Business Irish

Saturday 21 September 2019

Abbey posts 22pc rise in revenue but remains 'cautious about new investments'

House builder Abbey
House builder Abbey
Louise Kelly

Louise Kelly

Housebuilder Abbey has reported a year-on-year rise in revenue of 22pc in its first half year results.

According to the company's interim results, for the six months to October 2018, revenue for the period was €110.7m.

Dublin-listed Abbey said that the growth was primarily driven by higher volumes in the home building business.

The completion of 277 units represented a 17pc increase in comparison to the same period last year.

In a breakdown across markets, this was 239 sales in the UK, 19 in Ireland and 19 in Czechia; resulting in an operating profit of €21.52m.

Abbey said that sales are holding up well in the UK despite economic uncertainty and first-time buyers sites are selling well.

Furthermore, the board declared a special dividend of 9 cents per share for shareholders to be paid next April.

This is in addition to the 10 cents per share approved at the company's AGM in October.

Abbey said that the forward sales position in the UK gives confidence for future results despite uncertain external conditions.

However, the group said that it would be cautious about new investments in the months ahead.

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