7th Dec 2018 11:20
LONDON (Alliance News) - Abbey PLC on Friday expressed confidence in achieving "reasonable" results in its full financial year after its profit grew in the first half.
The residential housing developer said pretax profit for the six months to the end of October rose slightly to EUR23.9 million from EUR23.4 million reported for the same period a year ago, as revenue increased by 23% to EUR110.7 million from EUR90.4 million.
Administrative expenses were 35% higher at EUR5.6 million compared to the EUR4.1 million the year before.
Abbey's housebuilding division completed 277 sales during the period, resulting in revenue of EUR99.2 million. Rental income in the first half totalled EUR534,000.
In the UK plant hire business, revenue was EUR11.0 million in the first half, but the company warned that trading over recent weeks, whilst ahead of last year, has been slightly behind its target.
The company declared a special dividend of 100.00 euro cents per share, compared to no such payout last year. In addition, it proposed an ordinary interim dividend of 9.00 cents per share, up from 8.00 cents last year.
Looking forward, Abbey said it commenced work on the new project for 154 apartments in Horomerice in the Czech Republic.
"Whilst our UK forward sales position gives confidence that a reasonable result for the year will be achieved the continuing uncertain external conditions are cause for concern," said Chairman Charles Gallagher.
"The group will continue to progress all its activities but intends to be cautious about new investments in the months ahead," added Gallagher.
Shares in Abbey were trading 5.4% lower on Friday at 1,220.00 pence each.
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