Housebuilding group cautiously optimistic

IRISH housebuilding group Abbey has expressed cautious optimism for the current year, despite seeing the continuing tough conditions in the property market significantly dent its profits in the past 12 months.

The group — which operates here, in Britain and parts of mainland Europe — yesterday reported a pre-tax profit of €11.5 million for the 12 months to the end of April.

This figure was down from a profit of €15.2m in the previous financial year. However, the profit for the latest year was hit by a tax charge of €3.3m and an impairment charge — chiefly relating to Abbey’s Irish operations — of €1.9m.