Abbey returns to profitability

ABBEY, the Dublin-headquartered house-building group, has reported a significant return to annual profit, but has warned that sales and profits are likely to take a hit in its current financial year.

The group, which trades in Ireland, England and the Czech Republic, yesterday reported a pre-tax profit of €15.2 million for the 12 months to the end of April.

This represented a turnaround from a pre-tax loss of €54.4m in the previous year. A strong showing in the English market, particularly during the second half of the year, coupled with an absence of any land impairment charges, which blighted the previous year’s figures, drove the return to profitability. Turnover for the year amounted to nearly €87m.