Abbey posts half-year pretax profit of €5.95m

Housebuilder Abbey said yesterday that pretax profit rose to €5.95 million for the six months to October 31st. That compared with a profit of €3.35 million in the same period last year.

Operating profit increased from €2.27 million to €4.41 million in the same period.

The company said turnover in its housebuilding division was €37.05 million for the period, with operating profit of €3.06 million.

Satisfactory

In the UK, trading was satisfactory, Abbey said, with average sale prices rising year on year. The company completed 134 sales in the UK, with only 21 in Ireland and two in the Czech Republic.

However, Abbey said sales and rentals on its Irish legacy sites had progressed, with its Kilcoole project set to be completed this year and a new site in Shankill, Co Dublin, to commence in the new year.

Although sales were disappointing in Prague, the company said some progress had been made in recent weeks, and it was expecting a better result in the second half of its financial year.

Its UK plant hire business, MJ Engineers, generated operating profits of €691,000 on a turnover of €7.13 million, a performance the company said was a good improvement on last year.

“Year-on-year comparisons, however, are now more demanding and trading in recent weeks has become more challenging,” Abbey said.

For the six months, rental income was €395,000.