Building delays hit Abbey
Builders Abbey have announced a before-tax profit of €47.1m.
After a tax charge of €11.1m, the group made a profit of €36m, reflecting earnings per share of 113.78c. Group operating profits during the year were €45.4m against €55.7m the previous year.
Abbey completed 718 sales in the year, 295 of them in Ireland and 423 in the UK.
In Ireland, Abbey said profits are expected to contract further due to building delays and delays in the completion of land purchases.
However, "UK trading was broadly in line with expectations as market conditions improved in the later months of the year," Abbey said in a statement.
The group added: "Trading in the new year is progressing steadily. However, further margin erosion is likely to impact profits again this year.
"Overall the group remains financially strong and well placed to take advantage of opportunities as they arise."
