Abbey PLC Half-year Report (3741R)
December 09 2016 - 2:00AM
UK Regulatory
TIDMABBY
RNS Number : 3741R
Abbey PLC
09 December 2016
ABBEY PLC
INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31 OCTOBER 2016
The Board of Abbey plc reports a profit before taxation of
EUR21.76m which compares with a profit of EUR29.68m for the
corresponding period last year. Profits at the operating level were
EUR21.56m as compared to EUR29.38m at the half way stage last
year.
Our housebuilding division completed 252 sales (UK 219; Ireland
15; Czech Republic 18) with a turnover of EUR77.95m resulting in an
operating profit of EUR19.63m. Trading in the UK was satisfactory
during the period. Strong margins have been a particular feature.
Forward sales are good and in particular are consistent with our
target of increased activity for the year. Production is under
pressure to keep up. The final outcome for the year will as ever
depend on performance in the fourth quarter. In Ireland the first
completion has been achieved in Delgany and our project in Ratoath
has had a very successful sales launch. Our project in Cornelscourt
will launch early next year. A steady pick up in activity is now in
prospect. In Prague our project in Na Vidouli is 90% sold. Our new
project in Tetinska is under way and has achieved a number of early
sales. During the period the UK housing division acquired 485 plots
and in Ireland we acquired 94 plots.
M & J Engineers, our UK plant hire business, generated
operating profits of EUR1.46m on a turnover of EUR9.90m. Trading
has continued at a good level through the Autumn.
Rental income for the period amounted to EUR468,000.
The Group maintained good cash flow during the period and held
EUR70.12m in cash together with EUR11.15m in UK government debt at
the end of October.
The Board is pleased to declare a dividend of 7 cents per share
which together with the 8 cents approved at the Annual General
Meeting in October will make a total of 15 cents for the financial
year. The dividend will be paid on 28 April 2017 to shareholders on
the register at 31 March 2017.
Shareholders should carefully note the exchange rates used for
this statement. The income statement uses the average rate for the
period of 100 cents: STG 83.61 and 100 cents: CZK 27.04 The balance
sheet uses the rate prevailing on 31 October 2016 of 100 cents: STG
89.75 and 100 cents: CZK 27.03.
The immediate outlook continues to be good and a strong second
half should allow physical activity to surpass last year. In
England, uncertainty is affecting sentiment and this may impact the
business in 2017. In Ireland gradually easier credit conditions for
first time buyers is supporting the slow recovery. Overall the
group is well placed and continues to grow.
Copies of this statement are available to shareholders and
members of the public at the company's registered office, 2528
North Wall Quay, Dublin 1.
On behalf of the Board
Charles H Gallagher - Chairman
(9th) December 2016
The Interim Results for the six months ended to 31 October 2016
can be accessed by clicking on the following link:
http://www.rns-pdf.londonstockexchange.com/rns/3741R_-2016-12-8.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QVLFBQLFZFBD
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