announced its annual results for 2004. Profits before tax increased by 18% to £8.546m, with shareholders funds increasing by 48% to £16.330m.
Results 2004 (£000 stg)
Turnover - 30,904
Operating Profit - 8,546
Operating Margin - 28%
Earnings before Tax - 8,577
Shareholders Funds - 16,330
At the end of 2004, total work in progress stood at £40.4m, £11.6m being represented by sites under construction, with the balance of £28.8m representing land at various stages of the planning approval process.
Commenting on the current trading environment in the Republic, Michael Taggart, Chief Executive of the Group stated, “The housebuilding sector in our core markets of the Republic of Ireland and the UK continued to be strong throughout 2004. The sector, although showing signs of slowing, still augurs well for 2005”.
In line with the Group’s expansion plans, the Group purchased premises at 15 Molesworth St, Dublin 2, to service its expanding operations in the Republic. In addition satellite offices were opened in Belfast and Manchester to further service its Northern Ireland and UK operations with representative offices being set up in Bratislava and Florida to evaluate and source potential opportunities in Central and Eastern Europe and in the United States.
“Our strategy is to maintain the growth and momentum of our operations in our core markets of Ireland and the UK, build on our commercial property portfolio and selectively grow the Group’s international activities with the aim of having, within three to five years, 30% of the Group’s earnings contributed by regions outside our core markets of the UK and Ireland,” said Michael Taggart.
Ends.
Media queries to Brendan Bracken, 01-6773277, 086-2586628
Click the links below to review some of the press coverage on this story.