(Alliance News) - Abbey PLC on Friday said its outlook is uncertain following a decline in earnings in the first half of its current financial year.
The residential housing developer said its pretax profit for the six months to the end of October totalled EUR21.6 million, down 9.6% from EUR23.9 million a year prior, as revenue declined by 6.4% to EUR103.6 million from EUR110.7 million.
The company said its Housebuilding division completed 293 sales, with trading in the UK "satisfactory" over the past six months.
In Ireland work is progressing on five projects, Abbey said, with "good" sales.
In Prague, Czech Republic, work is continuing in Prezletice and Horomerice, in addition to a new project secured in Vinohrady.
Abbey said overall market conditions are "patchy" with lower priced homes proving most saleable.
The company declared a 10 cents a share interim dividend, which will be paid in April next year.
"The group is on course for a fair outcome for the year. There is still considerable uncertainty in the outlook and trading conditions can change quickly. The group is working hard to increase its activity in Ireland," said Chair Charles Gallagher.
Abbey shares were untraded on Friday at 1,205.00 pence each.
By Evelina Grecenko; email@example.com
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