Monday 18 December 2017

Abbey interim profits soar nearly 75pc to €29.68m

Abbey executive chairman Charles Gallagher
Abbey executive chairman Charles Gallagher
Michael Cogley

Michael Cogley

Profits at Abbey, the property development group, have soared by nearly 75pc in the company’s interim results up to €29.68m.

In the company’s results for the six month period ending October 31, Abbey’s profits grew by €12.69m off the back of strong trading in the UK which led to a turnover of in excess of €100m.

The group’s housebuilding division completed 294 sales, the majority of which were in the UK.

Abbey made 264 sales in the UK, with 15 in Ireland and another 15 in the Czech Republic.

The company says that sales in the company have continued at a good level into the second half of the year citing favourable weather conditions as a positive for its efficiency in housebuilding.

In a statement to shareholders chairman, Charles Gallagher, said that a skills shortage is affecting the company’s business.

“Skill shortages in all aspects of our business continue to impact our activities.  In Ireland our project in Lucan is selling well and our project in Delgany is in production and will launch early next year.  In Prague sales activity was stronger than last year,” Mr Gallagher wrote.

The firm’s UK plant hire business, M&J Engineers, generated operating profits of €1.65m and a turnover of €11.32m in the opening six months of the year.

A dividend of 6c per share was announced by the board which will bring the total dividend up to 13c per share for the financial year.

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