Abbey PLC Interim Results (9106Y)
December 05 2014 - 2:00AM
UK Regulatory
TIDMABBY
RNS Number : 9106Y
Abbey PLC
05 December 2014
ABBEY PLC
INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31 OCTOBER 2014
The Board of Abbey plc reports a profit before taxation of
EUR16.99m which compared with a profit of EUR7.65m for the
corresponding period last year. Profits at the operating level were
EUR16.53m as compared to EUR6.32m at the half way stage last
year.
Our housebuilding division completed 225 sales (UK 205; Ireland
15; Czech Republic 5) with a turnover of EUR62.63m resulting in an
operating profit of EUR14.68m. Trading in the UK was good
throughout the period.
Strong margins are a notable feature and should be sustained
into the next half year. Forward sales are particularly
encouraging. Some shortages of labour and materials may impact
production in the second half. Pressure on costs continued to be a
feature of the market. In Ireland, our project in Rathfarnham is
now 90% sold and our attention is turning to our project in Lucan
which is scheduled to launch in the new year. In Prague sales
completed in the period were disappointing, however, as last year a
brighter second six months is in prospect. Overall further progress
in all regions can be expected in the second half. During the
period 405 plots were added to the land bank.
M & J Engineers, our UK plant hire business, generated
operating profits of EUR1.39m on a turnover of EUR9.44m. This was a
strong out-turn and the improvement in turnover is being sustained
into the second half.
Rental income for the period amounted to EUR448,000.
The Group maintained good cash flow during the period and held
EUR38.85m in cash together with EUR24.10m in UK government debt at
the end of October.
The Board is pleased to declare a dividend of 5 cents per share
which together with the 6 cents approved at the Annual General
Meeting in October will make a total of 11 cents for the financial
year. The dividend will be paid on 30 April 2015 to shareholders on
the register at 2 April 2015.
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 79.79 and 100 cents: CZK 27.56. The
balance sheet uses the rate prevailing on 31 October 2014 of 100
cents: STG 78.31 and 100 cents: CZK 27.82.
The immediate outlook is positive. Our sales in South East
England continue to be strong. In the medium term prospects are
more uncertain, however, for this year the Group is on track for a
good result.
The announcement this week by the UK Coalition that the UK
Government intends to speculatively develop land for housing, when
set alongside similar activities by Government agencies in Ireland,
raises fundamental questions about the future environment for
private development in both jurisdictions. Publicly supported UK
Housing Associations already speculatively develop houses for sale.
This week's announcement will serve to further crowd out at the
margin the role of private capital in housebuilding.
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
(5th) December 2014
The Interim Results for the six months ended to 31 October 2014
can be accessed by clicking on the following link:
http://www.rns-pdf.londonstockexchange.com/rns/9106Y_-2014-12-4.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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