2 Oct 2015 09:39
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Don't have an account? Click here to register.High build costs limit Abbey profits growth
Fri, 07th Dec 2018 08:06
(Sharecast News) - Housebuilder Abbey reported on Friday that its interim profits crept up in the face of high pressure from labour and material costs.For the six months ended 31 October profit before tax came in at €23.9m, up 2% compared to the same period last year, after the housebuilding division completed 277 sales for a turnover of €99.2m as the UK market "held up well".Revenue for the period jumped 22% to €110.7m compared to last year when the group had sold 237 homes with a turnover of €79.7m."Forward sales continue to be encouraging," said, Charles Gallagher, the chairman. "In particular our projects aimed directly at first-time buyers are selling well. Production continues to be impacted by tight labour and materials markets and some delays have been experienced. Costs are rising. As always trading in the last quarter will determine our final result."Abbey had cash and cash equivalents of €93.4m at 31 October, up from €88.9m at the same point last year, and declared a final dividend of 9 cents per share making a total dividend of 119 cents per share."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. The group will continue to progress all its activities but intends to be cautious about new investments in the months ahead," said Gallagher.Abbey's shares were down 1.55% at 1,270.00p at 0840 GMT.
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25 Sep 2015 15:00
8 Jul 2015 10:55
Abbey shares up more than 10% off double profit announcement
Shares in Abbey surged after the property firm said it doubled its full year pre-tax profit. The company's pre-tax profit was up 204% from €49.1 m to €24.1m, which after tax equated to earnings per share of 184.02 cents. Abbey said the company completed 557 sales, supported by buoyant UK sales due
Read more8 Jul 2015 09:26
5 Dec 2014 10:30
Housebuilding and plant hire boost Abbey H1 pre-tax profit
Holding group Abbey said strong sales in the housebuilding division and good trading in its UK plant hire arm boosted pre-tax profit in the first half. Pre-tax profit in the six months to the end of October rose from €7.7m to €16.7m. Revenue in the firm's housebuilding division rose from €39.3m to
Read more10 Jul 2014 09:09
4 Oct 2013 10:46
1 Aug 2012 11:05
Oligarch launches Abbey takeover bid
Gallagher Holdings, a metals firm owned by Russian oligarch Alisher Usmanov, has launched a takeover bid for Irish property developer Abbey. Usmanov's firm upped its shareholding in Abbey from 47.2% to 51.6% on Wednesday, triggering a mandatory offer for the firm under Irish Takeover Rules. The ru
Read more10 Jul 2012 09:34
Abbey drops as Ireland and Prague drag on profits
The property developer Abbey has reported profits up for the 12 months to the end of April but is warning margins will remain under pressure. Profits before tax for the full year were €12.1m against €11.5m in the previous year. After a tax charge of €3.2m the group made a profit of €8.9m reflecting
Read more8 Dec 2011 13:36
Abbey falls as profit falls and outlook remains 'difficult'
Abbey's shares took a hit after the residential housing developer revealed that its pre-tax profit fell from €3.35m to €5.55m for the six months ended 31 October. Profits at the operating level were €2.27m as compared to €4.38m at the half way stage last year. The firm's housebuilding division c
Read more22 Oct 2010 12:43
Abbey plans buy back
Irish housebuilder Abbey plans to buy back up to 15% of its shares. Abbey had €51.8m in the bank and €52.1m in financial instruments at the end of April 2010. These cash assets are almost equal to Abbey's market value. At the current share price of €4.40, 15% of the company will cost around €17m.
Read more4 Dec 2009 08:14
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Scottish cake and sweet maker Lees Foods has reached an 'amicable settlement' with the former directors of Patisserie UK after a dispute over the disappointing performance of the pastry supplier following its acquisition by Lees. Under the terms of the settlement, Lees will receive about £225,000,
Read more16 Jul 2009 11:05
Abbey swings to loss, scraps divi
Housebuilder Abbey scrapped its dividend as it swung to a full year pre-tax loss of €54.4m compared with a profit of €16.8m in the previous year. Group operating losses during the year were €55.6m in the year ended 30 April against a profit of €15.1m last time. The group said the result has been '
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