Housebuilder Abbey reports 22% jump in revenue

Housebuilder Abbey has reported a 22 per cent jump in revenue to €111 million for the six months to October. The growth was primarily driven by higher volumes in its house-building business, which completed 277 units in the six-month period, up 17 per cent year-on-year.

This broke down as 239 sales in the UK (up from 201 last year), 19 in Ireland (down from 32 last year) and 19 in the Czech Republic (versus 4 last year).

Profits at the operating level were €24 million as compared to €23.4 million at the half-way stage last year.

“In the UK sales are holding up well despite economic uncertainty,” it said, noting sites aimed at first-time buyers were selling well.

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However, it said production continued to be impacted by tight labour and materials markets and some delays have been experienced.

Useful contribution

In Ireland, Abbey said production would soon be in progress on five projects “and we are hoping for a useful contribution to our year-end figures”.

“A further four projects are making their way through the approvals process as efforts continue to grow our Irish business,” it said.

After a “careful consideration” of the group financial position and commitments, Abbey’s board declared a special dividend of 100 cent per share payable on January 31st next year. In addition the board is declaring a dividend of 9 cent per share to be paid on April 30th.

“Together with the 10 cents per share approved at the annual general meeting in October, this will make a total of 119 cents per share for the financial year,” it said.