Abbey sees profit jump 75% to €29.7m on back of UK trade

House-building firm Abbey saw its profit before tax jump nearly 75 per cent to €29.7 million for the six months to the end of October on the back of “buoyant” trading in the UK.

The company said its house-building division completed 294 sales during the period - including 264 in the UK, 15 in Ireland 15 and 15 in the Czech Republic - with a turnover of €100 million, generating an operating profit of €27.2 million.

“ Good margins have been supported by strong prices and effective management of fast rising costs,” the company said.

“ Sales have continued at a good level into the second half. Favourable weather conditions have helped production to keep pace with sales although as ever the final quarter will be critical to the year’s results,” it added.