Abbey’s half yearly profits rise 75% to €29.68m
The property development group, Abbey, has reported pre-tax profits of €29.68m for the six months to the end of October, up from €16.99m the same time last year.
In the company’s results for the six month period ending October 31, Abbey’s profits grew by €12.69m off the back of strong trading in the UK which led to a turnover of in excess of €100m.
The group’s housebuilding division completed 294 sales, the majority of which were in the UK.
Abbey made 264 sales in the UK, with 15 in Ireland and another 15 in the Czech Republic.
In Ireland, Abbey said its project in Lucan was selling well, while its project in Delgany is in production and will launch early next year.
It noted that trading in the UK was buoyant during the six month period, and sales have continued at a good level into the second half of its financial year.
Favourable weather conditions have helped production to keep pace with sales, but Abbey said that the final quarter of the year will be critical to the year’s results.
The Abbey board has declared a dividend of six cents per share which together with the seven cents approved at the company’s AGM in October will make a total of 13 cents for the financial year.
“The immediate outlook is good. Sales across our business are firm. In the medium term the strong trading conditions being experienced in Southern England will dissipate and we should expect tougher conditions ahead,” commented the company’s chairman Charles Gallagher.
Abbey plc is quoted on the ESM in Dublin, and the AIM Market in London. The company’s main activities are residential housing development in the United Kingdom, Ireland and Prague. It also has a plant hire division, M&J Engineers Ltd., based in the United Kingdom.
