TAGGART GROUP DELIVERS RECORD GROWTH WITH RISE IN TURNOVER OF OVER 100% TO €165 M
13.06.07 - Property Group Taggart Holdings Ltd. has today announced a record-breaking performance for the Group in the year to end-December 2006. Overall consolidated group turnover increased by more than twofold in 2006 to €165m from €70m (2005), while earnings before tax rose by 35% to €25.2m from €18.8m (2005).The strong results reflect an exciting year for the Group, driven by a successful mix of both acquisitive and organic growth.
Commenting on the results, Michael Taggart, Director of Taggart Holdings, said:
“We are delighted to announce an excellent set of results for 2006, with annual turnover breaking the €150m threshold for the first time. It was an exciting year for the Taggart Group, with the successful acquisitions of Cecil M Yuill Ltd in North England and Fraser Estates in Northern Ireland, both of which are already proving to be highly profitable.
Solid organic growth was delivered across all of our businesses in Ireland and the UK, with particularly high demand in Northern Ireland contributing to our strong performance in that market.
2006 also saw us enter the US market for the fist time with the acquisition of a small development site in Florida and, in line with our expansion strategy; we continue to look for opportunities both in this market and in Central & Eastern Europe. We remain focused on delivering further profitable growth for the Taggart Group and are confident that 2007 will be another successful year.”
A successful mix of acquisitive and organic growth
In February 2006, Taggart Holdings bought Cecil M. Yuill, a leading house builder based in Hartlepool in North East England, for approximately €90m. The acquisition builds on the company’s existing business in Manchester and is in line with the Group’s strategy to increase its presence in the UK. Cecil M. Yuill has already been successfully integrated into the Taggarts business and made a significant contribution to last year’s growth.
In July 2006 Taggart Holdings partnered with Goodbody Private Clients to buy Northern Ireland property development company, Fraser Estates in excess of €150m. Taggart is currently planning the development of the five sites included in the Fraser Estates portfolio and expects to achieve planning for upwards of 1,000 residential units.
In the Republic of Ireland, Taggart Holdings commenced construction on the Rochford Manor Development, Trim, Co.Meath. Sales of the development were very strong with the first three phases selling out over one weekend. The Company realised profits on selected land disposals as well as adding to its land bank in chosen areas
The Northern Ireland market is proving particularly fruitful for the Group, with house prices rising higher than anywhere else in the UK over the last year. It is expected that a lack of housing supply will continue to fuel strong demand for the foreseeable future.
Taggart’s recently won the prestigious Residential Development of the Year Award in Northern Ireland at the Annual Property Awards for its Brooke Hall development. The company sold €15m worth of houses in less than three hours for phase one of the residential development.
Establishing a solid platform for continued profitable growth
2007 is set to be another successful year for the Group with strong growth expected across all of its businesses in Ireland and the UK.
Taggart Holdings has been investing in its Manchester operations in the North West of England and it is expected that they will make become a significant contributor to overall group results in the next 2-5 years.
Further profit opportunities will arise from the Group’s very strong land bank pipeline, which is in excess of 5,000 plots and is currently at various stages of the planning process.
Rapid and controlled growth is key to the Group’s strategy and this includes international expansion. 2006 saw Taggart Holdings make its first step into the US market, with the acquisition of a mixed-use development site in Naples, Florida for which the planning process is currently underway. The Group is also closely monitoring developments in the Central & Eastern European market and plans to accelerate its activities there later this year.
Another focus for the Group in 2007 is the development of an international commercial property portfolio. Opportunities in this area are currently being explored and it is expected that a number of these will come to fruition in the second half of the year.
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For further information, please contact:
Brendan Bracken
Bracken PR
Tel: 01 677 3277
Mob: 082 258 6628
