Abbey profits drop by €2m

IRISH housebuilding group, Abbey has reported a near €2 million year-on-year drop in first-half profits, due mainly to a decline in its best performing British-based division.

The Co Meath-headquartered group yesterday reported a pre-tax profit of €3.35m for the six months to the end of October. This was down from a pre-tax profit of €5.55m for the corresponding period last year.

First-half operating profit was also significantly down; from just under €4.4m a year ago to just shy of €2.3m; also well below analyst forecasts of €5.6m. Group turnover, meanwhile, amounted to €33.2m, up by 11% year-on-year, with earnings per share down from 17c to 11c. An interim dividend of 3c per share has also been declared.