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Abbey reaps benefit of UK house demand

Friday, December 06 12:00:07

Irish listed builders, Abbey, this morning posted pre-tax profits of E7.65m for the six months to the end of October compared to E5.95m the same time last year as it reaped the benefits of a surge in demand for new homes in Britain.

Abbey said that its housebuilding division completed 163 sales in the six month period - 156 in the UK, four in Ireland and three in the Czech Republic. This resulted in a turnover of E39.86m.

The company said that its project in Kilcoole is now completed, while new projects in Shankill and Rathfarnham in Dublin are under way. It said that advance sales in Shankill have gone well. Its project in Rathfarnham will come to the market in the spring.

Abbey said that trading in the UK was "good", with sales supported by the UK government's 'Help to Buy' schemes.

The company said it was declaring a dividend of four cents per share which together with the five cents approved at the AGM in October will make a total of nine cents for the financial year. Looking ahead, Abbey said that the immediate outlook is "encouraging".

"The housing market in South East England has been healthy over recent months and we are planning increased activity in the year ahead. In Dublin prices and activity have improved from very low levels," the company said.