House builder Abbey reported strong full-year results this morning with operating profit up 34 per cent to €47.2 million while profit margins grew to 27.9 per cent.
Sales increased by 17 per cent to €172 million from €146.7 million last year. Home sales in Ireland totalled 276 (from 212 in 2002) and those in Britain totalled 454 (from 359 in 2002).
In the results, which cover the 12 months to April 2003, Abbey said its Irish operations had a very strong second half. Overall, the company expect to complete more homes this year, with all the growth likely to be in the Irish operations.
The group noted that trading in Britain during the fourth quarter was significantly slower. Price rises have tapered off and at the moment the market is stable.
Abbey also said trading in the current year is progressing at a reasonable level. Although background conditions are less positive than for some time, the good forward order book (particularly in Ireland) means that prospects remain good, it said.