Abbey profits up 28%
Building company Abbey has announced pre-tax profits for the year ended April 30, 2004, of €60.21m. This is up from €48.46m in the same period of 2003.
After a tax charge of €13.36m, the group made a profit of €46.85m, reflecting earnings per share of €1.37.
Group operating profits during the year were €58m, a 28% increase over the previous year (€45.3m).
The Board is recommending a final dividend of 20c per share, bringing the total for the year to 30c per share.
“Our housebuilding division completed 792 sales (UK 385, Ireland 407) with a turnover of €180m generating an operating profit of €55.93m,” said Group Chairman Charles H Gallagher.
“UK trading over the period proved buoyant.
“Recent rises in interest rates are now impacting on the market and the risks of a market reversal are higher than usual.
“As foreseen, our Irish operations enjoyed a very good year.
“Irish margins declined very slightly but significantly higher volumes more than compensated.”
Trading in the new year was said to be progressing as expected.
