Abbey PLC Interim Statement (8836V)
06 Dicembre 2019 - 8:00AM
UK Regulatory
TIDMABBY
RNS Number : 8836V
Abbey PLC
06 December 2019
ABBEY PLC
INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31 OCTOBER 2019
The Board of Abbey plc reports a profit before taxation of
EUR21.59m which compares with a profit of EUR23.93m for the
corresponding period last year. Profits at the operating level were
EUR21.45m as compared to EUR23.93m at the half way stage last
year.
Our housebuilding division completed 293 sales (UK 233; Ireland
36; Czechia 24) with a turnover of EUR92.54m resulting in an
operating profit of EUR19.99m. Trading in the UK has been
satisfactory over the past six months. Margins have held up well on
a reduced turnover reflecting a higher proportion of affordable
homes in our sales mix. Forward sales are at a level consistent
with our year end targets. Market conditions are patchy with lower
priced homes proving most saleable. Production is progressing
steadily and cost pressures are, at the moment, contained. There is
still much work to do in the last quarter and as is usual any
setback can significantly impact our results. In Ireland work is
progressing on five projects. Sales have been good and we are
expecting further positive progress over the next few months. In
Prague work is continuing in Přezletice and Horomeřice. A new
project with an approved planning permit has been secured in
Vinohrady. The building permit process is underway.
M & J Engineers, our UK plant hire business, generated
operating profits of EUR923,000 on a turnover of EUR10.51m. A lower
turnover together with rising costs have resulted in a lower
contribution. No immediate improvement is likely and a difficult
second half is in prospect.
Rental income for the period amounted to EUR535,000.
Further to the authority granted at the Annual General Meeting
on 5 October 2018 the company purchased for cancellation in the
period 431,579 ordinary shares at a total cost of EUR6,532,000.
The Group maintained good cash flow during the period and held
EUR106.25m in cash at the end of October. The Group is planning
significant investments in land in the year ahead.
The Board is declaring a dividend of 10 cents per share to be
paid on 30 April 2020 to shareholders on the register at 3(rd)
April 2020. Together with the 11 cents per share approved at the
AGM in October this will make a total of 21 cents per share for the
financial year.
Shareholders should carefully note the exchange rates used for
this statement. The income statement uses the average rate for the
period of 100 cents: STG 89.03 and 100 cents: CZK 25.71. The
balance sheet uses the rate prevailing on 31 October 2019 of 100
cents: STG 86.22 and 100 cents: CZK 25.50.
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.
Copies of this statement are available to shareholders and
members of the public at the company's registered office, 2528
North Wall Quay, Dublin 1.
On behalf of the Board
Charles H Gallagher - Chairman
6th December 2019
The Interim Results for the six months ended to 31 October 2019
can be accessed by clicking on the following link:
http://www.rns-pdf.londonstockexchange.com/rns/8836V_1-2019-12-5.pdf
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IR BLBDDGGGBGCU
(END) Dow Jones Newswires
December 06, 2019 02:00 ET (07:00 GMT)
Grafico Azioni Abbey (LSE:ABBY)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Abbey (LSE:ABBY)
Storico
Da Apr 2023 a Apr 2024