House builder Abbey sees pre-tax profit rise to €23.4m

Company, however, highlights worry about continuing uncertainty over Brexit

Due to higher selling prices, Abbey saw revenue in the housebuilding business grow by just over 2 per cent to €90.4 million. Photograph: Lauren Hurley/PA Wire

Due to higher selling prices, Abbey saw revenue in the housebuilding business grow by just over 2 per cent to €90.4 million. Photograph: Lauren Hurley/PA Wire

 

House builder Abbey said pre-tax profits rose by 7 per cent to €23.4 million in the six months to the end of October.

The company completed 237 units – 201 in the UK, 32 in Ireland and four in Czech Republic – which was roughly 6 per cent below last year’s level.

However, due to higher selling prices, the company saw revenue in the housebuilding business grow by just over 2 per cent to €90.4 million.

“Trading is continuing at good levels and a satisfactory result for the year is in prospect,” the company said.

“ The recent rise in interest rates in the UK together with moderate economic growth naturally tempers the outlook in the medium term,” it added.

Abbey said, however, the uncertainty and dislocation associated with Brexit may impact both Britain and Ireland.

Overall however the group supported by a strong balance sheet continues to plan for growth, it said.