Abbey 'on course' for reasonable outcome

HOUSEBUILDER ABBEY is “on course for a reasonable outcome this year”, its shareholders heard yesterday.

In a statement issued at its annual general meeting in Dublin yesterday, it said trading in the first few months of this year has been “satisfactory”.

Chairman Charles Gallagher said house prices in Ireland continue to fall, though at a slowing pace. “The trend appears to be down still but on a more shallow basis,” Mr Gallagher said. “It is difficult to find a two-way trade here.”

The UK home market is also “slipping a little” and the outlook is at “best dull”, he said.

The company, which has operations in England and Ireland, said in a statement that it is making progress across all parts of its business, and added that it has seen a “modest improvement” in its plant-hire division.

“In southern England, activity continues at a steady rate,” Abbey said. “Our development in Kilcoole, Co Wicklow, is particularly active.”

Executive chairman Charles Gallagher said after the meeting that the company is “trying to get on with its day-to-day business” and is seeing a reasonable level of activity.