Abbey PLC Preliminary Statement (4376S)
July 08 2015 - 2:00AM
UK Regulatory
TIDMABBY
RNS Number : 4376S
Abbey PLC
08 July 2015
ABBEY PLC
Preliminary Statement for the year ended 30 April 2015
The Group reports a profit of EUR49.1 million before taxation
against a profit of EUR24.1 million in the previous year. After a
tax charge of EUR9.5 million the Group made a profit of EUR39.6
million reflecting earnings per share of 184.02 cents. Group
operating profits during the year were EUR46.3 million against
EUR20.4 million the previous year.
Dividends of 11 cents per share absorbing EUR2.4 million were
paid during the year.
Our housebuilding operations completed 557 sales (UK 514;
Ireland 27, CZK 16) with a turnover of EUR152.7million generating
an operating profit of EUR42.4 million. Trading in the UK has been
buoyant throughout the year. Sales, supported by the government's
'Help to Buy' scheme have continued to be brisk. In particular the
recent general election did not dampen activity. Price rises have
continued, for the time being, to outstrip rising costs supporting
our current firm margins. Forward sales in the new year are in line
with our budgets. During the year our UK division increased its
land bank to 1,557 plots with planning permission. In Ireland slow
but steady progress has been achieved. Our Lucan project was
successfully launched in the spring and is progressing well. New
projects in Delgany, County Wicklow and Cornelscourt, County Dublin
will enter production imminently. Further projects are being
actively sought to drive faster recovery. Our projects in Laois and
Kildare remain on hold pending some improvement in local demand.
For the time being the strong improvement in the housing market
remains most apparent in Dublin. In Prague we completed 16 sales
and we are able to report a modest contribution. A similar level of
activity is likely this year. The construction of our new project
near Na Vidouli in Stodulky is progressing well. We plan to start
our housing project in Prezletice in the autumn.
At the year end the Group owned and controlled land with the
benefit of planning permission for the supply of 2,252 plots.
M & J reported operating profits of EUR3.0 million on a
turnover of EUR18.8 million. This was an encouraging result. Early
trading in the new year is in line with our expectations and we are
budgeting for further progress this year.
Rental income during the year was EUR942,000.
The Group held EUR67.4 million in cash together with EUR13.5
million in UK government bonds at the end of the financial
year.
The short term outlook is good. The Group is targeting a
significant increase in turnover this year and whilst margins may
be eroded a satisfactory year is in prospect. The longer term
outlook is more uncertain. House prices in the UK now reflect the
easy money conditions of the last two years and may struggle to
advance rapidly in an environment of rising interest rates and
possibly lagging wage growth. Costs impacted by both labour and
material supply bottle necks may continue to rise quickly. The
sweet spot of the UK cycle is probably behind us. In Ireland the
medium term prospects seem brighter, however, the weight of
speculative money chasing relatively few opportunities will temper
returns. Overall the Group is well placed to make steady
progress.
The Board is pleased to recommend a dividend of 7 cents per
share for approval at the Annual General Meeting.
Shareholders should carefully note the exchange rates used for
this statement. The income statement uses the average exchange rate
for the year of 100 cents: STG 77.69p and 100 cents: CZK 27.58. The
balance sheet uses the ratio prevailing on 30 April 2015 of 100
cents: STG 72.89p and 100 cents: CZK 27.42.
On behalf of the Board
CHARLES H GALLAGHER
EXECUTIVE CHAIRMAN
7 July 2015
Contact:
Davy Corporate Finance (Nominated Adviser and ESM Adviser)
Eugenée Mulhern/Brian Garrahy
Tel:+ 353 1 679 6363
The Preliminary Results financial statements for the year ended
30 April 2015 can be accessed by clicking on the link below:
http://www.rns-pdf.londonstockexchange.com/rns/4376S_-2015-7-7.pdf
The Directors' report and group financial statements for the
year ended 30 April 2015 can be accessed by clicking on the
below:
http://www.rns-pdf.londonstockexchange.com/rns/4376S_1-2015-7-7.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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