ABBY.L Regulatory News (ABBY)

6 Jan 2005 07:00

Abbey PLC06 January 2005 ABBEY PLC Interim Statement January 2005 The Board of Abbey plc reports a profit before taxation of €26.12m whichcompares with a profit of €28.81m for the corresponding period last year.Profits at the operating level were €25.17m as compared to €28.39m at the halfway stage last year. Our housebuilding division completed 353 sales (UK 203; Ireland 150) with aturnover of €88.51m generating an operating profit of €23.64m. Margins wereeroded during the period reflecting rising costs and a softening market inEngland in October. These more challenging market conditions have continued intothe winter. The Irish market has continued to be firm and we are expecting agood performance in Ireland in the next few months. Looking forward, the housingdivision is, as last year, on course for more sales in the second half, however,the final outcome will depend on our UK sales in the last quarter. During theperiod the company added 413 plots with planning permission to its approvedlandbank. There are signs of easier land market conditions in England consistentwith the weaker housing market. In Prague the division has exchanged contractsfor the purchase of a small infill site for 16 flats and an office suite.Further opportunities are being actively pursued. Planning work continues onschedule for our site in Slivenec. Joint venture turnover arising from a land sale adjacent to our development inClonsilla, Co Dublin generated an operating profit of €328,000. M & J Engineers, our UK plant hire business, generated operating profits of€1.09m on a turnover of €10.44m. Trading has been steady throughout the periodand a reasonable result for the year can still be achieved. Rental income for the period amounted to €116,000 for the half year. The Group held substantial cash balances at the end of October. Commitment forland purchases amounting to €12.0m existed at the end of October and furthersubstantial acquisitions are being negotiated. The Board is pleased to declare an interim dividend of 11 cents per share. Thedividend is covered 5.35 times. This dividend will be paid on 16th February 2005to shareholders on the register at 14th January 2005. Overall, the Group istrading steadily and the Board is hopeful of a satisfactory outcome for theyear. On behalf of the Board Charles H Gallagher - Chairman 6th January 2005 GROUP PROFIT AND LOSS ACCOUNT Unaudited 6 months ended Audited Year ended 31/10/2004 31/10/2003 30/04/2004 •'000 •'000 •'000 Turnover - continuing (including share of joint venture) 99,400 93,024 201,521 Less: share of joint venture (334) (1,507) (1,858) Group turnover 99,066 91,517 199,663 Operating costs (74,223) (64,102) (141,426) Group operating profit- continuing 24,843 27,415 58,237 Share of joint ventures operating profit 328 981 1,023 Trading profit, including share of joint venture 25,171 28,396 59,260 Net interest receivable 952 417 945 Profit on ordinary activities before taxation 26,123 28,813 60,205 Estimated taxation on profit on ordinary activities (6,055) (6,680) (13,359) Profit attributable to shareholders 20,068 22,133 46,846 Dividends paid - - (3,408) Dividends proposed (3,749) (3,408) (6,815) Retained profit 16,319 18,725 36,623 Earnings per share - basic and diluted 58.89 c 64.95 c 137.47 c SEGMENTAL ANALYSIS Turnover Building and property development 88,846 83,023 181,859 Plant hire 10,438 9,885 19,428 Property rental 116 116 234 99,400 93,024 201,521 Less: share of joint venture (334) (1,507) (1,858) 99,066 91,517 199,663 Net Assets Building and property development 121,326 113,987 109,883 Plant hire 28,223 26,619 26,816 Property rental 731 741 751 150,280 141,347 137,450 Investment in Joint Venture 2,561 2,265 2,298 Dividends proposed (3,749) (3,408) (6,815) Investments 7 7 7 Cash at bank 63,265 39,903 66,652 212,364 180,114 199,592 Unaudited 6 months ended Audited Year ended 31/10/2004 31/10/2003 30/04/2004 •'000 •'000 •'000 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES Group Profit for the financial period including share of joint venture 20,068 22,133 46,846 Exchange translation adjustment (3,547) 2,215 3,795 Total recognised gains and losses related to the period 16,521 24,348 50,641 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS Group Profit for the financial period 20,068 22,133 46,846 Dividends (3,749) (3,408) (10,223) Profit retained for the financial period 16,319 18,725 36,623 Exchange translation adjustment (3,547) 2,215 3,795 Net addition to shareholders' funds 12,772 20,940 40,418 Opening shareholders' funds 199,592 159,174 159,174 Closing shareholders' funds 212,364 180,114 199,592 GROUP BALANCE SHEET Unaudited Unaudited Audited 31/10/2004 31/10/2003 30/04/2004 •'000 •'000 •'000 Fixed Assets 31,361 30,202 31,680 Investment in joint venture 2,561 2,265 2,298 33,922 32,467 33,978 Current Assets Stocks 169,637 154,713 165,445 Debtors 8,670 10,880 8,705 Other investments 7 7 7 Cash at bank and in hand 63,265 39,903 66,652 241,579 205,503 240,809 Creditors (amounts falling due within one year) Trade and other creditors (62,205) (57,092) (74,238) Net current assets 179,374 148,411 166,571 Total assets less current liabilities 213,296 180,878 200,549 Provisions for liabilities and charges Deferred taxation (932) (764) (957) 212,364 180,114 199,592 Shareholders' Funds Called up share capital 10,905 10,905 10,905 Share premium account 13,321 13,321 13,321 Revaluation reserve 4,769 4,823 4,879 Other reserves Capital redemption reserve fund 1,478 1,478 1,478 Currency translation (2,141) (228) 1,296 Profit & loss account 184,032 149,815 167,713 212,364 180,114 199,592 Notes 1) The above summarised consolidated balance sheet and consolidated profitand loss account do not constitute full accounts and except where indicated areunaudited. Full accounts for the year ended 30 April 2004 which received anunqualified report, have been filed with the Irish Registrar of Companies. 2) An interim dividend of 11 cent per share will be paid on 16th February2005 to ordinary shareholders on the register at 14th January 2005. 3) A copy of this statement will be circulated to shareholders on Friday the14th of January 2005. Copies are available to members of the public at thecompany's registered office, 25/28 North Wall Quay, Dublin 1. Unaudited 6 months ended Audited Year ended 31/10/2004 31/10/2003 30/04/2004 •'000 •'000 •'000 GROUP CASH FLOW STATEMENT Net cash inflow from operating activities 13,577 20,055 59,206 Returns on Investment and Servicing of Finance 952 417 945 Corporation Tax Paid (6,460) (5,448) (11,935) Capital Expenditure Purchase of tangible fixed assets (4,386) (3,336) (8,189) Sale of tangible fixed assets 1,139 1,284 2,444 (3,247) (2,052) (5,745) Equity Dividends Paid (6,815) (4,941) (8,349) Net cash (outflow) inflow before use of liquid resources (1,993) 8,031 34,122 Management of liquid resources 5,780 (13,096) (36,596) Increase (decrease) in cash 3,787 (5,065) (2,474) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Increase (decrease) in cash in the period 3,787 (5,065) (2,474) Cash flow from (decrease) increase in liquid resources (5,780) 13,096 36,596 Translation difference (1,394) 304 962 Movement in net funds in the period (3,387) 8,335 35,084 Opening net funds 66,652 31,568 31,568 Closing net funds 63,265 39,903 66,652 RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES Operating profit 24,843 27,415 58,237 Depreciation 3,254 2,957 5,961 Profit on disposal of tangible fixed assets (445) (545) (939) Translation adjustment 507 - (82) Increase in stocks (6,618) (11,306) (20,874) (Increase) decrease in debtors (140) (1,112) 1,135 (Decrease) increase in creditors (7,824) 2,646 15,768 Net cash inflow from operating activities 13,577 20,055 59,206 - FINANCIAL DIARY - Interim Statement 6th January 2005 Interim Dividend Payment 16th February 2005 Preliminary Statement July 2005 Annual Report September 2005 Annual General Meeting October 2005 6 January 2005 This information is provided by RNS The company news service from the London Stock Exchange