Abbey PLC Preliminary Results (2301U)
July 11 2018 - 2:00AM
UK Regulatory
TIDMABBY
RNS Number : 2301U
Abbey PLC
11 July 2018
ABBEY PLC
Preliminary Statement for the year ended 30 April 2018
The Group reports a profit of EUR58.6 million before taxation
against a profit of EUR63.5 million in the previous year. After a
tax charge of EUR9.7 million the Group made a profit of EUR48.9
million reflecting earnings per share of 228.22 cents. Group
operating profits during the year were EUR58.5 million against
EUR60.8 million the previous year.
Dividends of 17 cents per share absorbing EUR3.6 million were
paid during the year.
Our housebuilding operations completed 606 sales (UK 524;
Ireland 75, CZK 7) with a turnover of EUR197.8 million generating
an operating profit of EUR54.3 million. Trading in the UK has been
reasonably consistent over the period. Sales have been steady
throughout. Margins have been maintained at good levels albeit
somewhat lower than last year. Margins subject to market conditions
will likely continue to at least gradually fall back from their
recent elevated levels. Forward sales are healthy and recent
activity has been normal for this time of year. Production is a
high priority and tight markets for labour and materials are a
significant constraint. The UK land bank was maintained in excess
of 2,000 plots and is a firm foundation for a rise in output this
year.
In Ireland our projects in Ratoath and Cabinteely made good
contributions to our results. Further growth is being actively
pursued with new projects in Navan being brought into production.
Plans are well advanced for the resumption of our developments in
Laois when conditions allow. 'Help to Buy' is a key factor
supporting the steadily rising level of activity. During the year
sites in Dublin, Meath and Waterford were added to our
landbank.
In Czechia we sold our land in Lučištník and were able to report
a surplus of EUR2.2m over its written down value. Our project in
Tetínská is now building complete and is 70% forward sold. Our
development in Přezletice is progressing and the first homes have
been occupied. Since the year end a project in excess of 150 plots
has been secured in Horom řice, northwest of Prague.
At the year end the Group owned and controlled land allocated
for housing development for the supply of 3,164 plots.
M & J reported operating profits of EUR3.0 million on a
turnover of EUR19.5 million. Trading has been satisfactory over the
period. The stable environment has supported the continuous renewal
and upgrading of our rental fleet allowing the maintaining of
market share in very competitive conditions. The early weeks of the
new trading year are consistent with another reasonable result.
Rental income during the year was EUR1.2m.
The Group held EUR78.9 million in cash at the end of the
financial year. On the balance sheet date commitments outstanding
on land were EUR42.1 million.
The Group is currently on course for another satisfactory year.
Some growth in activity is being targeted across all our
businesses. The level of uncertainty with which we have to cope,
continues to rise. By this time next year the UK will likely be
outside of the EU and facing a higher risk premium on all UK
investments. A disruptive Brexit will also impact unfavourably on
the remaining 27. The Group backed by its strong balance sheet will
continue to invest to meet the need for new homes in all its
markets.
The Board is pleased to recommend a dividend of 10 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 88.41p and 100 cents: CZK 25.81. The
balance sheet uses the ratio prevailing on 30 April 2018 of 100
cents: STG 87.70p and 100 cents: CZK 25.55.
On behalf of the Board
CHARLES H GALLAGHER
EXECUTIVE CHAIRMAN
11(th) July 2018
Contact:
Davy Corporate Finance (Nominated Adviser and ESM Adviser)
Brian Garrahy Tel:+ 353 1 679 6363
The Preliminary Results financial statements for the year ended
30 April 2018 can be accessed by clicking on the link below:
http://www.rns-pdf.londonstockexchange.com/rns/2301U_2-2018-7-10.pdf
The Directors' report and group financial statements for the
year ended 30 April 2018 can be accessed by clicking on the
below:
http://www.rns-pdf.londonstockexchange.com/rns/2301U_1-2018-7-10.pdf
This information is provided by RNS, the news service of the
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END
MSCGGUUWMUPRGMU
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