Building company Abbey has again beaten market forecasts with a bumper set of interim results as pre-tax profits for the six-months to the end of October rose 35 per cent.
The company improved operating margin in its core housebuilding division rose to 32 per cent, although net completions fell 7 per cent to 354 units.
Ireland in particular had a very strong year with more houses completed here than in Britain. Abbey reported 191 house sales in Ireland, a rise of 84 per cent on the same period the previous year. This compared to 163 completions in Britain, which was a fall of 41 per cent.
Abbey said the housing division is on course for significantly more sales in the second half. During the period the company added 361 plots with planning permission to its approved land bank.
In addition, contracts are exchanged for the purchase of an additional 350 plots subject to the grant of all necessary consents.
The company declared interim dividend of 10 cents per share.