Abbey PLC Interim Statement (7468Y)
December 08 2017 - 02:00AM
UK Regulatory
TIDMABBY
RNS Number : 7468Y
Abbey PLC
08 December 2017
ABBEY PLC
INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31 OCTOBER 2017
The Board of Abbey plc reports a profit before taxation of
EUR23.42m which compares with a profit of EUR21.76m for the
corresponding period last year. Profits at the operating level were
EUR23.42m as compared to EUR21.56m at the half way stage last
year.
Our housebuilding division completed 237 sales (UK 201; Ireland
32; Czech Republic 4) with a turnover of EUR79.65m resulting in an
operating profit of EUR21.33m. Trading in the UK was steady
throughout the period. Margins continue to be maintained at good
levels. Forward sales are satisfactory and give reasonable cause
for optimism for the remainder of the year. For the time being
production seems likely to be the critical factor determining the
final result. In Ireland progress is being made in ramping up
production and a better outcome than for some years is in prospect.
Our projects in Ratoath and Delgany are nearing completion and our
recent launch in Cornelscourt was very encouraging. Our new project
in Dunshauglin will come to the market in the Spring. Further
projects are being strongly pursued. In Prague the first phase of
Prezlitice and Tetinska are progressing towards building
completion. During this period the UK housing division acquired 228
plots and in Ireland we acquired 46 plots.
M & J Engineers, our UK plant hire business, generated
operating profits of EUR1.66m on a turnover of EUR10.33m. Recent
good progress has continued into the Autumn.
Rental income for the period amounted to EUR436,000.
The Group maintained good cash flow during the period and held
EUR88.90m in cash at the end of October.
The Board is pleased to declare a dividend of 8 cents per share
which together with the 9 cents approved at the Annual General
Meeting in October will make a total of 17 cents for the financial
year. The dividend will be paid on 30 April 2018 to shareholders on
the register at 3 April 2018.
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 88.60 and 100 cents: CZK 26.14 The balance
sheet uses the rate prevailing on 31 October 2017 of 100 cents: STG
87.72 and 100 cents: CZK 25.65.
Trading is continuing at good levels and a satisfactory result
for the year is in prospect. The recent rise in interest rates in
the UK together with moderate economic growth naturally tempers the
outlook in the medium term. The uncertainty and dislocation
associated with Brexit may impact both Britain and Ireland. Overall
however the group supported by a strong balance sheet continues to
plan for growth.
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
8th December 2017
The Interim Results for the six months ended to 31 October 2017
can be accessed by clicking on the following link:
http://www.rns-pdf.londonstockexchange.com/rns/7468Y_1-2017-12-7.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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