Building group Abbey reports profits of €36.7m

Building group Abbey has reported after-tax profits of €36.7m to the end of April 2003 with strong performances from its Irish and British operations.

Group operating profits during the year was €45.3m, a 29% increase over the previous year (€35.2m).

The house builder stated that joint venture turnover arising from plot sales at a development in Clonsilla, Co Dublin, totaled €2,831,000 generating an operating profit of €1,850,000.

Commenting on trading conditions in the Irish market, Chairman Charles Gallagher said: "Our Irish operations enjoyed a very strong second half reinforced by very positive trading conditions in the early months of 2003."

The group’s forward sales position in Ireland was described as good.

In contrast, Abbey noted that trading in the British market had slowed considerably through the last quarter of 2002 and into Q1 of 2003 and described the market as "stable".