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Abbey's half yearly trading at 'good levels'

Abbey's housebuilding division completed 237 sales in the six month period - 201 in the UK, 32 in Ireland and 4 in the Czech Republic
Abbey's housebuilding division completed 237 sales in the six month period - 201 in the UK, 32 in Ireland and 4 in the Czech Republic

Housebuilder Abbey has reported profit before tax of €23.42m for the six months to October, up from €21.76m the same time last year, as trading continued at "good levels".

The company said its operating profits rose to €23.42m  compared to €21.56m at the half way stage last year. 

Abbey said its housebuilding division completed 237 sales in the six month period - 201 in the UK, 32 in Ireland and four in the Czech Republic.

It also said its UK housing division acquired 228 plots during the six month period, while it bought 46 plots in Ireland. 

Abbey said its board has declared a dividend of eight cents per share which along with the nine cents approved at the company's AGM in October will make a total of 17 cents for the financial year.  

In Ireland, the company noted that progress is being made in ramping up production and a better outcome than for some years is in prospect.  

Abbey said its projects in Ratoath and Delgany are nearing completion and its recent launch in Cornelscourt was "very encouraging".  

It added that its new development in Dunshaughlin will come to the market in the Spring, while further projects are being strongly pursued. 

In the UK, Abbey said that trading was steady during the six month period with margins being maintained at good levels. 

"Forward sales are satisfactory and give reasonable cause for optimism for the remainder of the year.  For the time being production seems likely to be the critical factor determining the final result," the company added.

Looking ahead, Abbey said that trading is continuing at good levels and a satisfactory result for the year is in prospect.  

But it cautioned that the uncertainty and dislocation associated with Brexit may impact both Britain and Ireland.