House builder Abbey has reported pre-tax profits of €3.6m for the six months to the end of October. This compares to a pre-tax loss of €5.4m the same time last year, but the company said its prospects are 'dull'.
But half yearly revenues were down from €56.1m to €41.67m as the company said it had completed just 222 sales in the half year. This comprises 170 sales in the UK, 49 in Ireland and three in the Czech Republic.
Abbey said that market conditions in the UK steadily improved over the the six month period while the firm also had 'considerable success' in clearing inventory. But sales continue to be slow in Prague.
The company said that during the first half of the year it had completed no land purchase deals.
Abbey said that its prospects continue to be 'dull'. 'Although we expect modest profitability this year we cannot yet rule out the possibility of further stock losses in our Irish operations,' the company said.
Abbey shares jumped 9.1% to close at €4.80 in Dublin this afternoon - up 40 cent.
