Developer Sean Mulryan's main London unit of his Ballymore group builds and sells new homes in London. Photograph: Alan Betsonearned €1.6 million profit in the 12 months to March 31st, reversing the previous year’s €6 million loss, accounts show. The Irish-based group has substantial businesses that build and sell new homes in London, controlled mostly through British-registered Ballymore Limited and subsidiaries. Newly filed accounts show that the company earned a profit of £1.3 million (€1.
6 million) in the 12 months to March 31st 2024, its last financial year. The result reversed the £5.1 million Ballymore Limited lost during its previous financial year, on the back of almost £18 million in once-off charges.Investors chase US stocks as valuation risks mount Pat Dalton, group finance director, dubs London “undersupplied” in a report filed with the accounts, but cautions that inflation and high interest rates pose near-term challenges in Britain.“Such changes lead to falling demand and tightened mortgage availability, on which most of our customers are reliant, reducing the affordability of our homes,” says Mr Dalton. Since the end of March, Ballymore agreed to join with local authority, Camden Council and Lateral, which works with life science companies, to develop the “Knowledge Quarter” at King’s Cross.Also since March, the company sought planning for sites on Knights Road and Thames Road in east London.In late 2023, the group and partner Sainbury’s sought permission for 2,500 homes, shops, offices, a supermarket and two parks at Ladbroke Grove in west London. The company is redeveloping the Bishopsgate Goodsyard, a large site in Shoreditch, with British property group Hammerson, part owner of Dundrum Town Centre, the Republic’s biggest shopping mall. Ballymore Limited’s revenue more than doubled to £28.8 million in the 12 months to March 31st from £14 million during the previous financial yea
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