House builder Abbey has reported pre-tax profits of €3.35m for the six months to the end of October. This compares to pre-tax profits of €5.55m the same time last year as the company said that the outlook for the foreseeable future continues to be difficult.
The company said that house prices remain under pressure in all its markets - Ireland, the UK and the Czech Republic.
Abbey said its housebuilding division completed 146 sales in the six month period - 118 in the UK, 19 in Ireland and nine in the Czech Republic. This resulted in turnover of €27.98m which gave the firm an operating profit of €1.76m
It described trading in the UK as satisfactory, while sales during the autumn months have been ''sluggish'' and selective discounts have been necessary to generate activity. Sales in Prague continued to very slow, although the company added that good progress was made in the construction of its main project in Slivenec.
It said that the bulk of its Irish sales were seen in Kilcoole, Co Wicklow with the development there continuing to prove popular.
The company has declared a dividend of three cents per share which along with the five cents per share approved by the AGM earlier this year gives a total dividend of eight cents for the financial year.
''Overall the group continues to trade profitably and is laying the foundation for hopefully better days ahead,' commented Abbey chairman Charles Gallagher.
