Abbey profit rises over six months

Housebuilder Abbey said pretax profit rose to €5.95 million for the six months ended October 31st.

That compared with a profit of €3.35 million in the same period in 2011, with operating profit increasing from €2.27 million to €4.41 million in the same period.

The company said its housebuilding division turnover was €37.05 million for the period, with operating profit of €3.06 million. In the UK, trading was satisfactory, Abbey said, with average sales price rising year on year. The company completed 134 sales there, with only 21 in Ireland and two in the Czech Republic.

However, Abbey said sales and rentals on its Irish legacy sites have progressed, with its Kilcoole project set to be completed this year and a new site in Shankhill, Co. Dublin to commence in the New Year.

Although sales were disappointing in Prague, the company said some progress had been made in recent weeks, and it was expecting a better result in the second half.

Its UK plant hire business, M & J Engineers, generated operating profits of €691,000 on a turnover of €7.13 million, a performance the company said was a good improvement on last year.

“Year on year comparisons however are now more demanding and trading in recent weeks has become more challenging,” Abbey said.

For the six month period, rental income was €395,000.