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Interim Results

Abbey pre-tax profits up

10 December 2015 07:42

Abbey reports a profit before taxation of £29.68m for the six months to the end of October which compares with a profit of £16.99m for the corresponding period last year.

Profits at the operating level were £29.38m as compared to £16.53m at the half way stage last year. The group said its housebuilding division completed 294 sales (UK 264; Ireland 15; Czech Republic 15) with a turnover of £100.13m resulting in an operating profit of £27.23m.

Trading in the UK was buoyant during the period. Good margins have been supported by strong prices and effective management of fast rising costs.

Sales have continued at a good level into the second half. Favourable weather conditions have helped production to keep pace with sales although as ever the final quarter will be critical to the year's results.

But it adds: "Skill shortages in all aspects of our business continue to impact our activities. In Ireland our project in Lucan is selling well and our project in Delgany is in production and will launch early next year. In Prague sales activity was stronger than last year. Our project in Na Vidouli is progressing steadily. Our project in Prezletice has recently commenced. Overall another good half year is in prospect." M&J Engineers, its UK plant hire business, generated operating profits of £1.65m on a turnover of £11.32m. The second half has started well. Rental income for the period amounted to £496,000. The group said it maintained good cash flow during the period and held £80.59m in cash together with £13.73m in UK government debt at the end of October. The board has declared a dividend of 6 cents per share which together with the 7 cents approved at the annual general meeting in October will make a total of 13 cents for the financial year. The dividend will be paid on 29 April to shareholders on the register at 8 April.

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