A subsidiary of Sean Mulryan’s Ballymore property group reported a loss of €9 million last year, bringing its total accumulated losses by the end of March 2025 to nearly €100 million.

Ballymore is one of Ireland’s leading property developers. Its international portfolio includes offices, shopping centres and homes across Dublin, London, Bratislava, Prague and Berlin.

In Ireland, Ballymore is developing 1,500 homes on nine sites: Bray, Co Wicklow; Mullingar, Co Westmeath; Naas and Newbridge in Co Kildare and Portmarnock and Rush in Dublin.

Ballymore is progressing a substantial new scheme in partnership with the Land Development Agency in Balbriggan, in north Dublin. The development is set to deliver more than 800 homes alongside new infrastructure and community amenities.

Ballymore Properties Ireland Ltd, a project management and administration services company, saw losses widen significantly from €603,861 in its 2024 financial year to more than €9 million in the year ending March 2025.

The loss brought the company’s shareholders deficit to an accumulated loss of €99.488 million by the year end, an increase from €90.48 million the previous year.

Replying to a request for comment Ballymore said: “Ballymore does not comment on individual sets of accounts.”

“Ballymore is a large group with many subsidiaries and the results of individual entities cannot be interpreted as indicative of the consolidated performance of the group as a whole. Any suggestion that they represent the overall position of the Ballymore Ireland group results would be significantly misleading.”

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Turnover at the company, which provides project management and administration services to related parties controlled by Mr Mulryan, reached €10.7 million last year, down from €19.6 million in the previous 12 months.

The drop in turnover was driven by a decline in development management fees and recharged services to other group firms.

The company has significant payroll costs, up from €12.4 million in 2024 to top €12.7 million last year, of which €10.54 million was salaries. With 105 employees, the mean salary at the firm would be €100,403. After salaries and directors’ remuneration of €250,000, the company ran an operating loss of €8.5 million, which was widened by interest payments.

Meanwhile, Ballymore Property Developments Limited, a property sales entity, saw sales surge from €5.1 million to €43.3 million, which it credited to house sales. All of the company’s turnover was generated in Ireland. Despite the surge in house sales, the company – which has no employees – returned a small loss.

Among the risks facing the business, the company’s directors wrote, is the availability of finance having an impact on its business. Post year-end, the company’s parent agreed a refinancing of more than €130 million with AIB in November under a five-year green loan facility.

The funding will be used to accelerate Ballymore’s nationwide housing pipeline, which will lead to the construction of 2,000 homes with the potential for a further 2,000.

Another Ballymore firm, a development management services company, Ballymore Ireland Development Services Limited, saw its turnover increase from €27.24 million to €34.9 million, but still reported a loss of €119,249 – an increase from €98,570 the previous year.

The Ballymore property empire is spread across a series of company entities, many of which are owned by Mr Mulryan through the Jersey-based Benhol Limited, and hold an ultimate parent company of Eglinford Ireland Developments Limited, with Ballymore’s UK businesses being filed separately.