Profits up for housebuilder Abbey

Housebuilder Abbey has reported pre-tax profits of €22.58m for the six months to the end of October, which compares with a profit of €22.32m for the same period last year.

Operating profits were €21.68m, compared to €21.34m at the half-way stage last year.

Abbey 339 sales in the period, 108 of them in Ireland and 231 in the UK, with a turnover of €85.65m generating an operating profit of €20.23m, which was in line with the company's financial budgets for the period.

Releasing the results today, Abbey said: "The Irish market has continued to be firm with prices considerably higher than a year ago. Market conditions in England have been steady throughout the six months with some signs of improving confidence in the recent past notwithstanding rises in interest rates."

The board has declared an interim dividend of 12c per share.