Sunday 24 September 2017

Abbey reports 'gradual progress' in Ireland as profits top €61m

Charles Gallagher: actively looking for new projects
Charles Gallagher: actively looking for new projects
Michael Cogley

Michael Cogley

Housebuilder Abbey has reported gradual progress in the Irish market as profits at the firm last year jumped to €61.5m from €49.1m in the previous year.

In a trading update released to shareholders this morning Abbey said its project in Lucan is nearing completion while it also launched a new development in Delgany in June.

The company also spent the year buying up land in Rotaoth, Meath, and Cornelscourt, Dublin - both schemes are now under construction.

Abbey also said that demand for new home ownership in many parts of the wider Dublin area "remains muted".

Overall the company concluded 597 sales groupwide, including 23 in Ireland, bringing in a total turnover of €198.6m.

Abbey has set out a dividend of 8c per share for approval at the AGM.

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