Abbey PLC Interim Report (5841I)
December 10 2015 - 2:00AM
UK Regulatory
TIDMABBY
RNS Number : 5841I
Abbey PLC
10 December 2015
ABBEY PLC
INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31 OCTOBER 2015
The Board of Abbey plc reports a profit before taxation of
EUR29.68m which compares with a profit of EUR16.99m for the
corresponding period last year. Profits at the operating level were
EUR29.38m as compared to EUR16.53m at the half way stage last
year.
Our housebuilding division completed 294 sales (UK 264; Ireland
15; Czech Republic 15) with a turnover of EUR100.13m resulting in
an operating profit of EUR27.23m. Trading in the UK was buoyant
during the period. Good margins have been supported by strong
prices and effective management of fast rising costs. Sales have
continued at a good level into the second half. Favourable weather
conditions have helped production to keep pace with sales although
as ever the final quarter will be critical to the year's results.
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. Our
project in Na Vidouli is progressing steadily. Our project in
Prezletice has recently commenced. Overall another good half year
is in prospect.
M & J Engineers, our UK plant hire business, generated
operating profits of EUR1.65m on a turnover of EUR11.32m. The
second half has started well.
Rental income for the period amounted to EUR496,000.
The Group maintained good cash flow during the period and held
EUR80.59m in cash together with EUR13.73m in UK government debt at
the end of October.
The Board is pleased to declare a dividend of 6 cents per share
which together with the 7 cents approved at the Annual General
Meeting in October will make a total of 13 cents for the financial
year. The dividend will be paid on 29 April 2016 to shareholders on
the register at 8 April 2016.
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 72.14 and 100 cents: CZK 27.17. The
balance sheet uses the rate prevailing on 31 October 2015 of 100
cents: STG 71.50 and 100 cents: CZK 27.10.
The immediate outlook is good. Sales across our business are
firm. In the medium term the strong trading conditions being
experienced in Southern England will dissipate and we should expect
tougher conditions ahead. Meanwhile, the Group is in good
heart.
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
(10th) December 2015
The Interim Results for the six months ended to 31 October 2015
can be accessed by clicking on the following link:
http://www.rns-pdf.londonstockexchange.com/rns/5841I_-2015-12-9.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FSWFAUFISELE
(END) Dow Jones Newswires
December 10, 2015 02:00 ET (07:00 GMT)
Abbey (LSE:ABBY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Abbey (LSE:ABBY)
Historical Stock Chart
From Apr 2023 to Apr 2024