Ireland31 Aug 2009 09:53
I live in Ireland (West Clare to be precise).
I actually want to buy a MCI home because they have a development in my town, thats what drew my interest to MCI.
I actually like the design of their homes, and unlike many Irish developers, the quality of the build is quite good.
But, Ireland is in deep trouble. It just doesent have the clout of the rest of europe financially, its a small country whose economy was partly an illusion driven by the property boom.
It will take probably an extra year or two before the economy picks up, there is now a surplus of houses in Ireland, unlike the UK where this still demand. This is because planning approval was granted much more in Ireland due to relaxed planning laws.
I still think this is a good buy, they are a reputable company. But given these results, I wont be panic buying any shares for a few weeks and I will instead focus on shares more likely to jump soon such as AST and YELL