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House builder Abbey sitting on €70m cash warchest

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A lack of new homes being built has been blamed for the continued rise in rents

A lack of new homes being built has been blamed for the continued rise in rents

A lack of new homes being built has been blamed for the continued rise in rents

The cash pile at listed house builder Abbey more than doubled to almost €70m in the company's last financial year, giving it a sizeable warchest with which to pursue new land, the company's newly released annual report reveals.

The company said in last month that it was actively seeking further acquisitions in the Irish market.

Davy equity analyst Colin Sheridan said the rise in cash would partly have been due to the strength of sterling.

"The company will be actively seeking new sites. My understanding is that they're building off about three sites at the moment and I think they're looking to increase that, but the restriction that they have at the moment is around the availability of land," he said.

Abbey executive chairman Charles Gallagher was unavailable for comment.

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