House building group Abbey today reported a half yearly pre-tax profit of €14.56 million, compared to €18.68 million for the same time last year.
Operating profits were €13.86 million as opposed to €17.61 million at the half way stage last year. The Abbey Board has declared an interim dividend of 6.5 cent.
Abbey's housing building division completed 251 sales in the six month period with a turnover of €54 million.
The company had previously warned that delayed starts would significantly affect turnover in the first half of the year, and it is expecting more completions in the second half. It said it was currently trading in line with these expectations.
House sales in the UK improved towards the end of December as the uncertainties generated by the September 11 attacks appeared to fade into the background. Abbey added that Irish sales have been steady for the time of year and prospects for 2002 look brighter than 2001.
Abbey's UK plant hire business, M&J Engineers, generated operating profits of €974,000 on a turnover of €10.5 million. After a difficult first quarter, trading has steadily improved and a fair out-turn for the year is in prospect.
Abbey shares rose five cent to 3.85 in Dublin.
