Abbey eyes more Irish work as profits fall

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Abbey eyes more Irish work as profits fall
Abbey eyes more Irish work as profits fall

Abbey has said it is “working hard” to increase building activity in Ireland after posting a near 10% year-on-year fall in first half profits.The Meath-based business — which also builds houses in the UK and the Czech Republic — said its pre-tax profits for the six months to the end of October amounted to just under €21.6m, compared to just over €23.9m for the same period last year.During the six months, Abbey completed 293 house sales; 233 of which were in the UK, 36 were in Ireland and 24 were in the Czech Republic. The company described market conditions as “patchy” and said production has been progressing “steadily” while cost pressures have been contained.Any setback, Abbey warned, could “significantly” impact on its full-year financial results.However, the group said work is progressing on five housing projects in Ireland, that sales have been good and further positive progress is expected.“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,” chairman Charles Gallagher said.At Abbey’s agm in October, Mr Gallagher said the group was on track for a “satisfactory” year. Trading had been bolstered by the UK’s ‘help-to-buy’ scheme; withdrawal of which would have a material impact on Abbey’s business, he warned.In its last financial year, Abbey grew revenues by nearly 6% to €231m, but saw profits fall nearly 10% to €53m.

Source: Business News