Abbey plc: New Homes, Property Developers, Construction, Builders

INTERIM REPORT

ABBEY PLC
INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31 OCTOBER 2015

The Board of Abbey plc reports a profit before taxation of €29.68m which compares with a profit of €16.99m for the corresponding period last year. Profits at the operating level were €29.38m as compared to €16.53m at the half way stage last year.

Our housebuilding division completed 294 sales (UK 264; Ireland 15; Czech Republic 15) with a turnover of €100.13m resulting in an operating profit of €27.23m. 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 €1.65m on a turnover of €11.32m. The second half has started well.

Rental income for the period amounted to €496,000.

The Group maintained good cash flow during the period and held €80.59m in cash together with €13.73m 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, 25\28 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:
Interim 31.10.2015 (DCF)