Abbey returns to profit at home

Co Meath-based housebuilder, Abbey has said it is confident in a sustained recovery in the domestic residential property market, after seeing its Irish division turn a profit for the first time in four years.

The Clonee-headquartered group — which operates in Ireland, Britain and the Czech Republic — yesterday reported a 113% increase in annual pre-tax profits for the 12 months to the end of April, of €24.1m. Operating profit jumped from €8.3m to €20.4m. Following a tax charge of €5.3m, the group made a total annual profit of €18.7m.

Total revenue went from €98.5m to €114.2m, while earnings per share jumped 143% to 87.04c.