Ballymore’s UK arm books £5m losses amid trying time in London housing market

Irish-based developer warned UK projects may stall due to challenging market conditions

Sean Mulryan chairman & group chief Executive of Ballymore Group. Picture: Fergal Phillips

Revenues at Ballymore’s British operation rose to £14 million last year, but the firm has warned it is faced with “significant operating headwinds” in the market.

New accounts from the Irish-based firm, which is controlled by developer Sean Mulryan, show the increase in turnover during the year was driven by a spike in contracting and estate management income, which increased to £10.7 million.

In the period, annual losses eased from £34.2 million to £5 million ...