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Annual Results

Abbey pre-tax profits rise

11 July 2017 07:25

Pre-tax profits at Abbey rose to €63.5m in the year to the end of April - up from €61.5m last time.

After a tax charge of €11.6 million the group made a profit of €51.8 million reflecting earnings per share of 241.04 cents.

Group operating profits during the year were €60.8 million against €60.8 million the previous year.

Abbey said: "Our housebuilding operations completed 586 sales (UK 495; Ireland 39, CZK 52) with a turnover of €196.5 million generating an operating profit of €57.1 million.

"Our UK housebuilding business experienced, overall, another good year.

"Sales, underpinned by the UK 'Help to Buy' scheme, were steady throughout the period.

"Strong margins were maintained as improving sales prices at least matched steadily rising costs.

"Forward sales entering the new financial year were at good levels although recent weeks have been quieter as political events together with normal seasonal trends have modestly dampened activity.

"Production is under pressure to keep up with our build targets.

"Tight markets for labour and some materials are now a significant constraint on driving output.

"During the year our UK landbank grew to in excess of 2,000 plots.

"The expansion of our land stocks should help us achieve our goal of increasing activity in the years ahead.

"In Ireland our projects in Delgany and Ratoath have both performed well.

"Next year should see another jump in activity as projects in Cabinteely, County Dublin and Dunshaughlin, County Meath contribute to our sales. 'Help to Buy' has significantly boosted confidence and is speeding the recovery in activity in the wider Dublin metropolitan area.

"This should in due course help ease the widely reported housing shortage in Dublin. Since the year end land for 46 houses has been purchased in Navan.

"In Prague we completed 52 sales. Our project Na Vidouli proved very popular. Work is continuing in Tetinska and Prezletice.

"At the year end the Group owned and controlled land allocated for housing development for the supply of 3,047 plots.

"M & J reported operating profits of €2.7 million on a turnover of €19.0 million. Overall trading has been steady however rising costs have squeezed margins. Trading in the early part of the new year has been consistent and another fair year is in prospect.

"Rental income during the year was €973,000."

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