Strong year in Ireland boosts Abbey's results

Residential house builder Abbey plc reports a profit before taxation of €28.81m, a jump of €7.63m for the same period last year.

Profits at the operating level were €28.39m, up €7.97m on the half-way stage last year.

The company's housebuilding division completed 354 sales (Britain163; Ireland 191) generating an operating profit of €26.17m.

The report also says that firm prices supported margins on British activities, which compensated for lower volume.

The group say that Ireland is enjoying a strong year, and that the housing division is on course for significantly more sales in the second half.

Abbey added 361 plots with planning permission to its approved land bank, and contracts were exchanged for the purchase of an additional 350 plots subject to the grant of all necessary consents.

Joint venture turnover arising from plot sales at our development in Clonsilla, Co. Dublin totalled €1.5m, generating an operating profit of €981,000.

M&J Engineers, the British-based plant hire business, generated operating profits of €1.12m on a turnover of €9.88m.

The group also announced that it held 'substantial cash balances' at the end of October, although the amount is lower than a year earlier.

The Board declared an interim dividend of 10 cents per share, payable on 18th February 2004 to shareholders on the register at 16th January 2004,and said they are confident of a satisfactory outcome for the year.